Top 7 Southern States Where Retirees Are Flocking — and How Much It Costs To Live in Each
There are a number of reasons baby boomers choose to move to different states in retirement. Often, retirees are after lower cost of living than they’d find in, say, California, but with similarly mild weather.
Boomers looking for more bang for their buck and/or a relatively warm climate are increasingly embracing Southern states. Which of these states are seeing the biggest influx of retirees in 2024?
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GOBankingRates analyzed each state to find where retirees are moving in 2024 and collected various data points, including how many residents age 65 and up are moving, how much the average single-family home costs in each state, annual cost of living and more. These are the top seven Southern states where retirees are flocking.
Virginia
Population total: 8,683,619
Population aged 65 and up: 1,462,042
Median household income: $87,249
Average single-family home value: $402,453
Total cost of living annually: $50,466
Residents aged 65 and up moving in from other states: 40,937
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Tennessee
Population total: 7,051,339
Population aged 65 and up: 1,217,964
Median household income: $64,035
Average single-family home value: $325,045
Total cost of living annually: $43,233
Residents aged 65 and up moving in from other states: 41,411
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South Carolina
Population total: 5,282,634
Population aged 65 and up: 1,008,618
Median household income: $63,623
Average single-family home value: $302,768
Total cost of living annually: $43,288
Residents aged 65 and up moving in from other states: 47,405
North Carolina
Population total: 10,698,973
Population aged 65 and up: 1,866,614
Median household income: $66,186
Average single-family home value: $337,441
Total cost of living annually: $46,123
Residents aged 65 and up moving in from other states: 52,265
Georgia
Population total: 10,912,876
Population aged 65 and up: 1,644,275
Median household income: $71,355
Average single-family home value: $336,833
Total cost of living annually: $45,456
Residents aged 65 and up moving in from other states: 52,617
Texas
Population total: 30,029,572
Population aged 65 and up: 4,037,085
Median household income: $73,035
Average single-family home value: $309,871
Total cost of living annually: $43,384
Residents aged 65 and up moving in from other states: 88,816
Florida
Population total: 22,244,823
Population aged 65 and up: 4,794,414
Median household income: $67,917
Average single-family home value: $417,817
Total cost of living annually: $52,245
Residents aged 65 and up moving in from other states: 234,926
Methodology. For this study, GOBankingRates analyzed each state to find where retirees prefer to live and how much it costs to live there. First GOBankingRates found data on each state including total population, population of ages 65 and up, total households, household median income and percent population moved in from out of state, all sourced from the US Census American Community Survey. For each state the cost of living indexes were sourced from the Missouri Economic Research and Information Center and using the national average expenditure costs as sourced from the Bureau of Labor Statistics for Retired Residents, the average expenditure costs for each state was calculated. The average single family home value was sourced from Zillow Home Value Index from June 2024. By assuming a 10% down payment and using the national average 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Data, the average mortgage was calculated for each state. Using the average expenditure and mortgage the average total cost of living was calculated for each state. The states were sorted to show the highest population of residents aged 65 and over that moved into the state from another state. All data was collected on and is up to date as of July 31, 2024.
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This article originally appeared on GOBankingRates.com: Top 7 Southern States Where Retirees Are Flocking — and How Much It Costs To Live in Each