The latest Brookings Institute State of Metropolitan America Report has some very interesting data regarding the Cape Coral-Fort Myers Metropolitan Statistical Area (MSA). This area is categorized as a Mid-Sized Magnet with similar characteristics (high growth, low diversity, low education) as cities including: Baton Rouge, LA; Boise, ID; Greenville, SC; Jacksonville, FL; Little Rock, AR and Oklahoma City, OK.
Some of the key indicators about the Cape Coral – Lee County including our ranking out of the top 100 MSAs:
- Total population: 593,136 US Rank: 86
- % change in population 2000-2008: 33.6% US Rank: 4
- % non-white population% 27.4% US Rank: 56
- % of population that is foreign-born: 15.1% US Rank: 27
- % of population age 45 and over 47.3% US Rank: 3
- Percent seniors (65+) 22.9% US Rank: 2
- Percent adults with bachelor’s degrees 26.1% US Rank: 74
- % of households that are married couples with children: 16.2% US Rank: 97
- Median household income: $51,081 US Rank: 60
The age demographics truly jumped out at me, with our region ranking second nationally for senior citizens and third for baby boomers. The baby boomer (45+) stats truly correlate with what we are seeing in the trenches. The overwhelming majority of our customers right now fall into the pre-retirement baby boomer demographic bucket. Many have lost confidence in the stock market and are looking to reallocate assets away from the stock market and into a piece of Fort Myers real estate. Key drivers for this demographic group include a move toward urbanism, a growing interest in amenity-rich gated communities and 55+ communities.