2024 Study: A Look at the Biggest Wave of Retiree Moves in Three Years
The year 2023 was a big year for retirement moves!
According to the U.S. Census Bureau data, retirement moves reached a three-year high! With housing markets cooling off, inflation slowing down, and social security benefits increasing, it's no surprise that 44% more Americans moved in retirement compared to in 2022. How else have these developments affected moving after retirement in 2023? Where did retirees relocate to, and which places did they leave behind? In this latest edition of our annual retirement moves study, we look at trends that shaped moving in retirement in 2023, highlight top origins and destinations, and zoom in on the changing demographics of retirees on the move.
Key Takeaways
- More than 338,000 Americans moved to retire in 2023, an increase of 44% compared to 2022
- Florida is the top destination for retirement moves that crossed state lines, attracting 11% of them in 2023
- California (18%) and New York (11%) have the highest share of retirees moving to new states
- Miami-Fort-Lauderdale, FL is the #1 metro for retirement moves, with 12.3% of them headed to this area in Florida
- Nearly a quarter (23%) of all Americans moving to retire were early retirees aged under 55
Volodymyr Kupriyanov
Volodymyr Kupriyanov (AKA "VK") is a data journalist based in Copenhagen, Denmark. He specializes in data-driven storytelling, leveraging data to create compelling, insightful stories. His stories for HireAHelper have been featured in hundreds of publications, including Business Insider, The New York Times, and Bloomberg. When not visualizing and analyzing numbers, he enjoys rock climbing, playing frisbee with his dog, and discovering new places to eat.
Bucking the Trend: Retirement Moves Continued Rising Through 2023
In 2023, when the share of Americans who moved fell to a historic low of 7.8%, retirement moves registered a 44% growth compared to the year prior. That equates to more than 338,000 Americans moving to retire in 2023 — the highest in three years. This means that after falling briefly during COVID, the number of Americans moving to retire has grown for the third consecutive year.Similarly to the findings in our previous
studies of moving for retirement, Americans who moved at this stage of their lives were more likely to relocate to a different state last year. A quarter (25%) of retirement moves in the U.S. in 2023 crossed state lines, compared to 18% of moves overall.
Sun, Sun, Sun: Florida Tops State Destination Rankings, Again
For those Americans choosing to retire out of state, Florida was again the number one destination in 2023. The Sunshine State
attracted around one in ten (11%) of all retirement moves that went to a different state.
South Carolina gave Florida a good run for its money as the destination for 10% of all cross-state retirement moves in 2023. Meanwhile, New Jersey and Texas each accounted for roughly 6% of such moves, respectively.
As for the states retirees are leaving, the greatest share of relocating retirees came from California, with 18% of all retirement moves that crossed state lines originating in California. New York contributed a further 11% of retirees seeking a new place to live outside their home state. Curiously enough, states like New Jersey and Pennsylvania appear on both receiving and leaving lists. This has to do with the fact that while many people do move to Florida and New Jersey for retirement, a similar amount of people are leaving these states too.
Miami Remains a Retirement Magnet: Top Metros for Retirees on the Move
In another victory for Florida, Miami-Fort Lauderdale was the top destination for retirement moves in 2023.This metro located right on the Atlantic coast is well within its right to attract many of those seeking a great place to retire. Highland Beach — one of Fort Lauderdale’s suburbs — ranks #3 as the best place to retire according to Niche.com, while Miami is in the fourth spot of CN Traveller’s ranking of best retirement destinations.And even though the cost of living in the Miami-Fort Lauderdale metro is on the rise, it’s still significantly lower than in the U.S. biggest cities.Other popular metropolitan areas last year included El Paso, TX (~8% of moves), and yet another Florida metro: North Port-Sarasota-Bradenton, FL (6%). In the Midwest, Kansas City, MO-KS, and Cleveland-Elyria, OH each took about 3% of all retirement moves that took place in 2023. Both these metros have likely attracted many retirees due to affordable
housing and a generally lower cost of living.
Retirees with moneyThe fact that two Californian metros feature on the top 10 list of retirement move destinations in 2023 suggests two parallel trends within retirement moves.Retirees with a good amount of savings and high pensions are likely moving to metros like Miami-Fort Lauderdale, FL and San Luis Obispo-Paso Robles, CA. Folks looking to save money in retirement, on the other hand, are more likely to choose El Paso, TX, and Kansas City, MO-KS — areas where settling down for retirement won’t cost a fortune.To browse states and metros you may be interested in, check out the interactive map below:
Health and Family: Key Reason Behind Retirement Moves in 2023
Besides retirement itself, some of the most common reasons contributing to retirement movies in 2023, according to a recent U.S. Census Bureau moving data report, were said to do with family and health. "Better housing" and "cheaper housing" did remain relevant, but they’re not driving as many moves as they did in 2022. It's worth noting that “other family reason” was most often clarified to mean adding a new family member (e.g., pregnant, had a baby, adoption), moving with family member(s), or assisting or taking care of family members. Because adding a new family member is unlikely for someone of retirement age, it's safe to assume that the majority of retirees who moved citing "other family reason" did so to be closer to family, either to help take care of them or to receive care themselves.
This is consistent with the findings of our study of the Sandwich Generation — meaning adults “sandwiched” between taking care of their aging (and likely retired) parents, and their children. More than a quarter (26%) of the respondents in our Sandwich Generation survey were considering moving their parents closer to give them the care they need, and 24% were thinking about their parent(s) moving in with them.
With so many retirees factoring in family and health into their moves in 2023, it’s likely this emerging trend is already starting to unfold.
Younger, Wealthier, and Most Likely Single: The Demographics of Retirees Moving in 2023
One standout feature of 2023 moving retirees is that they were overwhelmingly more likely to be single. (Or, at the very least, not married.) In 2022, more than half (55%) of retirees moving were spouses. But last year, that share dropped to just 45% — the lowest percentage ever on record. The 2023 crop of retirees on the move was significantly younger as well, as 37% of them were under the age of 65, including 23% who were under 55. Compare this to just 26% of 2022 retirees who were under 55.In another change compared to 2022, a third (33%) of American retirees moving in 2023 were people of color, up from 14% the year before. Finally, the median household income of retirees who moved in 2023 was $88,347, which is 17% higher than a typical household income in the United States, according to the latest data. It is also 35% higher than the median income of someone moving into retirement last year, which was just above $65,000.
Sources and Methodology
Unless otherwise stated, all the data behind the charts in this study were taken from the U.S. Census Bureau’s Current Population Survey and its Annual Social and Economic Supplements for 2023.
To calculate the most moved-in and moved-out states and cities, we took the percentage of all retirees in 2023 who moved or left a state or city.
Illustrations by Daniel Fishel
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