States Where Retirees Are Moving – 2018 Edition
Derek Miller, CEPF® Sep 20, 2018
Despite no longer working, retirees are an important part of a local economy. They number in the millions and make up a large amount of consumer demand. As one example of their purchasing power, the Social Security Administration estimates that in 2018 it will pay out approximately $1 trillion in Social Security benefits, 72% of which will go to retirees. With that sort of money on the line where retirees decide to move for their retirement is an important consideration for cities across the country.
For the third straight year SmartAsset has analyzed migration data to find the top places where retirees are moving. We analyzed migration data from the U.S. Census Bureau. Specifically, we compared the number of retirees immigrating into a city and compared it to the number of retirees emigrating from a city. Check out our data and methodology below to see where we got our data and how we put it together.
This is SmartAsset’s third annual study on where retirees are moving. Check out the 2017 edition here.
The States Where Retirees Are Moving
The top four states where retirees are moving remains unchanged from last year’s study. Florida, Arizona, North Carolina and South Carolina once again occupy the top four spots. Of these four, Florida is a clear first. In total, 84,600 more retirees moved to Florida than left. Arizona which took second had about 28,600, North Carolina received about 15,600 and South Carolina received a net influx of about 8,500 retirees.
There are a few common threads connecting the states in our top 10. Many have year-round warm weather, are relatively affordable and are generally favorable when it comes to tax-paying season for retirees. Texas, Nevada, Alabama and Georgia fit this mold.
Idaho and Oregon both retained spots in this top 10 despite not having many of the characteristic features of a retirement-friendly state. Idaho is a relatively affordable state which may be enticing retirees to relocate to the Gem State. The median home in Idaho costs only $839 per month.
On the other hand, Oregon is a relatively expensive state to live in. The Census Bureau estimates the median home costs over $1,102 per month. Combine that with below-average temperatures and only being a moderately tax-friendly state, it may be surprising that Oregon is so popular among retirees.
Posted on March 20, 2019 at 6:45 pm
Arnie Urbick | Posted in San Ramon Real Estate