2022 Study: Where Americans Moved To Retire This Year

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Key Findings

  • Over 234,000 Americans moved to retire in 2022, 4% more than in 2021
  • 12% of American retirees moved for “cheaper housing” — highest % since 2014
  • Florida is top destination for retirement moves (~12% of all retirees)
  • Palm Bay-Melbourne-Titusville, FL (9%) top metro destination for retirement moves
  • Oregon the state retirees most likely to leave — origin state of 10% of retiree moves
  • Retirees of color more than 2x likely to move in search of cheaper housing (20%) than their white counterparts (9%)

retiree 2022In last year’s study of retirement moves, the COVID-19 pandemic was very much the central theme in many people’s moves.

Yet while the effects of the pandemic are still being felt across the country, this year’s driving narrative has been inflation; the economy is of course connected to cost of living, savings, and home prices, all touchstones of the retirement equation.

As American retirees face an increased estimate for the amount of money needed to retire comfortably, 36% of retirees reported their living costs as higher than expected, while 56% expected to continue working after they retire. How has this impacted how many people retired this year? And where did they all go?


On the Rise Again: Number of Retirement Moves Increased in 2022

After a significant dip in 2021, the number of Americans who moved to retire this year has gone up to reach over 234,000. It’s still some way off the pre-pandemic levels, but that’s 4% greater than the number of people who moved to retire last year

American retirees continue to move at an increasing rate, despite pressures associated with the cost of living and the changing home market temperatures in many parts of the country. Knowing that more people are once again beginning to move more for retirement, what are some of their reasons for moving?

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Family and Cheaper Housing: Why Are More Retirees Moving in 2022?

Inflation and the associated rise in the cost of living are likely contributing to why over 12% of American retirees who moved in 2022 said they did so to find cheaper housing.

Housing was second only to “other family reasons” (e.g., “being close to family”). Cost-conscious retirement moves are at their highest level since 2014.

Not coincidentally, retirement moves for “new and better housing” have fallen sharply; upscaling now makes up 10% of all stated reasons for a retirement move, down from 18% as early as 2019. 

 

“In 2022, the Sunshine State attracted almost 16% of all retirees choosing to retire outside their state, the highest of any state.”

 

It’s worth noting that retirees of color were more than twice as likely to move in search of cheaper housing (18%) than their white counterparts (8%).

These overall findings suggest that retirees are more sensitive to inflation than anticipated by many and, while home prices have begun to fall, they are still significantly higher than they were this time last year. 


Florida is Back, Baby! Sunshine State Tops Retirement Move Destinations

After coming in second in our 2020 retirement move study and the same study last year, Florida is once again the top destination for out-of-state retirement moves.

 

“…36% of retirees reported their living costs as higher than expected, while 56% expected to continue working after they retire.”

 

In 2022, the Sunshine State attracted almost 16% of all retirees choosing to retire outside their state, the highest of any state.

North Carolina takes the second spot, with almost one in ten (9.6%) retirement moves crossing state lines going to this state.

A new entrant on this year’s top 10 is the state of Washington. Drawing about 5% of out-of-state retirees, Washington state jumped to the seventh spot of this year’s ranking.


Goodbye Oregon: States Retirees Were Most Likely to Leave

Their destination may be in Florida, but in terms of origin, Oregon was the state retirees were most likely to leave. As one of the most expensive states in the country to live in, Oregon saw as many as 10% of people moving to retire leaving the state.

Maryland placed second in states retirees were most likely to leave, with 7% of local retirement moves heading elsewhere. Idaho, a state we often see get the greatest net gains in our annual reports, had 3.4% of all local retirees leave the state when moving for retirement.


Popular Metro areas: Palm Bay, FL a Hit With Early Retirees

Compared to last year, Americans moving in retirement in 2022 tend to prefer staying in urbanized areas slightly more, according to the data.

 

“… retirees of color were more than twice as likely to move in search of cheaper housing than their white counterparts.”

 

The key beneficiary of retirees’ intention to settle in metropolitan areas is Palm Bay-Melbourne-Titusville, FL, which attracted 9.2% of all retirement moves in 2022 — more than any other metropolitan area.

