In California, New York, New Jersey, and Florida, 20 percent of home buyers last year were new to this country. The top five surnames of home buyers in 2000 were: Smith, Johnson, Brown, Williams, and Miller. Five years later, Smith, Johnson, and Williams were still in the top five, joined by Garcia and Rodriguez. In California, in 2005, the top five surnames among home buyers were all Latino.
This trend will not just continue in the gateway cities, but will spread out into the rural areas as well.
Hmmm...
So if the boomer sells his home in Indiana, and moves to Florida, he'll be able to buy that retirement home cash and have a HUGE nest egg?
But everyone doesn't live in California or New York..
What about everyone else?