Senior Spotlight: 3 Reasons Retirees Are Relocating Out-of-State

The pandemic has recalculated the moving clock - especially for retirees! 

The pandemic has had short- and long-term implications for real estate, and the latest migration study exemplifies that many Americans who had planned to move later are making that move now. According to United Van Lines' 44th Annual National Migration Study, those most likely to relocate out-of-state during the pandemic are younger workers (seeking higher pay in areas with a lower cost of living) and retirees. According to Economist and Public Policy Professor Michael Stoll of UCLA, “COVID has prompted people who are at or near retirement age to move to places where they would have moved later… if you have to stay at home and you can work remotely and you were thinking of moving in two years, why not do it now?.”

Now that you know the ‘why’, let’s talk about the ‘where’. The top 3 factors that influence desired destinations are:

#1: A Lower Cost of Living

#2: A Warmer Climate

#3: Closer Proximity To Loved Ones

With regards to which states meet this criterion, the general trend is that Americans are moving West & South. (Click here to see the United Van Lines Migration map.) The top 5 ‘inbound’ states are Idaho, South Carolina, Oregon, South Dakota & Arizona. The top 5 ‘outbound’ states are New Jersey, New York, Illinois, Connecticut & California.

Professor Stoll has noted: “Some of the top [inbound] destinations… appeal to baby boomers. They have the retirement infrastructure [with] retirement communities, health care systems, and amenities."

While leaving California is a retirement dream & reality for some individuals, the current market indicates that there are still MANY buyers looking to call Silicon Valley home. Low inventory and high demand is fueling a very challenging market for buyers, and a lucrative market for sellers.

Resources Used:

Here Are the States That Americans Are Fleeing the Fastest—and Why

United Van Lines’ National Migration Study Reveals Where and Why Americans Moved in 2020

*While some retirees are moving out-of-state, others are moving offshore altogether! Stay tuned and follow this blog for more coming soon on a glimpse into global retirement!

Cheers to landing exactly where YOU want to be this year,