Sure, we’ll always have Florida. But where else are older adults moving? The cities with the biggest surges in older-adult population may surprise you.
The Unconventional Retirement Destinations
From 2010 to 2020, several metro areas experienced significant gains in their 65+ population. Surprisingly, the following cities came out on top:
- Austin, Texas
- Boise, Idaho
- Raleigh-Durham, N.C.
- Atlanta, Georgia
- Houston, Texas
Following closely behind were Charleston, S.C.; Jacksonville, Florida; Dallas, Texas; Colorado Springs, Colo.; and suburban Virginia.
“It was interesting to me how geographically dispersed the list was,” said Nick Luettke, associate economist at Moody’s Analytics. “The growth was spread to different parts of the country outside of the traditional retirement locations.”
Traditional Retirement Markets Left Behind
Contrary to expectations, traditional retirement markets didn’t make the cut. These markets had already dominated the retirement scene and didn’t see explosive growth, according to researchers.
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Austin experienced almost a doubling of its senior population between 2010 and 2020, while Boise and Raleigh-Durham had growth rates exceeding 75%, as reported by Moody’s Analytics. In fact, all ten metro areas witnessed total and senior population growth at least 50% faster than the national average.
The Austin Phenomenon
The growth observed in Austin is a reflection of its overall development as a city. Renowned for its vibrant music scene and outdoor festivals, Austin also offers a lower cost of living compared to larger cities. As younger people flock to this new market, older family members often follow suit, explained Luettke.
Additionally, it’s important to note that the rankings were based on county-wide data, taking into account the broader region rather than just the specific city limits, as emphasized by Luettke.
Distinctive Retirement Cities
Meanwhile, some traditional sunbelt towns are being bypassed by retirees as they become too pricey or undesirable to live in, according to researchers. However, cities such as Atlanta, Charleston, S.C., and Jacksonville, Fla., have risen in popularity due to their extensive senior living options, robust medical support, and thriving senior resident communities. Additionally, competitive rental rates in these markets prove to be an attractive draw for our senior population.
Seeking a Change in Climate
Retirees from California are flocking to the Rockies in search of a lower cost of living, medium-sized markets, and the allure of nature and space. Denver, on the other hand, failed to make the list due to its urban atmosphere, which may not align with the desired environment retirees are seeking.
Quality of Life Matters
Suburban areas in Virginia and North Carolina are gaining recognition as quality-of-life metros. These locations offer the advantage of being situated near major universities and medical centers, making them desirable choices for retirees.
Looking Ahead Researchers predict that similar trends will continue to shape retirement decisions in the future, even if the specific rankings fluctuate. As people increasingly prioritize hybrid work arrangements and self-care, these factors will greatly influence their choices for a place to retire, notes Lu Chen, senior economist at Moody’s Analytics.
