Retiring to Florida might be the cliché for seniors in the U.S., but some of them have their sights set on a different state.
Many retirees are flocking to Texas for their next move, specifically the city of Austin, which drew the most retired people between 2010 and 2020, according to a recent Moody’s Analytics ranking reported by TheStreet.
During the pandemic, hundreds of thousands of Americans relocated to the Lone Star state, often attracted by its no-income tax policy, employment opportunities bolstered by the tech and energy sectors, and overall low cost of living, per USA Today.
Of course, the latter is a significant advantage for seniors hoping to make their money go further in retirement. Roughly 50,000 people were moving to Austin each year before the pandemic, and the city’s senior population almost doubled in that same period, per TheStreet.
Austin offers retirees warm weather at a more affordable price than many Florida cities: The median rent for all bedrooms and property types in Austin is $2,200 compared to $3,300 in Miami, Florida, according to recent data from Zillow.
Retirees are also heading to Houston, Texas; Atlanta, Georgia; Boise, Idaho; and Raleigh-Durham, North Carolina — with the latter two cities seeing their number of retirees jump at a rate 75% higher than the rest of the U.S., per TheStreet.
Not one city in Florida made the top five list of cities with a large number of incoming retirees, according to the outlet.
“It was interesting to me how geographically dispersed the list was,” Moody’s Analytics associate economist Nick Luettke said in a statement. “The growth was spread to different parts of the country outside of the traditional retirement locations.
Source : Entrepreneur