It turns out that it’s actually somewhat rare for older adults to uproot and move to warmer climates soon after retirement.
CNBC reports that a recent CoStar Group poll found that, in 17 major real estate markets across the nation, more than 80 percent of people 55 or older who moved in the last seven years remained in the same county or state. Additionally, a separate poll indicated that nearly 90 percent of retirees want to age in place, and 80 percent said they think they will always live in their current residence.
Not every retiree shuns beach life. CoStar found that people 55 and older with annual incomes above $75,000 tend to favor markets with warmer weather and retiree-friendly tax situations.
Myrtle Beach, S.C., Charleston, S.C., and Dallas are the markets that have had the highest increases since 2010 in 55 or older residents who make at least $75,000.
Advertisement
Related Stories
Market Data + Trends
Vacation and Investment Home Market Insights
A recent report finds beach homes to be the most sought-after vacation-home type and that the investment potential of a second home is an important factor in the purchasing decision
Affordability
How Much Income Do First-Time Buyers Need to Afford the Average Home?
The median-priced home is unaffordable in 44 of the 50 largest U.S. metro areas
Affordability
What Is the Relationship Between Urban vs. Suburban Development and Affordability?
A new paper from Harvard's Joint Center looks at whether expanding the supply of suburban housing could, in turn, help make dense urban areas more affordable