Where Retirees are Moving
Are you tired of winter temperatures, crime, lack of natural places to explore, or maybe it is just your dream to move away? With retirement around the bend for many people this year, we thought that we’d share with you some recent analysis on where retirees are moving to in the US.
Using data collected by the Census Bureau from 2018, an analysis performed by SmartAsset looked at states that saw the largest growth of persons over 60 years of age (once they subtracted the persons moving out of that state). We will share with you two of the most popular destinations for retirees overall.
The two best states for retirees come as no surprise to us, and probably to you as well! Florida and Arizona have been attracting seniors long before migration studies were done. The sunny, warm climates and tax-friendly options continue to attract seniors in growing numbers.
240,000 people moved to Florida in 2020 causing a population explosion. Now over 1,000 people per day are calling Florida their new home. Since real estate prices are rising at the date of this article, there are areas that have less than 1% of single-family homes for sale. Note that a seller’s market in real estate is where there is less than 10% of homes available for sale. New highways are under construction, and new homes are being built further and further inland from the coast to make way for the new residents. With new construction comes more commercial opportunities and options for relaxation and entertainment.
As Florida’s population continues to grow they may see their “over 65” demographic increase by 1.0 million people by 2030.
Who would not like the weather! This past winter, while over 80% of the states north of Florida were experiencing record cold and snowfall, Floridians were basking in 80 degree temps and sunny days at the beach.
In addition to the fantastic weather, Florida is extremely tax-friendly, as it boasts no state income tax, which means Social Security income, pension income and income from an IRA or 401(k) all goes untaxed.
Tops Cities in Florida for Seniors
- Pompono Beach
59,000 seniors moved to Arizona per the most recent SmartAsset study. Why Arizona, some wonder? Not only is there no incomes tax, but Arizona is one of the Most Tax Friendly Places for Retirees — That means a retiree living in Arizona will pay a total sales tax of 8.4%, on average. In addition to low taxes the state does tax distributions from retirement account; Florida does not.
Arizona is sunny, dry, allergy-friendly, and does not have the humidity you can expect to experience in Florida.
Top Arizona Cities for Seniors
What do you think of as a dream retirement location?
Not everyone looks for the same type of locations. Some want the sunny beaches while others long for a mountain view near a lake. Some move to be close to grandkids, while others are moving away from family. But, what everyone seems to agree on is improving their “quality of life”.
In another survey Money.com’s 2019 ranking of the best places to retire that considered over 45,000 data points a few cities stood out based on crime numbers, diversity, and health care.
- West Bloomfield, Michigan
- Minnetonka, Minnesota
- Georgetown, TX
When you are ready to make the trek to your retirement location, we ask that you take us along for the trip!
Liberty Moving offers a variety of a la carte and packaged moving services. We aim to provide you with affordable service options to enhance your move experience. These packages provide increased value protection and options for additional cleaning and technical services. No matter the size or destination, Liberty moving services can meet your retirement moving needs.