Having once been named the best place for early retirement (albeit by itself), this area to the southeast of Orlando seems to live up to that reputation; 37% of its newcomer retirees were between the ages of 55 and 64.

In second place, the greater Columbus, OH area drew slightly under 6% of all retirees looking for a new place to live. The Ohioan metro ranking so highly this year is likely another testament to cost of living being one of the priorities for retirees planning their moves in 2022.

Elsewhere, there are two notable metro areas located in Tennessee, Nashville-Davidson-Murfreesboro, TN (5.3%) and Knoxville, TN (3.2%), which combined attracted 8% of retirees who chose to move this year.


Who Is Moving in Retirement in 2022? A Look at the Demographics

Much like last year, 86% of Americans moving in retirement were white, and just 14% were retirees of color. 

Married people accounted for 55% of all retirees relocating in 2022, with the remaining 45% being single, including those widowed, divorced, as well as those who never married.

Finally, while almost three-quarters (74%) of those moving in retirement in 2022 were over 65, some 26% were early retirees in 2022.


Sources and Methodology
Unless otherwise stated, all the data behind the charts in this study were taken from the U.S. Census Bureau’s Current Population Survey and its Annual Social and Economic Supplements for 2022. 
To calculate the most moved-in and moved-out states and cities, we took the percentage of all retirees in 2021 who moved or left a state or city. “Early retirees” was operationalized as any retiree aged younger than 65 years old. 
Illustrations by Daniel Fishel

Portland Real Estate Guide 2021: Neighborhood by Neighborhood

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Like many millennials, I’ve exclusively shopped for rentals in the past, so I don’t know the first thing about the housing market—in my current city or any other. But since my long-term boyfriend and I are living that “DINK” life (“Dual Income, No Kids”), we started wondering just how much money we’d need to bring to the table and what we’d need to know in order to make the leap to homeownership in Portland.

But here’s the real question: where should we be house hunting in Portland, what types of housing we should consider, and when should we take the plunge?

To answer those questions, I turned to Jo Lavey, a principal broker at John L. Scott Real Estate. She gave me an inside look at the hottest Portland neighborhoods, the obstacles that have been tripping up aspiring buyers, and advice for navigating a housing market that’s churning through inventory at truly unprecedented levels. And I, in turn, am giving it all to you.

Here’s your 2021 guide to moving to Portland, Oregon.

Some Portland home-buying statistics that blew my actual mind

A quick word to the wise before I get too far into this: based on everything I heard from Jo, this really is not the best time to be looking for a single-family home in Portland. (Or many other cities in the United States, to be frank.) As of March 31, 2021, average sale prices in Portland have increased by 16.6%, from $461,600 to $538,200, and they show no signs of slowing.

Here are some other stats Jo shared with me that had my eyebrows vanishing into my hairline:

  • At the time of this writing, the Portland market has just .45 months of inventory for sale, meaning that if no new properties were listed, there would be nothing left to sell within about two weeks. (For context, Jo told me that a market with six months of inventory used to be considered a balance between a buyer’s and a seller’s market. So it’s a seller’s market in a serious, almost unprecedented way.)
  • This trend is predicted to continue for the next three to five years, largely due to construction constraints. Portland has an urban growth boundary which limits the amount of land for new construction of homes in favor of maintaining farmland. With very little space to work with, builders have had to rely on in-fill lots (splitting larger lots and building vertically on smaller lots) or spreading out into the suburbs. 
  • Additionally, new construction on multi-family homes in Portland’s Multnomah County is down 70%. In 2013, far more apartments were built than single-family homes, and now the previous inhabitants of those spaces are aging into buying single-family homes.
  • Oregon has been in the top ten states that people are migrating to for three years now, with many coming from California—specifically San Francisco and LA. (Oopsies, guess I’m not so original after all.)

In case those stats have you as intimidated as they have me, there is some good news. Average rents are at $1,500, which is a 2% decrease year-over-year, and condominiums aren’t seeing the same surge in pricing or popularity as single-family homes. (At least for now.) While houses are selling at an average of 5% above list price after a low of four days and a high of 14 days on the market, condos have been selling at or below list price, after lingering on the market for an average of 48 days.

 

“As of March 31, 2021, average sale prices in Portland have increased by 16.6%, from $461,600 to $538,200, and they show no signs of slowing.”

