Baby Boomers and Millennials Move More Than Other Groups: But They Won’t Be Meeting

February 21, 2022 – Two demographics are more likely to move than any other. The group with the highest tendency to migrate is highest is young adults, who tend to move in search in jobs and fortune. At retirement age (commonly around 65), there is another big spike in migration. Although both groups have a propensity to move, the places where they move tend to be very different, according to Brookings.edu.

Studies of net migration show what areas of the country are experiencing the greatest population growth. But looking at the big picture alone does not tell the whole story about who is moving where. Census data shows that the top regional magnets for young adults (ages 25-34) are very different from regions that are attracting baby boomers (ages 55 and older).

Move west young people

Idaho and Texas are the two states with the highest rates of net migration (more people moving in than moving out). Of the two, Idaho had the fastest annual and cumulative population increase, growing by 2.9% (53,151) in the last year. Most of that came from net domestic migration. In Texas, which saw an increase of 310,288 (1.1%), the growth came primarily from a combination of net migration and natural increase. Idaho and Texas’s migration gains are primarily fueled by people in their 20s and 30s, who are fleeing high cost areas like Los Angeles and San Francisco. Elon Musk of Tesla and SpaceX, who moved his residence to Austin, Texas is a good example. Although he can afford to live anywhere, Musk will probably be able to avoid California taxes while his employees will get a more affordable lifestyle.

A different drummer for baby boomers
When it comes to baby boomer migratory patterns, however, traditional states in the Sunbelt like Florida are the largest senior migration gainers, along with mountain states and certain suburban areas. That population growth comes at the expense of New York and California, which have the greatest migration losses. According to brookings.edu, better climate and lower cost of living in many Sunbelt states may be important motivators. Brookings used data from the American Community Survey (ACS).

Best places for retirees

Sumter County, home to the giant active community The Villages, habitually shows up as one of the fastest growing places in the country, thanks to its retiree growth. U.S. Census Data shows that in addition to places in the Sunbelt, towns in the mountains of Colorado are seeing boomer-fueled growth spikes. Broomfield and Eagle are two good examples there. Many towns in Texas are also seeing retirement age population increases. Rockwall, (part of the Dallas metro area in Northeast Texas), had a double digit boomer increase. Hill Country towns like Fredericksburg and New Braunfels are also experiencing strong growth rates.

Other states attracting retirees
A “2021 Study: Where Americans Moved to Retire in 2021”, commissioned by Hire a Helper using US Census Data, reported other states that are successful at attracting retirement age people. It found that Tennessee, Pennsylvania, and both Carolinas joined Florida, Texas, and Arizona as popular retirement destinations. All of these states have multiple towns that are retirement magnets, including Chattanooga, Lancaster, Asheville, Clemson, and Flagstaff.

Fewer millennials moving, but boomers are on the move again
A separate part of the Brookings report looked at migration patterns after the great recession of 2007. It found that in the years immediately following the recession, both millennials and boomers moved at much smaller rates. Since then boomer migration levels have returned to almost their pre-recession levels, while millennials have stayed lower.

So where will you retire?
It is pretty clear from Census data and common sense that most retirees, if they move at all, will consider heading to warmer climes, where they can often enjoy a higher living standard. As always, the best place to retire is where you think you can live your retirement dream.

Comments? If you have millennial age children, where are they tending to migrate? Are they moving to places where you would consider retiring? Or do you yourselves going in different destination? Please share your thoughts in the Comments section below.