As America ages, baby boomers are finding that retiring is the last thing on their minds. Increasingly retirees are moving to college towns where they can enjoy educational opportunities and the cultural and athletic events of academia. Many of these college towns also offer top notch medical facilities tied to the educational institutions for added peace of mind. These college and university towns have some of the fastest economic growth and lowest jobless rates in the country.
Last December, the Bureau of Labor Statistics reported 107 cities had unemployment rates below 4 percent. The four lowest are Bryan-College Station, home to Texas A&M with a 1.8 percent unemployment rate; Charlottesville, VA, the home of the University of Virginia with 1.9 percent; Gainesville, FL, home of the University of Florida with an unemployment rate of 2 percent; and Madison WI, home to the University of Wisconsin with a 2.1 percent rate.
The first college oriented retirement community opened about 20 years ago but the idea has really taken off in the past three years. Currently there are at least 50 such developments near colleges and universities around the country from those located near large schools like Duke University to those located by smaller colleges like Lasell College in Newton, MA. While private developers have been building such projects for several years, universities and colleges themselves are playing an increasing role, seeking new sources of revenue and a way to cement ties with alumni and retired professors. Penn State, for example, has developed the “Village at Penn State” retirement community. It is now open and residents can enroll in classes, volunteer on campus as teachers, and attend university sponsored cultural and sporting events.
With its cold, snowy winters, Michigan loses more retirees than it attracts, according to census data. Yet University Commons in Ann Arbor quickly filled its 92 units after opening in 2001. Projects are now under way near the University of Alabama and at Stanford University. College-sponsored retirement havens will continue to proliferate as baby boomers finish their careers. The number of retirees will double from 35 million to 70 million by 2030.
So instead of heading to the shore, links, or mountains in your retirement years, think about heading back to school.