A growing share of wealthy retirees who left New York City during the pandemic are purchasing second properties to stay close to their physicians, The Wall Street Journal reported May 28.
While a “pied-à-terre” is a second home located near the city for business or leisure, the “med-à-terre” gives affluent older adults continued access to their decadeslong relationships with medical specialists they cannot replicate elsewhere, the Journal reported.
The arrangement lets retirees who left New York City for lifestyle or tax reasons hold onto world-class specialist care, according to Compass broker Cindy Scholz. The strategy comes as state lawmakers approved a measure May 27 that would tax second homes in New York City valued at $5 million or more, affecting about 10,000 properties, according to Gov. Kathy Hochul’s office.
Even when retirees move their primary residence to Florida or elsewhere, a growing number are keeping their New York properties or buying a smaller pied-à-terre specifically to maintain access to the city’s healthcare system, Rebecca Cavallaro of Sotheby’s International Realty-East Side Manhattan Brokerage told the Journal. Buyers are targeting properties from $2 million to $5 million, and some up to $10 million.
Meanwhile, health systems are rapidly expanding into Florida with new builds and partnerships as Americans, especially older adults, relocate there. Roughly 4.5 million residents in the state are 65 or older, which is projected to reach 6 million by 2030, according to Mary Mayhew, president and CEO of the Florida Hospital Association. Hospital visits among older adults in Florida increased 7.5% from 2019 to 2024.
The med-à-terre trend has also surfaced in parts of the Midwest, including Minneapolis and St. Paul, Minn., where buyers are drawn by access to Rochester, Minn.-based Mayo Clinic about 90 minutes away, the Journal reported.
Becker’s 3rd Annual Fall Chief Pharmacy Officer Summit is the top tier event that the people leading the future of pharmacy convene. This 3-day event is built specifically for Chief Pharmacy Officers and senior pharmacy leaders. The sessions examine the workforce, financial and clinical priorities shaping pharmacy today. Becker’s is where candid discussions flourish and new ideas thrive. Becker's 3rd Annual Fall Chief Pharmacy Officer Summit
