In recent years, U.S. retirees have primarily been staying put in their golden years. But when they do move, it’s normally to one of three states—and often for similar reasons.
According to Hire a Helper’s 2024–2025 Retirement Study, the most favored U.S. states for relocating retirees are Florida, Minnesota, and North Carolina, although the number of retirement-age citizens who moved states declined by 23.8 percent from 2023 to 2024.
The Hire a Helper study splits its “top destinations” list into two sections: overall favorite states for American retirees to move to, regardless of their reasons for relocating, and retirees who moved to a state specifically because it was where they wished to retire.
Florida topped the list, attracting 20 percent of all retiree moves, followed by Minnesota (7.1 percent) and Virginia (6.7 percent). On the list of those who “specifically moved to retire,” Massachusetts earned the top score at 20.4 percent of all moves, followed by Florida (19.9 percent) and Illinois (9.2 percent).
Why Are Fewer Retirees Moving?
The study stated that reasons for the decline in retirees moving include high interest rates, low home inventories, and house prices that continue to soar. Mortgage rates remain at around 7 percent, while the average home price hovers at around $500,000 in higher-cost states. By contrast, mortgage rates stood at 4.7 percent and average home prices stood at $382,000 as recently as 2018.
Moving out of state is often a solution chosen by retirees seeking better lifestyle options.
“Massachusetts’ popularity among those moving to retire could be linked to its access to top-tier healthcare, cultural opportunities, and scenic living, offering a distinct retirement experience compared to warmer states like Florida,” the study noted.
Family connections are often the primary reason behind such relocations too, as many retirees frequently seek to live closer to their children and grandchildren as they grow older.
“The trends in relocation that we see support this—retirees usually greatly downsize at the time of such relocations, carefully deciding what is important for their next chapter,” wrote Paul Stewart, founder and managing director at My Baggage, a global luggage transport company that regularly works with retirees moving to new destinations, in an email to NTD.
Which States Are Retirees Leaving, and Why?
The study also notes that California leads the list of states that retirees are leaving, with 10.6 percent of American retirees leaving the state, followed by New Hampshire (6.7 percent), and Virginia (6.4 percent).
According to the study, the high retiree exit numbers for California are probably due to financial angst more than lifestyle issues.
“The state’s high cost of living and housing prices likely pushed many retirees to relocate to more affordable and retirement-friendly states,” the report noted. Virginia was noted on the list due to its perceived undesirability as a retirement state.
Virginia’s high retiree departure numbers may be due to older Americans seeking to put their working years behind them.
“Virginia’s top ranking may be due to its status as a major work hub, particularly in areas like Northern Virginia and the greater Washington, D.C., metro region,” the study stated. While an attractive region for working professionals, the District of Columbia and Northern Virginia are pricey locations for retirees living on a fixed income.
Another frequent factor for states that lose retiree residents is that of high tax rates.
“State and property taxes that are high and rising often top the ‘reason-to-move’ list,” Stewart wrote. “With fixed incomes making these charges even harder to afford, retirees often escape states where the cost of living erodes retirement accounts.”
More Retirees Expected to Move in 2025
While the 2023–2024 U.S. retiree moving numbers were moderate, analysts expect retirees to begin moving in higher numbers in 2025 as the COVID crisis fades in people’s memories and older Americans free themselves to plant roots in different states, the study noted.
“The number of retirement moves in 2024 aligns with the rolling two-year average of 259,300 moves recorded in 2016–2017,” the study stated. “While the past few years have seen ups and downs due to external factors like COVID-19 and shifting economic conditions, 2024–25 suggests a return to more typical moving patterns for retirees.”
According to Stewart, retirees looking to move to a new state should be aware that preparation is key.
“Drawing from our experience helping people move from state to state, we’ve discovered that those who do their homework researching and visiting potential destinations before moving into a new home are most satisfied with the relocation decision,” Stewart wrote.
