2024-2025 Retirement Study: Where and Why Retirees Moved This Year

Key Findings

• Less than 260,000 Americans moved to retire in 2024, a decrease of 23.8% compared to 2023
• Massachusetts takes the top destination spot for retirees moving across state lines to retire, with 1 out of 5 choosing the state in 2024
• Florida (20%) and Minnesota (7%) have the highest share of all retirees moving to new states 
• 13% of retirees who moved in 2024 stated health reasons as their primary motivation for moving. 

After reaching a three-year high in 2023, retirement moves in 2024 saw a notable decline. Just over 258,000 Americans relocated for retirement this year — a 23.8% drop from the spike we observed in 2023.

Rising mortgage rates and high home prices likely played a big role. In 2024, mortgage rates climbed to 7% while the average home price reached over $500,000, making it harder for retirees to sell and afford new homes. For comparison, in 2018, mortgage rates averaged around 4.7%, and the average home price was approximately $382,000—a much more affordable market for retirees.

Each year, our Retirement Study analyzes where and why Americans choose to move during retirement. Using the latest data from the U.S. Census Bureau, we track shifts in migration patterns, uncover the top destinations and origins, and explore the evolving motivations behind retiree moves.

Year After Year: 2024’s Moving Trends Compared to 2023  

Retirement Moves in 2024 Decline After 2023’s Three-Year High

In 2024, 258,000 Americans relocated for retirement, a steep 23.8% drop from 2023.

Number of Retirement Moves By Year

While fewer people moved specifically to retire in 2024, 32.2% of those who did move relocated to a different state — nearly twice the rate of the average American mover, only 16.2% of whom moved out of state. However, moves across state lines for retirement dropped considerably from 2023, when 41.9% of those moving to retire relocated to another state, which accounts for a 41.6% decrease year-over-year.

Additionally, 22.7% of all retirees (new and existing) moved in 2024 — down slightly from 2023’s high of  25.3%. 

Retirement Moves Continue to Recover from the Pandemic

The rolling two-year average of retirement moves shows a steady recovery from the disruptions caused by COVID-19. After dropping to 230,500 moves in 2021-2022, the average increased by 29.4% to 298,400 moves in 2023-2024.

 

‘Moving to retire’ was the top reason retirees relocated in 2024, though the percentage dropped to 13.9% from 20.4% in 2023.

 

The number of retirement moves in 2024 aligns with the rolling two-year average of 259,300 moves recorded in 2016-2017. While the past few years have seen ups and downs due to external factors like COVID-19 and shifting economic conditions, 2024 suggests a return to more typical moving patterns for retirees.

2-Year Rolling Average of Retirement Moves

The pronounced drop in the average following 2020 reflects how the pandemic (which posed heightened risks to older populations) disrupted retiree plans. Many older adults postponed major decisions like relocating due to safety concerns and uncertainty, but the rebound in the 2023-2024 average shows that retirees are regaining confidence.

Where Retirees Moved in 2024: Florida and Massachusetts Both Winners

When analyzing retirement moves in 2024, we focused on two distinct groups of retirees:

• All retirees who relocated to a new state: This group includes all retirees who moved to a new state in 2024, regardless of their reasons for relocating. This encompasses the full U.S. retirement population, whether they are newly retired or have been retired for years. 
• Retirees who moved to a new state specifically to retire: This group only includes retirees whose primary reason for moving was to retire. 

Among all retirees who moved to a new state, Florida remained the most popular, attracting 20% of this demographic. No other state came close to matching its appeal. Minnesota sits at a very distant second, attracting 7.1% of all retirees who moved across state lines.

Minnesota ranked second, attracting 7.1% of retirees who moved to a new state, followed by Virginia (6.7%) and North Carolina (5.7%). While these states have grown in popularity, they still trail significantly behind Florida’s dominance.

Top States for All Retirement Moves

For retirees who moved specifically to retire, Massachusetts claimed the top spot for moves out of state, attracting 20.4% of all such moves. Florida, still a favorite in this category,, followed closely with 19.9%, reflecting a competitive shift in retiree relocation patterns.

Moves Specifically For Retirement by State

Massachusetts’ popularity among those moving to retire could be linked to its access to top-tier healthcare, cultural opportunities, and scenic living, offering a distinct retirement experience compared to warmer states like Florida. 

Top States Retirees Relocated From in 2024: California and Virginia Lose Out

Among all retirees who moved to a new state, California was once again the most common state left behind in 2024, with 10.6% of all retiree moves originating there. 

Top States All Retirees Moved Away From

The state’s high cost of living and housing prices likely pushed many retirees to relocate to more affordable and retirement-friendly states.

For retirees who moved specifically to retire, nearly one in four left Virginia, making it the state with the highest proportion of “move-to-retire” departures.

Top States Those Moving Specifically To Retire Left

Virginia’s top ranking may be due to its status as a major work hub, particularly in areas like Northern Virginia and the greater Washington, D.C., metro region. This means it’s attractive to working professionals, but once those people decide to step down from their long careers in government, defense, or tech, they might be looking to move somewhere very different to Virginia. 

Reasons Retirees Moved in 2024: Health and Family Take the Lead

“Moving to retire” was the top reason retirees relocated in 2024, though the percentage dropped to 13.9% from 20.4% in 2023. When excluding retirement, health reasons became the leading motivation, followed closely by family reasons, swapping places from the previous year.

Housing-related factors also played a role, with 8.3% moving for cheaper housing and 7.2% seeking new or better housing. Other reasons included changes in marital status (5.2%) and climate preferences (4.5%).

Top Reasons Retirees Moved in 2024

These trends show that while retirement remains a major driver, health, family, and financial considerations are shaping how and where retirees choose to move.

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 2024. 

To calculate the most moved-in and moved-out states, we took the percentage of all retirees in 2024 who moved or left a state.