 

If you’re me, this sure is looking like the moment to consider purchasing a condo while I wait out the market. But you’re you—so if you’re absolutely dead set on becoming a Portland homeowner in 2021 and have the cash in hand to back it up, these are the hot neighborhoods that everyone has their eyes on.

Where People Want to Live in Portland

The city is divided into directional quadrants: north, south, east, and west, and then further divided into more specific areas (it’ll be clear below), which is how I’ll lay out this list. The following is a three-month snapshot of properties sold between January and March of 2021, and the pricing is an average cost for a three-bedroom, two-bathroom single-family home.

Northeast

Laurelhurst

Laurelhurst
crystaltrulove.com

Average List Price: $906,225 

Average Sold Price: $922,304 (102% of listing)

Average Days on Market: 16

Mostly residential and with its own truly gorgeous, historical landmark of a park, Laurelhurst is snuggled up to other nearby neighborhoods like Hollywood, which offer schools, restaurants, and shopping, so residents get the best of both worlds.

Irvington

Irvington
Adam Fous Photography

Average List Price: $838,455 

Average Sold Price: $844,412 (101% of listing)

Average Days on Market: 15

Brimming with historic charm, Irvington’s location makes it extremely convenient for commuters. The leafy neighborhood has multiple public transportation options within blocks, and easy access to I-84 and I-5 on-ramps.

Sabin

Sabin
airbnb.com

Average List Price: $814,919 

Average Sold Price: $841,583 (103% of listing)

Average Days on Market: 10

Right next door to Irvington is Sabin, its slightly more youthful neighbor—great for young professionals. In addition to the old world homes are more recent builds and modern restaurants, and the area is abutted by the ultra-cool Alberta Arts District to the north.

Parkrose

Parkrose
Homes.com

Average List Price: $460,463 

Average Sold Price: $460,219 (99.5% of listing)

Average Days on Market: 7

Parkrose prices have yet to soar as high as its northeast neighbors, because crime-wise, it isn’t the safest option on this list. That said, it has its own dedicated school district with an elementary, middle, and high school, and the area is becoming more revitalized by the day.

 

“Average rents are at $1,500, which is a 2% decrease year-over-year, and condominiums aren’t seeing the same surge in pricing or popularity as single-family homes.”

 

Southeast

Woodstock

Woodstock
soldbysagato.com

Average List Price: $602,894 

Average Sold Price: $626,650 (104% of listing)

Average Days on Market: 4

Considered one of the most walkable neighborhoods in Portland, Woodstock has its own adorable little town center and farmer’s market. Plus, it’s steps away from nearby Reed College, making it a popular area with students.

Sellwood/Westmoreland

sellwood
sellwoodmoreland.com

Average List Price: $677,421 

Average Sold Price: $708,571 (105% of listing)

Average Days on Market: 5

Built along the flank of the Willamette River, the cobbled-together neighborhood that is Sellwood/Westmoreland is its own self-sustaining community. It features local grocery stores, food trucks, coffee shops, and even Oaks Park—a roller rink and theme park that features in many of my happiest childhood memories. (As well as the TV show “Shrill”, which is potentially more relevant to your interests than my personal history.)

Montavilla

montavilla

Average List Price: $462,411 

Average Sold Price: $488,429 (106% of listing)

Average Days on Market: 6

Named one of the country’s “top ten neighborhoods you need to visit” by Lonely Planet in 2017, Montavilla has a lot to offer. Namely, the historic Academy Theater, where second-run tickets cost just $4, as well as craft cocktail bars, microbreweries, antique shops, and quirky boutiques.

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Mt. Tabor

Mt. Tabor
reddit.com

Average List Price: $695,221 

Average Sold Price: $723,077 (106% of listing)

Average Days on Market: 5

Built atop an extinct volcano (!), Mt. Tabor is perched high above the rest of the city, offering breathtaking views of downtown. The area has its own 200-acre park featuring miles of biking and running trails, making it a dream destination for anyone craving an active, outdoorsy lifestyle within reach of the city.

Southwest

Multnomah

multnomah
statesmanjournal.com

Average List Price: $641,245 

Average Sold Price: $641,350 (100% of listing)

Average Days on Market: 11

A quaint and artsy village nestled in the heart of Portland, Multnomah boasts the kinds of shop-lined streets you might have thought only existed in Christmas Hallmark movies: bookstores, toy shops, sidewalk cafes, and the massive Gabriel Park.

Hillsdale

hillsdale
roblevy.com

Average List Price: $687,450 

Average Sold Price: $707,450 (102% of listing)

Average Days on Market: 6

I grew up between here and nearby Raleigh Hills, which is how I can tell you that Hillsdale is extremely family-friendly, with great schools, some excellent restaurants, and walkability. Plus a suburban, residential feel that belies the short distance to the city center.

Vermont Hills

vermont hills
portlandrealestateblog.com

Average List Price: $579,257 

Average Sold Price: $624,429 (108% of listing)

Average Days on Market: 6

Just west of Hillsdale is Vermont Hills, which if anything has an even more impressive school district — and even fewer businesses. If you’re looking for a quiet, park-filled area to raise a family or work from home, you couldn’t do much better than Vermont Hills. But consider looking elsewhere if the traditional amenities of a big city are important to you.

North

St. Johns

st. johns bridge
steveschwindt.com

Average List Price: $457,125 

Average Sold Price: $479,813 (105% of listing)

Average Days on Market: 8

At the convergence of the Willamette and Columbia Rivers sits St. Johns, rife with excellent antique shops, beloved coffee roasters, and even a floating home community. The neighborhood is slightly isolated and undeniably odd (I mean that in the best way), but if you’re someone who enjoys a unique, small-town vibe, you’ll feel right at home.

Arbor Lodge

arbor lodge
farrellrealty.com

Average List Price: $620,325 

Average Sold Price: $618,725 (100% of listing)

Average Days on Market: 26

Nudged up right against the MAX line – it’s Portland’s light rail system, standing for “Metropolitan Air Express” – living in Arbor Lodge allows for easy access to downtown. Or you can stick close to home and take advantage of the area’s excellent grocery stores, bike shops, or enjoy an evening of live music and pub trivia.

Northwest

Alphabet District & Kings Heights

Alphabet District & Kings Heights
portlandrealestateblog.com

Average List Price: $1,121,996 

Average Sold Price: $1,122,196 (100% of listing)

Average Days on Market: 12

As you can probably tell from the prices, we’ve entered the always red-hot downtown area, so hold onto your butts (and grab your wallets). Everything you could possibly want as far as restaurants, nightlife, and shopping is at your fingertips, plus the Willamette waterfront, Forest Park, and the Portland Zoo. So yes, you’re going to pay for the privilege of having all this bounty in one place.


What if I can’t afford literally any of that, but I still want to buy?

Great question, Alexis Rhiannon. First of all, you could look for smaller houses and hope to get lucky. Or, for you and anyone else in your same boat, I’m gonna drop some condo pricing in here before we go our separate ways.

Average Prices of Condos in the Portland Area

Northwest

Average List Price: $460,386

Average Sold Price: $452,005 (98% of listing)

Average Days on Market: 78

Southeast*

Average List Price: $341,043

Average Sold Price: $343,878 (101% of listing)

Average Days on Market: 74

Southwest**

Average List Price: $332,795 

Average Sold Price: $332,833 (100% of listing)

Average Days on Market: 18

**In both cases, Jo pulled data for properties closer into the city center; prices are likely to be lower as you get further out.

Other things to bear in mind with Portland real-estate

Cash offers are obviously king in this cuckoo market, but since the majority of places are going above listing, I recommend you factor that in if you’re getting a loan. Once you’re approved, consider mentally cutting your budget by $25,000 or so, so that if you really fall in love with a place, you have the funds to put in a compelling offer and downpayment even as the price creeps up. (Rates are going up at a rate of 1% per month, according to Jo. ????)

Overall, $500,000 and a strong stomach should get you something in most any neighborhood you’re interested in in Portland. (Just be aware that a cramped one-bedroom does count as “something” in this case.)

If you’re coming in with $350,000 or under, your best bet is going to be a condo or a townhome, which won’t appreciate as quickly as a single-family home, but that can at least serve as a place to land while you wait for things to calm down… we hope.

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