Forbes contributors--New Geography demographics maestros--Joel Kotkin and Wendell Cox examined 2014 American Community Survey data for where the growth is happening among seniors. The context is this: by 2050, Americans 65 or older will double to 81.7 million, and their share of the total population will rise from one-in-six Americans to one-in-five.
Kotkin and Cox explore which cities rank as the oldest (ones that have the largest share of 65-plus residents) and the metros that have the fastest-growth for the senior segment. They also dive into considering some of reasons. Such as:
Certainly in some places it’s a function of lower prices in these cities; seniors who can cash out of California or New York can feather their nest eggs by moving elsewhere and buying a cheaper home. For those who do not require nonstop sunshine, relocating to Austin, or such North Carolina burgs as Raleigh and Charlotte, does not require a commitment to shoveling snow. Even high-cost Portland and Denver are bargains compared to California and New York.
Another explanation may be that many parents are following their migrating children (and more importantly grandchildren) to these areas. A recent study ranks this among the biggest reason seniors move. Similarly, as many as one in four millennials have moved to be closer to their parents, often to enjoy life in more affordable communities and get help with raising their kids.