By Stephanie Horan | SmartAsset
In 2018, roughly 930,000 people ages 60 and older moved across state lines, an increase of about 16% from five years earlier. Whatever reasons factor into their decisions, whether financial or personal, retirees must thoroughly consider the implications of moving, such as different tax rates and housing costs in new locales. That’s why speaking to an expert advisor might be a smart course of action before jumping in.
With an increasing number of retirees uprooting themselves and facing new financial realities, SmartAsset decided to look at some of the states and cities where retirees are moving to the most. Using data from the Census Bureau, we compared the number of people 60 years and older who moved into a state or city to the number of people who moved out.
- Warm weather spots are popular. Florida and Arizona had the highest net migration of retirees in 2018. Additionally, nine of the top 10 cities where retirees are moving are located in areas of the country that are not known for frigid weather. Denver, Colorado is the only city in the top 10 known for its more severe winters.
- Retirees are cost-sensitive. In 2018, New York and California, two of the states with the highest cost of living, saw more seniors move out than move in. Additionally, at the city-level, about 14,000 seniors left New York City and roughly 2,500 left Los Angeles. If you want to compare the cost of living in two different cities, take a look at our cost of living calculator.