The Lone Star state is seeing a new wave of retirees, as reported in new findings from Moody’s Analytics.
Austin, Houston, and Dallas all charted the firm’s top 10 destinations for retiree populations, with Austin experiencing the fastest expansion compared to all cities. Senior population in the capital city nearly doubled between 2010 and 2020, thanks to its affordable cost of living, an influx of younger crowds, and new construction.
Houston and Dallas saw an increase in senior population growth as well, up 71% and 63%, respectively.
Other leading cities and areas include Boise, Idaho; the Raleigh-Durham area in North Carolina; Atlanta, Georgia; Charleston, South Carolina; Jacksonville, Florida; Colorado Springs, Colorado; and the Northern Virginia area.
Specifically, Moody’s Analytics notes a substantial increase in senior populations for South Atlantic and Sunbelt cities like Atlanta, Charleston, and Jacksonville, due to its enhanced medical support systems, large-scaled senior resident communities, and competitive rent prices.
On the other hand, territories encompassing the Rocky Mountains including Boise and Colorado Springs have driven more attention from senior retirees due to its affordability compared to other expensive West coast cities in California. Furthermore, lower rents for senior living services including assisted living, memory care, and skilled nursing have pushed demand.
Given its status as a medical hub with renowned healthcare institutions in the southern region of the U.S., along with its milder temperatures along the East coast, the Raleigh-Durham area in North Carolina has risen in popularity among senior retirees.
Lastly, Northern Virginia’s medical community, nearby universities, and convenient public transportation system into the Washington, D.C. area makes it a leading location for retirees to move to.
Moody’s research notes that more cities with senior housing options will likely see an influx of retirees in the upcoming years, as life expectancy increases and the ratio of family caregivers who can take care of aging parents dwindles.
“The need for senior housing will keep the positive momentum going in both the near term and longer term,” the research reported.
SEE ALSO:
- 11 Best Places to Retire in the World in 2023: International Living
- ‘Best Places to Retire’ Rankings Dominated by Two States
- Retire Here, Not There: WalletHub’s 2023 Best & Worst Places to Retire
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.
