As the golden years beckon, many American retirees are choosing a fresh start in a new location. In 2023, the landscape of retirement migration saw a remarkable shift, with over 338,000 U.S. residents relocating—a substantial 44 percent increase from 2022 and a three-year high. This surge, highlighted in a recent report by online moving-services marketplace Hire A Helper, establishes retirement as the fastest-growing reason for interstate moves. But where exactly are these retirees heading, and what key factors are influencing their significant life changes?
Top Destinations for Retirees
In 2023, retirees predominantly relocated to these states:
- Florida: 11.1% of interstate retiree relocations
- South Carolina: 10%
- New Jersey: 6%
- Texas: 5.8%
- Washington: 5.3%
States Most Often Left
Conversely, the exodus of retirees was most pronounced in:
- California: 18.3% of outbound retiree relocations
- New York: 11.4%
- Virginia: 6.5%
- Ohio: 4.9%
- Pennsylvania: 4.8%
Reasons Behind Retiree Moves
Retirement stood out as the fastest-growing motivation for moves, outpacing moves for jobs and affordable housing. Approximately 25% of these moves were interstate, with Florida leading for the second year, followed closely by South Carolina. Miranda Marquit from Hire A Helper suggests that increasing living costs in Florida might divert retirees to more affordable, yet still temperate, South Carolina.
Financial and Lifestyle Influences
The study points to economic factors like a cooling housing market and inflation easing as reasons for the relocation spike. Despite less financial concern, as only 6% moved for cheaper housing—down from 12% in 2022—family and health concerns drove 27% of moves. Earlier retirement is on the rise, with 37% of retirees moving before 65, earning a median income of over $88,000.
Michael Collins of WinCap Financial emphasizes healthcare infrastructure as a crucial factor for retirees weighing relocation options over tax advantages, highlighting the importance of proximity to medical facilities.
The Allure of the Carolinas
Philip Gibson of Wealth Enhancement Group notes that South Carolina's attractions—mild climate, beaches, and affordable living—make it appealing to retirees. With home values in South Carolina significantly lower than in Florida, retirees can capitalize on the equity from sold homes to buy more accessible properties, which potentially offer more space and a better fit for aging bodies.
Popular Retirement Cities
While Florida remains the top state for retirees, with Miami-Fort Lauderdale-West Palm Beach as a favored metro area, El Paso emerges as a surprising second. This reflects a shift towards locations like El Paso and Kansas City for financially conscious retirees seeking affordable housing, juxtaposed with lifestyle-driven moves to Miami.
| State | Percent of Inbound Retiree Moves |
|---|---|
| Florida | 11.1% |
| South Carolina | 10% |
| New Jersey | 6% |
| Texas | 5.8% |
| Washington | 5.3% |
