In recent years, a trend of retirees moving away has emerged across the United States, as rising prices and safety concerns have forced them to leave their original homes.
New analysis data shows that this trend is not only happening in areas with high housing prices and high taxes, but also in states traditionally considered as “retirement paradises,” such as New Mexico and Florida.
The median annual income for Americans aged 65 and over is $54,710, reaching as high as $83,950 for the highest earners. If retirees wish to have a comfortable life in their later years, a good community environment, and manageable living costs, they must carefully choose their place of residence.
The financial website GOBankingRates studied and analyzed towns with a population of at least 5,000 people, where retirees make up at least 20% of the population. They ranked these towns based on the changes in the retiree population over five years. The results showed that the town of “Truth or Consequences” in New Mexico had the largest decrease in retiree population percentage, dropping by 25% over five years. This hot spring town used to attract many seniors due to its slow pace of life, abundant outdoor activities, and low cost of living, but has now lost its appeal.
Following that is North Hills in the suburban area of Long Island, New York, known for its retirement communities. However, with a median home price of $2.6 million and high property taxes, the retiree population has decreased by 23.5%.
The affluent suburb of Oak Brook in the western suburbs of Chicago ranks third, with a 22.8% decrease in retirees over five years, mainly due to high housing prices and living costs.
Fort Myers Beach in Florida also made the list, with a 21.2% decline in retiree population. Although the area has long been known for its warm climate and retiree-friendly environment, rising homeowner association fees, insurance costs, and frequent natural disasters have deterred retirees.
East Cleveland in Ohio ranks fifth with a 21.1% decrease, attributed to high crime rates, worsening poverty, and aging housing being the main reasons for retirees leaving.
Heather Taylor, a senior finance writer for GOBankingRates, points out that these population changes reflect a nationwide trend influenced by various factors such as the economy and lifestyle. She emphasizes that many areas once considered ideal for retirement are no longer the best choices.
This wave of migration signifies a significant change in the traditional concept of an “ideal retirement destination,” as retirees are reevaluating their choices for settling down in their later years.