Remember the television classic, Green Acres? Eddie Albert, who portrayed a New York City lawyer, and Eva Gabor, who portrayed his sophisticated spouse, move from the big city to the country – and it’s not quite what they expected.1
Recent retirement migration patterns appear to be producing a real-life version of the show.
The search for warm weather and affordability has driven some people out of Florida and into Appalachia. In May, Cameron McWhirter of The Wall Street Journal reported on the new trend, which was dubbed ