20 Cities Where the Retirement Population Is Declining

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People ages 65 and up make up a large percentage of the U.S. population. Many of these folks are retired and living on a fixed income and, more often than not, relying on Social Security benefits (at least to some extent) to get by. But even with Social Security, millions of retirees are having to trim down their expenses. Many are relocating to cities and rural areas that boast lower costs of living than where they previously resided.  

Which cities are seeing the biggest shrinkage of retirees? In a new study, GOBankingRates analyzed cities to find the top cities where retirees are fleeing. Below are the 20 cities seeing the biggest departure of retired folks, who are largely bolting due to rising costs of living.

20. Hot Springs Village, Arkansas 

• Percentage of population ages 65 and over: 61.0%
• Single-family average home value: $302,366 
• Total cost of living annually: $44,631 
• Number of people ages 65 and over who moved away: 550 
• Population changes for ages 65 and over: 1.6% 

19. San Rafael, California

• Percentage of population ages 65 and over: 20.7%
• Single-family average home value: $1,447,993 
• Total cost of living annually: $129,702 
• Number of people ages 65 and over who moved away: 762 
• Population changes for ages 65 and over: 1.6% 

18. Pinellas Park, Florida 

• Percentage of population ages 65 and over: 21.7%
• Single-family average home value: $331,231 
• Total cost of living annually: $48,312 
• Number of people ages 65 and over who moved away: 857 
• Population changes for ages 65 and over: 1.5% 

17. Catonsville, Maryland 

• Percentage of population ages 65 and over: 21.5%
• Single-family average home value: $406,598 
• Total cost of living annually: $53,713 
• Number of people ages 65 and over who moved away: 346 
• Population changes for ages 65 and over: 1.3% 

16. Tamiami, Florida 

• Percentage of population ages 65 and over: 21.6%
• Single-family average home value: $677,064 
• Total cost of living annually: $76,229 
• Number of people ages 65 and over who moved away: 764 
• Population changes for ages 65 and over: 1.0%

15. Lexington, Massachusetts

• Percentage of population ages 65 and over: 21.0%
• Single-family average home value: $1,587,329 
• Total cost of living annually: $138,602 
• Number of people ages 65 and over who moved away: 439 
• Population changes for ages 65 and over: 0.8%

14. Rancho Mirage, California 

• Percentage of population ages 65 and over: 49.9%
• Single-family average home value: $1,100,222 
• Total cost of living annually: $103,905 
• Number of people ages 65 and over who moved away: 998 
• Population changes for ages 65 and over: 0.7%

13. Lady Lake, Florida 

• Percentage of population ages 65 and over: 50.9%
• Single-family average home value: $329,763 
• Total cost of living annually: $48,021 
• Number of people ages 65 and over who moved away: 992 
• Population changes for ages 65 and over: 0.5%

12. New Smyrna Beach, Florida 

• Percentage of population ages 65 and over: 35.8%
• Single-family average home value: $455,125 
• Total cost of living annually: $56,287 
• Number of people ages 65 and over who moved away: 962  
• Population changes for ages 65 and over: 0.4%

11. Edgewater, Florida 

• Percentage of population ages 65 and over: 32.4%
• Single-family average home value: $306,572 
• Total cost of living annually: $45,804 
• Number of people ages 65 and over who moved away: 224 
• Population changes for ages 65 and over: 0.2%

10. Walnut Creek, California

• Percentage of population ages 65 and over: 29.3%
• Single-family average home value: $1,438,703 
• Total cost of living annually: $130,385 
• Number of people ages 65 and over who moved away: 2,575 
• Population changes for ages 65 and over: 0.0%

9. Dunedin, Florida 

• Percentage of population ages 65 and over: 35.2%
• Single-family average home value: $495,109 
• Total cost of living annually: $60,456 
• Number of people ages 65 and over who moved away: 1,419 
• Population changes for ages 65 and over: -0.1%

8. Westerville, Ohio 

• Percentage of population ages 65 and over: 20.4%
• Single-family average home value: $445,877 
• Total cost of living annually: $54,860 
• Number of people ages 65 and over who moved away: 447 
• Population changes for ages 65 and over: -0.5%

7. Newport Beach, California

• Percentage of population ages 65 and over: 23.3%
• Single-family average home value: $3,886,311 
• Total cost of living annually: $299,123 
• Number of people ages 65 and over who moved away: 1,382  
• Population changes for ages 65 and over: -0.7%

6. Monterey Park, California

• Percentage of population ages 65 and over: 21.5%
• Single-family average home value: $968,411 
• Total cost of living annually: $96,283 
• Number of people ages 65 and over who moved away: 630 
• Population changes for ages 65 and over: -0.9%

5. Kingsport, Tennessee

• Percentage of population ages 65 and over: 24.1%
• Single-family average home value: $244,409 
• Total cost of living annually: $39,740 
• Number of people ages 65 and over who moved away: 800  
• Population changes for ages 65 and over: -1.2%

4. Pikesville, Maryland 

• Percentage of population ages 65 and over: 22.8%
• Single-family average home value: $487,850  
• Total cost of living annually: $59,596 
• Number of people ages 65 and over who moved away: 943 
• Population changes for ages 65 and over: -1.8%

3. Huntley, Illinois 

• Percentage of population ages 65 and over: 34.6%
• Single-family average home value: $400,642 
• Total cost of living annually: $54,966 
• Number of people ages 65 and over who moved away: 289 
• Population changes for ages 65 and over: -2.1%

2. Highland Park, Illinois 

• Percentage of population ages 65 and over: 25.3%
• Single-family average home value: $728,012 
• Total cost of living annually: $75,654 
• Number of people ages 65 and over who moved away: 801 
• Population changes for ages 65 and over: -3.0%

1. Shelton, Connecticut 

• Percentage of population ages 65 and over: 20.0%
• Single-family average home value: $533,365 
• Total cost of living annually: $67,268 
• Number of people ages 65 and over who moved away: 991 
• Population changes for ages 65 and over: -6.6%

Methodology: For this study, GOBankingRates analyzed cities to find the top cities where retirees are fleeing. First, GOBankingRates found basic information on cities including; total population, population ages 65 and over, population 65 and over from 2021, total households, and household median income all sourced from the U.S. Census American Community Survey. Using this data the percentage of the population ages 65 and over can be calculated. The cost of living indexes were sourced from Sperling’s BestPlaces and include the grocery, healthcare, housing, utilities, transportation, and miscellaneous cost of living indexes. Using the cost of living indexes for groceries, healthcare, utilities, transportation and miscellaneous as well as the national average expenditure costs, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, the average expenditure cost for each location can be calculated. The livability index was sourced from AreaVibes for each location and included as supplemental information. The average single-family home value was sourced from Zillow Home Value Index for September 2024. Using the average single-family home value, assuming a 10% downpayment, and using the most recent national average 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Data, the average mortgage can be calculated. Using the average mortgage and average expenditure costs, the average total monthly and annual cost of living can be calculated. Using data from the U.S. Census American Community Survey, the migration data for residents ages 65 and over can be sourced including; the number of residents who had the same household as one year ago, who moved from the same county to a new household, who moved from a different county in the same state, who moved from a different county and different state, and who moved from abroad. Using the migration data, the net migration can be calculated for each city. The cities were sorted to show the highest percentage of retirees leaving, representing the cities where retirees are fleeing. This data assumes that residents ages 65 and over are retirees for this study.  All data was collected on and is up to date as of Nov. 7, 2024.

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