Summary
- Demographic Trends: Baby boomers are retiring rapidly, exploring new living locations.
- Emerging Destinations: Cities like Austin, Boise, and Raleigh-Durham are gaining popularity.
- Retirement Preferences: Factors influencing retiree’s choice of cities are discussed.
Baby boomers, also known as those born between 1946 and 1964, are retiring at an unprecedented rate. According to AARP, approximately 10,000 individuals from this demographic retire each day. Furthermore, U.S. Census Data indicates that 1 in 6 Americans is now over the age of 65. Consequently, many of these retirees are relocating to various cities across the nation to enjoy their golden years. While Florida remains a preferred choice, boomers are increasingly choosing to establish their lives in other locations across America.
A recent report by Moody’s Analytics published in MarketWatch highlights that Austin experienced a remarkable doubling of its retiree population between 2010 and 2020. Other cities such as Boise in Idaho, Raleigh-Durham in North Carolina, Atlanta, Houston, Charleston, Jacksonville in Florida, Dallas, Colorado Springs in Colorado, and the suburbs of Washington, D.C. also witnessed significant increases in their populations aged 65 and older during this same period.
According to Nick Luettke, an associate economist at Moody’s Analytics, “It was interesting to me how geographically dispersed the list was.” He added that the growth of retiree populations was evident across various regions of the country, moving away from traditionally favored retirement locations.
However, researchers also pointed out that conventional retirement hotspots might not have appeared in the report because they consistently receive retirees, devoid of significant demographic shifts like those seen in the emerging cities.
Attractive Features of Emerging Retirement Cities
So, what makes these cities stand out?
- Enhanced senior living options
- Improved medical support
- Expansive senior resident communities
- Competitive rental prices
These positive factors contribute to the growth of retiree populations in these locations.
Despite these emerging trends, the U.S. Census Bureau survey data confirms that Florida continues to be the top choice for retirement. As AARP reported, census data illustrates that Florida remains a premier retirement destination, with a study by SmartAsset indicating that approximately 78,000 retirees relocated there in 2021. Nevertheless, exploring new and exciting destinations might be a refreshing change, proving that there’s nothing wrong with seeking out alternatives. Moreover, if you’re considering retirement options, you might also think about relocating to Europe, a choice that offers its own unique benefits.
