About 28.6 million baby boomers retired in the third quarter of 2020 alone, according to Pew Research Center data. Some Americans are retiring earlier than they originally intended to due to the COVID-19 pandemic.
That has prompted a growing number of new retirees to seek out the perfect place to ride out their golden years in retirement—and Florida isn’t the only place they’re targeting.
“Retirees might be able to cash out pretty significant equity in their homes and find something more affordable, or maybe find something better for the same price in a location that’s generally more affordable,” Chris Porter, chief demographer at John Burns Real Estate Consulting, told realtor.com®. They’re also relocating to be closer to their adult children or their grandchildren, he added.
Realtor.com® researchers identified the fastest-growing retirement destinations by analyzing population and housing trends. They factored in data between 2014 and 2019 to find where at least a quarter of the population is ages 60 and up; the largest increases in that period in seasonal and vacation homes; and the number of real estate listings that offered “universal design” and “aging in place.”
The following are the seven fastest-growing retirement destinations:
1. Lakeland, Fla.
- Median home list price: $260,050
2. Traverse City, Mich.
- Median home list price: $419,950
3. Springfield, Mass.
- Median home list price: $300,050
4. Coeur d’Alene, Idaho
- Median home list price: $850,050
5. Wilmington, N.C.
- Median home list price: $382,550
6. Winchester, Va.
- Median home list price: $339,050
7. Portland, Maine
- Median home list price: $451,450
View the full list of fastest-growing retiree areas and more about each at realtor.com®.
Source: “It’s Not Just Florida! America’s 10 Fastest-Growing Retirement Towns Show Some Surprises,” realtor.com® (March 8, 2021)
