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Older Americans are on the move, and they’re still making Florida their number-one stop.
More than 338,000 U.S. residents retired to a new home in 2023, a 44 percent jump from 2022 and the highest number in three years, according to a new report on migration trends from online moving-services marketplace Hire A Helper.
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Retirement was the fastest-growing reason people gave for moving last year, the company found in its annual report, increasing by nearly twice the rate of job-related moves and more than four times the rate of people seeking cheaper housing.
About a quarter of retiree relocations crossed state lines, with Florida ranking as the top destination for the second straight year. About 11 percent of such moves were to the Sunshine State. South Carolina, which did not make the top 10 in 2022, was a close second, drawing 10 percent of retirement moves.
Where retirees are going to (and leaving from)
These five states drew the largest percentage of interstate moves by retirees in 2023:
- Florida (11.1% of all inbound moves)
- South Carolina (10%)
- New Jersey (6%)
- Texas (5.8%)
- Washington (5.3%)
And these five were the most frequently exited:
- California (18.3% of all outbound moves)
- New York (11.4%)
- Virginia (6.5%)
- Ohio (4.9%)
- Pennsylvania (4.8%)
Source: Hire A Helper, based on data from the U.S. Census Bureau’s Current Population Survey and its Annual Social and Economic Supplements for 2023.
“My guess is it’s probably due to cost,” says Miranda Marquit, a consumer advocate and spokesperson for Hire A Helper, of the Palmetto State’s ascent. With the cost of living rising in Florida, particularly for housing and homeowners’ insurance, “more folks are looking for someplace that’s also warm but maybe isn’t as expensive.”
New Jersey, Texas and Washington state rounded out the top five landing spots. California and New York were the states older residents most often left, the study found, with 3 in 10 relocating retirees departing from one or the other.
‘More affordable to move now’
The report, drawn from U.S. Census Bureau survey data, links the big increase in moves to economic factors such as a cooling housing market and lower inflation. “It’s kind of a shift to where you’ve got folks saying OK, it’s more affordable to move now,” Marquit says.
Financial worries were less pronounced in survey responses on retirees’ reasons for moving. Just 6 percent said they were moving to find cheaper housing, compared to 12 percent in 2022. Family and health issues were the top two motivators in 2023, collectively driving 27 percent of retirement relocations.
