Retirement is often seen as a time to relax, explore new places, and enjoy life to the fullest. But for many retirees, the cost of living, taxes, and a desire for better weather or proximity to family are driving them to pack their bags and leave some of the country’s largest cities. According to a recent study by SmartAsset, which analyzed U.S. Census Bureau data, 2023 saw a significant net outflow of retirees from several major urban areas.
The top 10 cities retirees fled in 2023 highlight a trend of older Americans leaving high-cost, high-tax locales, especially in states where retirement savings need to stretch further.
Cities with the Highest Net Outflow of Retirees
Here is the list of the top 10 U.S. cities that experienced the largest net loss of residents aged 60 and over in 2023:
New York, New York
- Net migration: -17,084
Total population aged 60 and older: 1,940,556
New York City tops the list with a staggering loss of nearly 24,000 retirees in a single year. The high cost of living and the state’s requirement of approximately $1.3 million in retirement savings make it a difficult place for many older adults to afford.
Los Angeles, California
- Net migration: -3,187
Total population aged 60 and older: 763,361
California’s sky-high housing costs and taxes make Los Angeles less appealing for retirees.
San Diego, California
- Net migration: -2,604
Total population aged 60 and older: 273,581
Despite its beautiful beaches, San Diego’s cost of living is driving retirees out.
Washington, D.C.
- Net migration: -2,434
Total population aged 60 and older: 120,177
The nation’s capital is losing retirees due to its high expenses and urban density.
Denver, Colorado
- Net migration: -2,286
Total population aged 60 and older: 125,676
Denver’s growing housing market has priced many retirees out of the city.
Oakland, California
- Net migration: -2,016
- Total population aged 60 and older: 88,080
Arlington, Virginia
- Net migration: -1,703
- Total population aged 60 and older: 40,434
Chicago, Illinois
- Net migration: -1,699
- Total population aged 60 and older: 533,029
San Jose, California
- Net migration: -1,668
- Total population aged 60 and older: 200,684
Anchorage, Alaska
- Net migration: -1,413
- Total population aged 60 and older: 53,946
Why Are Retirees Leaving?
A combination of factors is behind this mass exodus of retirees from major cities:
High Cost of Living
Many of the cities on this list, including New York, Los Angeles, and San Francisco, are among the most expensive places to live in the U.S. In states like California, retirees need around $1.6 million in savings to retire comfortably, according to GOBankingRates.
Taxes
High state and local taxes in regions like New York and California further strain retirement budgets.
Better Weather and Proximity to Family
Some retirees are leaving cities for warmer climates or to be closer to family.
Housing Costs
The real estate market in many of these cities has become increasingly unaffordable.
The Broader Trend
California appears to be the hardest-hit state, with four cities (Los Angeles, San Diego, Oakland, and San Jose) making the list. In total, the state lost nearly 57,000 residents aged 60 and older in 2023. Meanwhile, New York City alone saw three times the net outflow of retirees compared to the next-highest city.
Where Are Retirees Going?
Retirees moving out of these cities are often relocating to more affordable states with lower taxes, such as Florida, Texas, and Arizona. These states offer a combination of better weather, lower costs of living, and retirement-friendly tax policies.
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