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%)
In 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.
