The landscape of retirement destinations in America is experiencing a significant transformation, with Southern cities emerging as the new favorites for adults aged 65 and above. According to the U.S. Census Bureau’s latest population estimates, metropolitan areas across the nation have witnessed an increase in their senior population between 2020 and 2023. This demographic shift reflects a growing preference for locations that combine affordability, pleasant weather, and quality lifestyle amenities.
Texas and the Carolinas stand at the forefront of this retirement migration trend, offering compelling advantages that attract older adults from various parts of the country. The appeal of these locations stems from their combination of affordable housing options, favorable tax policies, and comfortable climate conditions. Multiple cities in these states have recorded double-digit growth rates in their senior populations, marking them as emerging retirement destinations.
Myrtle Beach Leads Senior Population Growth
The coastal city of Myrtle Beach, South Carolina, tops the list with a remarkable 23.1% increase in residents aged 65 and above, according to U.S. Census Bureau data. This Atlantic coastal destination offers homes at a median list price of $315,000, significantly below the national average. The city attracts 85% of its home shoppers from other markets, particularly from the New York area, Charlotte, Atlanta, and Washington, DC. The combination of world-renowned golf courses, 60 miles of beaches, and a low property tax rate of 0.53% makes it an attractive option for retirees.
Wilmington Emerges as Alternative Coastal Haven
Wilmington, North Carolina, ranks second with an 18.4% growth in its senior population based on Census Bureau findings. Located strategically between major cities, this coastal community provides a median home list price of $489,900 and delivers an appealing mix of mild winters and comfortable summers. The city particularly attracts residents from the Northeast seeking relief from harsh winters without Florida’s intense heat. Many newcomers appreciate the city’s outdoor lifestyle options and relatively modest living costs, with residents earning a median household income of $63,835.
Raleigh Combines Technology and Family Appeal
Census data places Raleigh, North Carolina, third with an 18.3% increase in its 65-plus population. The state capital’s emergence as a technology hub has created a unique draw for retirees whose families are settling in the area. The city offers excellent medical care and experiences all four seasons, with a median home list price of $523,340. Its strategic location provides convenient access to both coastal areas and mountain regions.
College Station Offers Cultural Richness
According to Census Bureau statistics, College Station, Texas, has experienced a 17.6% growth in its senior population. The city provides a blend of small-town comfort and big-city amenities, largely due to the presence of Texas A&M University. With a median home list price of $380,000, the city attracts many former students returning for retirement. Its proximity to major healthcare facilities in Houston and cultural offerings makes it particularly appealing to retirees.
Austin Demonstrates Senior-Friendly Growth
The Census Bureau reports that Austin, Texas, has seen a 17.3% increase in its 65-plus population. The city’s rich culture and pleasant climate have made it increasingly popular among retirees, with the senior demographic showing the fastest growth among all age groups. Recent legislative changes in Texas have introduced specific property tax benefits for elderly residents. The city maintains a median home list price of $639,950, with 95.5% of property demand coming from outside the county in early 2024.
Nationwide Growth in Senior Population
The noteworthy expansion of retiree-friendly cities reflects a broader demographic transformation across the United States, as revealed by the Census Bureau’s latest population estimates. The national population of adults aged 65 and above grew by 9.4% between 2020 and 2023, reaching approximately 59.2 million individuals. This growth pattern demonstrates remarkable consistency across metropolitan regions, with population increases recorded in 386 out of 387 metro areas. Only Eagle Pass, Texas, experienced a decline in its senior population during this period.
Metropolitan Areas Show Consistent Senior Growth
Census Bureau data confirms that the surge in older adult populations stands in stark contrast to demographic patterns observed in other age groups across metropolitan areas. Lauren Bowers, chief of the Census Bureau’s Population Estimates Branch, highlights the distinctive nature of this growth, noting that while some regions experienced increases in youth and working-age populations, the expansion of the senior demographic remained nearly universal. This pattern emerged from comprehensive analysis of population estimates covering age, sex, race, and Hispanic origin across U.S. metropolitan areas.
Southeast Region Leads Demographic Shift
Population estimates from April 2020 to July 2023 indicate that the southeastern United States has become particularly attractive to older adults seeking new communities. The Myrtle Beach-Conway-North Myrtle Beach metropolitan area exemplifies this trend, as it achieved recognition as both the second-fastest growing metro area in total population and the leader in senior population growth during this period. The metropolitan region added significantly to its older adult community, expanding to 107,430 residents aged 65 and above.
Future Retirement Trends Emerge
As the migration patterns of retirees continue to evolve, financial experts at GoBankingRates have identified several states positioned to become premier retirement destinations within the next decade. The analysis takes into consideration crucial factors that influence retirement decisions, including cost of living expenses, tax policies, housing costs, and overall quality of life. This forward-looking assessment provides valuable insights for individuals planning their retirement in the coming years.
Texas Strengthens Position as Retirement Haven
The Lone Star State continues to solidify its appeal as a retirement destination, according to GoBankingRates research. Texas distinguishes itself through its tax-friendly policies, notably the absence of Social Security taxation and individual income taxes. Recent data has identified multiple cities as emerging retirement communities, with Frisco, El Paso, and Plano receiving particular attention for their combination of affordable monthly expenses and low crime rates.
New Hampshire Offers Tax Advantages
Empower’s recent study positions New Hampshire as a leading retirement destination, with the state maintaining the nation’s lowest tax burden at 5.1%. The Granite State’s financial appeal stems from its policy of not taxing Social Security benefits, though a 5% tax applies to investment income. These tax advantages, combined with other quality of life factors, make New Hampshire an increasingly attractive option for future retirees.
Arkansas Emerges as Budget-Friendly Option
Arkansas has gained recognition as an ideal destination for retirees with fixed incomes, according to the GoBankingRates analysis. The state offers a total annual cost of living of $43,865, which translates to monthly expenses of $3,655. This amount includes reasonable healthcare costs of $547 and grocery expenses of $392 per month, making Arkansas particularly attractive for budget-conscious retirees.
Iowa Demonstrates Long-Term Promise
Choice Mutual‘s research identifies Iowa as a top retirement destination, citing multiple favorable factors for retirees. The state combines an outstanding healthcare system with low crime rates and affordable housing options. GoBankingRates confirms these findings, noting that retirees can expect monthly transportation costs around $400 and healthcare expenses of approximately $622, with total monthly living expenses averaging $3,910.
The Future of American Retirement Migration
Census Bureau data reveals a dramatic transformation in retirement patterns, with Southern metropolitan areas experiencing unprecedented growth in their 65-plus populations, led by Myrtle Beach’s 23.1% increase between 2020 and 2023. This shift reflects retirees’ growing preference for locations combining housing affordability and tax advantages, particularly evident in emerging hotspots across the Carolinas and Texas. As this trend continues, states offering similar combinations of financial benefits and lifestyle amenities, including New Hampshire and Arkansas, are positioned to become the next wave of retirement destinations.
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