Top 7 Southern States Where Retirees Are Flocking — and How Much It Costs To Live in Each

There are a number of reasons baby boomers choose to move to different states in retirement. Often, retirees are after lower cost of living than they’d find in, say, California, but with similarly mild weather.

Boomers looking for more bang for their buck and/or a relatively warm climate are increasingly embracing Southern states. Which of these states are seeing the biggest influx of retirees in 2024?

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GOBankingRates analyzed each state to find where retirees are moving in 2024 and collected various data points, including how many residents age 65 and up are moving, how much the average single-family home costs in each state, annual cost of living and more. These are the top seven Southern states where retirees are flocking .

Virginia

• Population total: 8,683,619
• Population aged 65 and up: 1,462,042
• Median household income: $87,249
• Average single-family home value: $402,453
• Total cost of living annually: $50,466
• Residents aged 65 and up moving in from other states: 40,937

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Tennessee

• Population total: 7,051,339
• Population aged 65 and up: 1,217,964
• Median household income: $64,035
• Average single-family home value: $325,045
• Total cost of living annually: $43,233
• Residents aged 65 and up moving in from other states: 41,411

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South Carolina

• Population total: 5,282,634
• Population aged 65 and up: 1,008,618
• Median household income: $63,623
• Average single-family home value: $302,768
• Total cost of living annually: $43,288
• Residents aged 65 and up moving in from other states: 47,405

North Carolina

• Population total: 10,698,973
• Population aged 65 and up: 1,866,614
• Median household income: $66,186
• Average single-family home value: $337,441
• Total cost of living annually: $46,123
• Residents aged 65 and up moving in from other states: 52,265

Georgia

• Population total: 10,912,876
• Population aged 65 and up: 1,644,275
• Median household income: $71,355
• Average single-family home value: $336,833
• Total cost of living annually: $45,456
• Residents aged 65 and up moving in from other states: 52,617

Texas

• Population total: 30,029,572
• Population aged 65 and up: 4,037,085
• Median household income: $73,035
• Average single-family home value: $309,871
• Total cost of living annually: $43,384
• Residents aged 65 and up moving in from other states: 88,816

Florida

• Population total: 22,244,823
• Population aged 65 and up: 4,794,414
• Median household income: $67,917
• Average single-family home value: $417,817
• Total cost of living annually: $52,245
• Residents aged 65 and up moving in from other states: 234,926

Methodology. For this study, GOBankingRates analyzed each state to find where retirees prefer to live and how much it costs to live there. First GOBankingRates found data on each state including total population, population of ages 65 and up, total households, household median income and percent population moved in from out of state, all sourced from the US Census American Community Survey. For each state the cost of living indexes were sourced from the Missouri Economic Research and Information Center and using the national average expenditure costs as sourced from the Bureau of Labor Statistics for Retired Residents, the average expenditure costs for each state was calculated. The average single family home value was sourced from Zillow Home Value Index from June 2024. By assuming a 10% down payment and using the national average 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Data, the average mortgage was calculated for each state. Using the average expenditure and mortgage the average total cost of living was calculated for each state. The states were sorted to show the highest population of residents aged 65 and over that moved into the state from another state. All data was collected on and is up to date as of July 31, 2024.

This article originally appeared on GOBankingRates.com : Top 7 Southern States Where Retirees Are Flocking — and How Much It Costs To Live in Each