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Sure, we’ll always have Florida. But where else are retirees moving? The cities with the biggest surges in the population of older adults may surprise you.
From 2010 to 2020, the metropolitan areas with the biggest gains in their population of people 65 and older were: Austin, Texas; Boise, Idaho; Raleigh-Durham, N.C.; Atlanta; and Houston. They were followed closely by Charleston, S.C.; Jacksonville, Fla; Dallas; Colorado Springs, Colo.; and the Virginia suburbs of Washington, D.C.
“It was interesting to me how geographically dispersed the list was,” said Nick Luettke, an associate economist at Moody’s Analytics. “The growth was spread to different parts of the country, outside of the traditional retirement locations.”
The reason traditional retirement locations didn’t make the list was because those markets were already dominating the retirement scene and didn’t see explosive growth, researchers said.
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Austin’s senior population almost doubled in that 2010-20 time frame, and Boise and Raleigh-Durham had growth greater than 75%, according to Moody’s Analytics. All 10 metropolitan areas saw both their total and senior populations grow at least 50% faster than the national average.
The growth among older adults in Austin comes amid overall population gains in the city, known for its hip music scene and outdoor festivals, as well as a lower cost of living compared with bigger cities. As younger people flock to a new market, older family members often follow, Luettke said.
Researchers looked at countywide data, not just city data, so the rankings were based on overall regions, not just specific cities, Luettke said.
Atlanta, Charleston and Jacksonville rose as other traditional sunbelt towns became too pricey or otherwise undesirable to live in, researchers said.
“These metros offered more senior living options, better medical support, and bigger senior resident communities, which are positive factors to propel the sector’s growth. Competitive rents for many of the above-mentioned markets are also a great draw for our senior community.” researchers said.
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Although the Rocky Mountains attract a lot of California retirees looking for a lower cost of living, medium-size towns, more nature and more space, Denver failed to make the list because people may be looking for places that feel less urban, Luettke said.
Other locales on the list, like suburban Virginia and North Carolina, were seen as quality-of-life areas that offer the benefits of being near major universities and medical centers, Luettke said.
The researchers said they expect similar trends to continue to rule retirement decisions, even if different locations pop up in the rankings.
“The way people are choosing where to live — with hybrid work and taking care of themselves more, caring about their well-being more — will influence a lot of these decisions,” said Lu Chen, a senior economist at Moody’s Analytics.
