by Kent Collins
Our local newspaper, The Island Packet, recently published a well-written, two part article on the changing demographics of Hilton Head Island’s population “The graying of Hilton Head.” We at Collins Group Realty found the article both interesting and relevant to serving our clients.
The gist of the article is that the Island’s population, in line with that of the nation, is getting older. This has a number of implications, some which create challenges while others present clear opportunities.
The good news is that, as the Island community actively re-invests, it is bound to maintain its popularity as both a vacation spot and retirement destination. The trend of re-investment in the Island’s infrastructure continues at a brisk and mounting pace. The list of recently refurbished shopping centers, hotels, recreational areas and rental accommodations attests to this.
Regarding the Island’s “aging” population, the Packet article points out that “retirement” for the great majority of those who live here centers about very active involvement in the athletics, arts, education, civic activities and enjoyment of our incomparable natural environment. It’s true that a number of folks who bought their retirement home here 15-20 years ago are now looking to downsize or move into alternative abodes. So, it appears that the inventory of listings could have an increasing number of new entrants.
But, on the other hand, the population – nationwide – of folks over age 60 will continue to increase dramatically, pointing towards an increasing supply of prospective buyers:
|Older Population by Age Group: 1900 to 2050|
|Age 60 and older||Age 65 and older||Total,
|Source: US Census Bureau|
|Chart of Population 65 and over by age: 1900 to 2050|
|This chart shows the large increases in the population 65 and older from 3.1 million people in 1900 to 35 million in 2000 and projected to 72 million in 2030.|
Projections of South Carolina’s populations fall in line with the national projections, but likely understate the Island’s future growth, given Hilton Head’s disproportionately high attraction to retirees.
These demographic projections point to a dynamic real estate market on the Island over the foreseeable future.
|State||Census 2000||Projection 2005||Projection 2010||Projection 2015||Projection 2020||Projection 2025||Projection 2030|
|Data Source: U.S.Census Bureau|
The key task of Collins Group Realty is to advise our clients on the most advantageous ways to realize their ambitions in this changing environment. We strive to meet the needs of our clients by levering our long-established local presence, utilizing our years of intimate market knowledge while analyzing and adjusting to evolving market trends and by continually investing in our professional capabilities.