Since the U.S. Census Bureau began keeping track of domestic relocation levels in 1947, America has not seen a level of relocation as low as it is now.
Northeasterners relocate the least, citing high relocation costs as the likely reason, while relocations are the highest in the west.
Despite low levels, the reasons migration is down is not just a bad economy (although that appears to be a common driver), family matters remain the top reason for a move with marriage or divorce accounting for nearly one in three moves.
Why People Relocate
- New or better home
- Moving out on their own
- Cheaper housing
- New job or employee relocation
- Moving closer to work
- Lower crime rate
- Wanted to buy a home
- Loss of employment
- Better weather
- Due to natural disaster
These reasons appear to be timeless, but it is predicted that this list will look substantially different in two years with more reasons surrounding finances than family or work reasons. With relocation at an all time low, those involved in work related to relocations will continue to take a major hit as consumers choose to sit still and wait out this tide of bad economic times.
Baby boomers looking to move during their retirement are searching for cheaper, smaller homes with easy access to medical care.
According to a recent poll carried out by The Associated Press in conjunction with LifeGoesStrong.com, 1000 adults born between the years 1946 and 1964 were questioned, and the survey showed that those who earned over $100,000 per annum were the likeliest to search for a new retirement home. Of the most important considerations when searching for a new home, 40% cited that the home should be smaller, while 39% required a property near to a hospital or a medical clinic.
About 10% of baby boomers mentioned they would like to relocate to a new city that offered more in the way of retirement services. Meanwhile, only 8% said they were looking for a larger property to live out their retirement years in.
The majority of baby boomers said they do not plan on moving after retirement however, citing the fall in house prices as one of the main reasons why. Many also said their retirement savings plans and personal investments had lost value in recent years, and so they thought staying put was a more financially sensible idea.
Perhaps the most telling statistic, certainly as far as the state of the economy goes right now, is that only 9% of baby boomers thought they would be comfortable financially during their retirement years.
Salaries for college grads this year will average $50,199 according to Kiplinger.com. That’s 7.6 percent lower than it was in 1999. So how do you get ahead?
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Affordable homes, low state taxes, renowned medical facilities, strong continuing education programs and temperate weather are some of the many incentives that spur seniors to relocate after retirement.
But contrary to the conventional wisdom that moving is always the best choice, there are some potential challenges that the 65-plus demographic needs to be aware of when transplanting into a new environment.
Departing a lifelong home probably means leaving behind friends, family and a sense of community. One of the questions to ask before making this life-altering decision is whether you can rebuild your social network and a sense of stability in a new city, region or country.
Although the prospect of lower living costs is the impetus for many seniors to pack up their bags, seniors should be aware that there’s a spectrum of different costs on top of the price of real estate. Check out state tax rates, property taxes and property insurance costs – as well as getting up to speed on the state of the local economic climate (unemployment, sales tax etc.).
A sunnier, warmer climate may be good for mental health and the soul, but older Americans are also more susceptible to health problems caused by the heat. With aging, the sweat glands are less efficient and circulation worsens, and medications and conditions like high-blood pressure make it more likely to be impacted by a heat-related illness, such as heat exhaustion or heat stroke.
As seniors grow older, it’s inevitable that they’ll need more assistance from others, and it is likely family members will be pitching in from long-distance. According to an article in The New York Times, three out of four relatives spend at least a day a week helping out a family member from afar.
Start by talking to family and friends about your plans to retire away from home, and get their feedback. Dive into some research about the spot of interest, and read some local news stories to get the gist of other ongoing issues that could affect the landscape of the community in the future.