In 2024, 258,000 Americans moved for retirement, influenced by high home prices and rising mortgage rates, now at 7%. This makes relocating more challenging. Despite a slight decline in retiree mobility to different states, Florida continues to be the favored destination, attracting 20% of relocating retirees. The overall moving activity is recovering from pandemic lows, with a notable increase in mobility year-over-year. The report from HireAHelper highlights how the real estate market's affordability impacts retirees, showing the shift in migration trends over recent years.
Among the retirees who elected to move, nearly one-third (32.2%) relocated to a different state. This is nearly twice the rate at which the average American moves across state lines.
In 2024, mortgage rates climbed to 7% while the average home price reached over $500,000, making it harder for retirees to sell and afford new homes.
Florida remained the most popular state, attracting 20% of retirees who moved to a new state, with Minnesota a distant second at 7.1%.
The report compiled by HireAHelper revealed that after a significant drop during the COVID-19 pandemic, moving activity has seen an increase of 29.4% in 2023-2024.
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