With inflation and consumer costs rising, a growing exodus of seniors on a fixed income are pulling up roots in search of financial stability elsewhere, according to a new study by SmartAsset..
"For some, relocating to a cheaper or more tax-friendly part of the country may no longer be a matter of preference, but a necessity," the personal finance website says in its new report. "Recent data suggests that seniors are moving out of expensive northeastern cities and into other parts of the country."
To identify both the states and cities attracting the most retirees on the move, SmartAsset analyzed the Census Bureau’s 2021 one-year American Community Survey, the most recent data available for populations aged 60 and older, in 146 of the largest U.S. cities.
The findings do not reflect migration within the same state, nor do they indicate whether a retiree owns more than one home in more than one state.
Here, in ascending order, are SmartAsset's top 10 cities where retirees are relocating.
10. Raleigh, N.C.
Net Migration Increase: 830 retirees.
North Carolina gives cash-strapped seniors a host of retirement tax breaks. Many relocating retirees are settling down in Raleigh. Raleigh attracted 1,284 new seniors, while losing 454.
9. Jacksonville, Fla.
Net Migration Increase: 843 retirees.
Florida boasts a benefit that few states can beat: no state income tax. Its capital city of Jacksonville offers lower costs compared to other destinations amid a thriving cultural scene. Jacksonville attracted 3,448 new seniors, while losing 2,605.
8. Miami
Net Migration Increase: 947 retirees.
The city of Miami offers retirees entertainment options and other big city amenaties. Miami attracted 1,491 new seniors, while losing just 544.
7. Frisco, Texas
Net Migration Increase: 960 retirees.
Texas is another state with no income tax, and relocated retirees to Frisco pay low property taxes. Frisco attracted 1,436 new seniors, while losing 476.
6. Wilmington, N.C.
Net Migration Increase: 992 retirees.
North Carolina's low taxes allow cost-conscious seniors to stretch their savings on a fixed income, and Wilmington offers them a downtown and proximity to the beach. Wilmington attracted 1,445 new seniors, while losing only 453.
5. Boise, Idaho
Net Migration Increase: 1,098 retirees.
Idaho taxes retirement account withdrawals, but not Social Security benefits. Its capital of Boise offers retired newcomers a city with plenty of public transportation. Boise attracted 2,089 new seniors, while losing 991.
4. North Las Vegas, Nev.
Net Migration Increase: 1,107 retirees.
Nevada does not tax Social Security benefits or withdrawals from retirement accounts, while North Las Vegas offers a lower cost of living than nearby Sin City. North Las Vegas attracted 2,297 new seniors, while losing 1,190.
3. San Antonio
Net Migration Increase: 1,164 retirees.
San Antonio is another growing city that takes advantage of the lack of a state income tax. San Antonio attracted 3,127 new seniors, while losing 1,963.
2. Henderson, Nev.
Net Migration Increase: 1,602 retirees.
Henderson attracted 3,570 new seniors, while losing 1,968.
1. Mesa, Ariz.
Net Migration Increase: 3,629 retirees.
Arizona doesn't levy an inheritance or an estate tax, while Mesa, a southeastern suburb of Phoenix, has a lower cost of living than many other retirement destinations. Mesa attracted 4,967 new seniors, while losing 1,338.
The full report can be viewed here.
