Grandparents Invade Tech Hubs: Raleigh and Austin Top Retiree Boom Towns
Southern comforts, mild climates, and beautiful, affordable communities are some of the biggest reasons the South is luring droves of retirees. According to the U.S. Census Bureau's latest population estimates, Southern cities, especially North Carolina and Texas, have seen the largest growth in the 65-plus age group.
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Another major reason for the move south is affordable housing and lower tax rates. Texas has no state income tax, and many southern metropolises have significantly lower average housing prices than their northeastern or west coast counterparts.
As of July 2024, millennials make up 27.3% of Austin’s population, the highest percentage of any city. But Baby Boomers are catching up fast. According to Census estimates, the number of adults in the 65-plus generation has increased by 17.3% in Austin, putting the college town in fifth place for fastest-growing retiree populations.
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Between 2020 and 2023, the population of adults aged 65-plus in metropolitan areas increased by 9.4%. The biggest booming area? College Station, Texas, came in fourth place with a 17.6% increase in that age range. The bronze, silver, and gold went to Raleigh, NC; Wilmington, NC; and Myrtle Beach, SC, respectively.
Are you wondering which location could be your next move? Myrtle Beach is number one for a reason. This Atlantic coastal city is a popular holiday destination with 60 miles of beaches, world-renowned golf courses, charming downtown areas, and attractions for locals and visitors.
According to economists familiar with the area, families from out of state are some of the most common homebuyers, making up 85% of home shoppers browsing property. The majority of buyers come from the New York area as well as nearby Charlotte, Atlanta, and Washington, DC.
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Perhaps the average home price is the biggest reason Myrtle Beach is so popular. At just $315,000, it’s over $100,000 less than median US home prices and much less than other top-ten destinations. Whether you’re a retiree looking to downsize, or a family who wants to get into your first home, Myrtle Beach is a year-round community where you can get more bang for your dollars.
In addition to low prices and southern charm, Myrtle Beach has a mild climate that is largely comfortable year-round. But you’ll also save more on property taxes. South Carolina homeowners pay just 0.53%, one of the lowest rates in the US.
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Austin and Raleigh have their charms, including a rich culture and climate that have been attracting the older crowd. Raleigh is home to North Carolina State University and many other smaller universities. At the same time, Austin and the surrounding area are also home to several universities, most notably The University of Texas at Austin.
But there are financial incentives beyond low home prices. In 2023, Texas introduced legislation that gives specific property tax breaks to the elderly and disabled. And it’s drawing crowds: during the first quarter of 2024, 95.5% of demand for property in Austin was from outside the county.
Ready to make the move? Here's a summary of the most popular cities for Americans aged 65-plus with the median home prices. Obviously, you don’t have to be 65-plus to benefit from affordable homes or a great climate.
City | Percentage Growth | Median Home Price |
Myrtle Beach, SC | 23.1% | $315,000 |
Wilmington, NC | 18.4% | $489,900 |
Raleigh, NC | 18.3% | $523,340 |
College Station, TX | 17.6% | $380,000 |
Austin, TX | 17.3% | $639,950 |
Boise City, ID | 17.1% | $535,000 |
Charleston, SC | 15.7% | $567,632 |
Houston, TX | 15.3% | $272,144 |
Durham, NC | 15.2% | $412,652 |
Dallas-Fort Worth, TX | 15.0% | $381,600 |
Provo, UT | 15.0% | $467,698 |
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