Before the recent economic downturn, this option had prompted some interest among a segment of boomers who want to move into rural areas, a trend that experts refer to as "out-migration." However, this type of retirement decision slowed somewhat as the value of residential property in the United States decreased about 70%, and rural or cropland rose about 20%, making it more difficult to afford.
But now that home prices are recovering somewhat, many may be interested in the option once again, especially as millions of baby boomers approach retirement age. Federal projections show that urban areas may eventually see more than 1.6 million people between the ages of 55 and 75 "deconcentrate" to rural areas and suburbs over the next decade.
However, experts also say that one mistake many boomers make when planning such a life decision is that they don't do as much research on the property they may be buying as they probably should. For example, most concentrate on the condition of the house, or where they might build a house on the land, rather than the land itself. But factors such as the topography of a property and the type of soil contained on it, will likely have a big impact on the way in which boomers may be able to live on and enjoy their potential new property. Similarly, would-be buyers may also want to consider the way their land would be affected by natural events, such as windstorms, mudslides and even earthquakes, depending on where they're looking to buy.
Currently, the most popular destinations for these retirees looking to head for the peace and quiet of the country are in the mid-Atlantic region because of its temperate climate, as well as proximity to a number of different geographical locations - like mountains and the ocean - and population centers like Washington, D.C.
When making any plans in retirement, it's important for boomers to see how such a decision will impact all aspects of their finances and future.