Retirement Moves Make a Comeback

After losing momentum during the Great Recession, retirement moves are once again showing signs of life. A Stateline analysis of Census Bureau data shows that Florida, which remains the leading destination for movers aged 55 and up, is gaining about 55,000 older movers each year — more than double the growth it recorded after the housing bubble burst in the middle of the last decade. The Sunshine State’s annual growth for this demographic is a robust 138 percent. Arizona, meanwhile, has witnessed an 18 percent gain in retiree moves; while South Carolina has registered a 6 percent uptick. Among the prime draws for retirees are low cost of living and warm weather. A majority move from such colder and/or higher-cost states as New York, Illinois, New Jersey, Michigan, and California in search of warmer and lower-cost locales. Many of the destination states have relatively low property taxes. For example, South Carolina’s median annual property tax bill is only $769 versus more than $7,000 in New Jersey. William Frey, a demographer at the Brookings Institution, adds, “An emerging senior boom is boosting not only traditional retirement destinations but also emerging ones in the Southeast, Mountain West, and Texas.” | Read More