Retired Americans who can afford new bargains are enjoying the drop in housing value in once-exorbitant sun havens where prices have plunged as much as 25%. Miami, Phoenix and Las Vegas—formerly at the forefront of soaring prices—are now leading the decline, the New York Times reports. Homebuyers who waited to purchase took a risk because prices could have surged, but were rewarded with more than $100,000 in savings.
Aside from the normal ebb and flow of the real estate market, demographic changes may also be pushing this latest trend. This generation of retirees is more interested in sticking near families and friends, and less likely to flock to sunny Florida. Some are even opting for urban centers, an indication that Sunbelt savings could be long term.