Start spreading the news: Retirees are
moving out of New York City
.
As well as other major cities, including Los Angeles, Washington D.C., Denver and San Diego, California, according to a
June study by SmartAsset
, which analyzed data from the Census Bureau’s
latest American Community Survey
.
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These cities experienced the highest net loss of residents aged 60 and over in 2023, meaning significantly more people in the age group moved out than moved in.
While larger cities could have higher net migration numbers because they have more people, what stands out about New York is the scale of retirees leaving: Nearly 24,000 seniors left the city in a single year — more than triple the number who moved in, and more than three times the net outflow of the next-highest city.
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Four of the top 10 cities retirees left were in California, which had the highest net loss of residents aged 60 and over. The state lost 56,858 residents over 60 in 2023, according to the study.
Here are the top 10 U.S. cities retirees fled in 2023, ranked by the highest net outflow of people aged 60 and over.
-
Net migration:
-17,084 -
Total population aged 60 and older:
1,940,556
-
Net migration:
-3,187 -
Total population aged 60 and older:
763,361
-
Net migration:
-2,604 -
Total population aged 60 and older:
273,581
-
Net migration:
-2,434 -
Total population aged 60 and older:
120,177
-
Net migration:
-2,286 -
Total population aged 60 and older:
125,676
-
Net migration:
-2,016 -
Total population aged 60 and older:
88,080
-
Net migration:
-1,703 -
Total population aged 60 and older:
40,434
-
Net migration:
-1,699 -
Total population aged 60 and older:
533,029
-
Net migration:
-1,668 -
Total population aged 60 and older:
200,684
-
Net migration:
-1,413 -
Total population aged 60 and older:
53,946
Retirees may choose to move for various reasons, such as being closer to family, enjoying better weather or
taking advantage of more favorable tax laws
, but a high cost of living can also be a major factor in deciding to leave a city.
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In September, WalletHub ranked
New York City as the priciest city to retire in
, and a majority of the top 10 cities that retirees are leaving are in states where you typically
need over $1 million in savings
to retire comfortably, according to an analysis by GOBankingRates earlier this year.
In New York state, you can expect to need around $1.3 million in savings to retire, while in California you’ll need about $1.6 million, the analysis says.
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