Older Americans are on the move, and they’re still making Florida their number-one stop.
More than 338,000 U.S. residents retired to a new home in 2023, a 44 percent jump from 2022 and the highest number in three years, according to a new report on migration trends from online moving-services marketplace Hire A Helper.
Retirement was the fastest-growing reason people gave for moving last year, the company found in its annual report, increasing by nearly twice the rate of job-related moves and more than four times the rate of people seeking cheaper housing.
About a quarter of retiree relocations crossed state lines, with Florida ranking as the top destination for the second straight year. About 11 percent of such moves were to the Sunshine State. South Carolina, which did not make the top 10 in 2022, was a close second, drawing 10 percent of retirement moves.
Where retirees are going to (and leaving from)
These five states drew the largest percentage of interstate moves by retirees in 2023:
- Florida (11.1% of all inbound moves)
- South Carolina (10%)
- New Jersey (6%)
- Texas (5.8%)
- Washington (5.3%)
And these five were the most frequently exited:
- California (18.3% of all outbound moves)
- New York (11.4%)
- Virginia (6.5%)
- Ohio (4.9%)
- Pennsylvania (4.8%)
Source: Hire A Helper, based on data from the U.S. Census Bureau’s Current Population Survey and its Annual Social and Economic Supplements for 2023.
“My guess is it’s probably due to cost,” says Miranda Marquit, a consumer advocate and spokesperson for Hire A Helper, of the Palmetto State’s ascent. With the cost of living rising in Florida, particularly for housing and homeowners’ insurance, “more folks are looking for someplace that’s also warm but maybe isn’t as expensive.”
New Jersey, Texas and Washington state rounded out the top five landing spots. California and New York were the states older residents most often left, the study found, with 3 in 10 relocating retirees departing from one or the other.
‘More affordable to move now’
The report, drawn from U.S. Census Bureau survey data, links the big increase in moves to economic factors such as a cooling housing market and lower inflation. “It’s kind of a shift to where you’ve got folks saying OK, it’s more affordable to move now,” Marquit says.
Financial worries were less pronounced in survey responses on retirees’ reasons for moving. Just 6 percent said they were moving to find cheaper housing, compared to 12 percent in 2022. Family and health issues were the top two motivators in 2023, collectively driving 27 percent of retirement relocations.
FAQs
Top 10 states that gained the most retirees
- Florida. Retirees moved in: 171,343. ...
- Arizona. Retirees moved in: 61,688. ...
- South Carolina. Retirees moved in: 40,663. ...
- Texas. Retirees moved in: 68,754. ...
- North Carolina. Retirees moved in: 43,619. ...
- Georgia. Retirees moved in: 38,583. ...
- Alabama. Retirees moved in: 18,719. ...
- Tennessee.
1. Iowa. Iowa ranks as the number one state to retire to. It offers an affordable cost of living and home prices and a strong economy, making it an attractive place to make retirement savings last longer.
What is the best state for seniors on Social Security? ›
Wyoming is considered to be very tax-friendly towards retirees. There is no state income tax in Wyoming, which means that residents do not pay state taxes on distributions from retirement plan accounts, public or private pension payments or Social Security benefits. Wyoming also has no estate or inheritance taxes.
Are seniors leaving Florida? ›
Retirees are leaving Florida because it's too crowded and the hordes from New York and other states are driving prices up for everything.
Where are retirees flocking to? ›
Florida saw a net influx of more than 77,000 new retirees.
This is more than three times the influx to any other state. In total, 28.4% of the state is 60 and older. St. Petersburg was the city that saw the most retirees moving in at a net of 1,662 individuals.
Where do the happiest seniors live? ›
Denmark has the highest level of life satisfaction among seniors and retirees, according to the World Happiness Report, which, for the first time ever, ranked countries by age group.
What is the happiest state to retire in? ›
Florida has regained its status as the best state for retirees in 2024. That's according to WalletHub's latest “Best and Worst States to Retire” study. In 2023, Virginia took the top spot and knocked Florida down to No. 2.
Where can I retire on $2000 a month in the United States? ›
5 US Cities Where You Can Retire on $2,000 a Month
- Chiang Mai, Thailand. Advantages: Very inexpensive. ...
- San Juan, Puerto Rico. Advantage: In the United States. ...
- Claremont, New Hampshire. A couple who found a place to retire on $2,000 per month. ...
- Decatur, Indiana. Advantages: Potentially low rent. ...
- El Paso, Texas.
Traffic: Oregon is known for its traffic congestion, particularly in and around the major cities of Portland and Eugene. Natural disasters: Oregon is prone to natural disasters such as wildfires, earthquakes, and floods, which could be a concern for retirees living in certain areas.
What is the cheapest state to live in for retirees? ›
The 10 cheapest states to retire in. Mississippi, Oklahoma, and Alabama have the lowest annual costs for a comfortable retirement. Hawaii, DC, and Massachusetts have the highest amounts for a comfortable retirement.
States ranking for best health and healthcare for senior adults in the U.S. in 2023. In 2023, across all states in the United States, Utah was ranked as the healthiest state for older adults aged 65 years and above, followed by New Hampshire and Colorado.
What is the hardest state to get Social Security? ›
Worst States for Social Security Disability approval
- Oklahoma. Oklahoma is the hardest state to get approved for social security disability. ...
- Arizona. Arizona is the second-hardest state to get approved for social security disability. ...
- Mississippi. ...
- Texas. ...
- Florida.
Yes, you can retire in Florida on $3000 a month. A GOBankingRates study found cities like Pensacola and Panama City where living on $3000 or less each month is feasible, suggesting a comfortable lifestyle in certain areas of Florida on this budget.
Where not to retire in Florida? ›
Worst Places to Live in Florida for Families & Retirees in 2023 &...
- Pahokee. Pahokee is a small town located on the shore of Lake Okeechobee in Palm Beach County, Florida. ...
- Gainesville. ...
- Pine Hills. ...
- Miami-Beach. ...
- Daytona Beach. ...
- Homestead. ...
- Fort Pierce. ...
- West Palm Beach.
For example, many are moving to Limestone County, Alabama, the fastest-growing county in the state. The area boasts lakefront property, warm weather and low property taxes, so it only makes sense that it's considered a substitute for The Sunshine State.
What is the cheapest state to live in when you retire? ›
According to the Missouri Economic Research and Information Center, the lowest overall costs of living were found in Mississippi, Oklahoma, Kansas, Alabama, and West Virginia: Cheapest states to retire.
Where do most American retirees go? ›
Whether it reflects the warmer weather, quality healthcare or a low tax burden, Florida ranks number one as a retirement paradise on WalletHub's 2024 survey. Florida, Colorado and Virginia top the list of the best places to retire in the U.S. in 2024, according to a new survey from WalletHub.
Where do most people move when they retire? ›
States Where Retirees Are Moving
| Rank | State | Net Movement |
|---|
| 1 | Florida | 77,290 |
| 2 | Arizona | 23,515 |
| 3 | South Carolina | 20,895 |
| 4 | Texas | 18,742 |
11 more rowsMay 9, 2024
In 2021, there were 5,964,526 adults aged 65 and older living in California, the most out of all U.S. states, followed by Florida with almost 4.6 million adults aged 65 and older.
