There was a brief period when Millennials outnumbered local Baby Boomers, but no more. Blame it on the demographics of new residents, the fact that life expectancy has increased, and adding some of the older Gen. Z folks to the Millennial count. Without doubt, Millennials and some of Gen. Z are among the folks moving here. But Boomer newbies have tipped the scales. At least for now.

Kingsport-Bristol leads the region’s Boomer population, but Millennials are closing the gap. In some places they have already closed the gap, but not on the regional big picture. That’s a natural process and affected by the imbalance in the region’s birth-death rate.

And while Boomers are the driving force for things like demand for healthcare services, retirement services and age-friendly infrastructure, Millennials are firmly established in the workforce. Expect them to play an outsized role in shaping future growth, schooling demand and digital infrastructure. At the same time, be on the lookout for some outsized effects as local Boomers transfer their wealth to their children and grandchildren.

Meanwhile, the less talked about Generation Xers hold many of the region’s managerial, civic and professional roles. Their numbers are not as big, but they’re entering their peak earning years while having to shoulder the care for both aging parents and young adult children.

Here are some things the current demographic mix means for the region.

• Aging Boomers will require more health resources and accessible housing options.
• Retaining Millennials and Gen Z will be crucial and regional innovation.
• Growth of Gen Alpha underscores the need for robust early education and recreational infrastructure.
• As Millennials surpass Boomers expect a cultural and economic shift in spending patterns, mobility and civic priorities.

Now, what about all that wealth transfer?

Some of it is already in play. Boomers are acting as the bank of Mom and Dad for many downpayments for Millennial home purchases. And then there’s the case where property is involved – it could be home or a farm – where younger relatives want no part of it.

Nationwide, the average worth for a Boomer is about $1.2 million per person. However, this average is skewered by a smaller number of very wealthy individuals.

While the average new worth is high, the middle value (median new worth) is lower, about $206,700, according to a MagnifyMoney analysis.

Annual change July 1, 2023 to July 1 2024

Getting a handle on the local Boomer wealth is another matter. It would take a lot of high-power research that hasn’t been done – or if it has the numbers and not publicly available. But about half of the Tri-Cities homes are mortgage free and an increasing number of Boomers are aging out of the housing market and moving into assisted living by choice or necessity.

Even though we can’t tag a dollar sign on the local wealth transfer, it’s safe to say it’s substantial enough to make some dramatic changes.

Categories: DEMOGRAPHICS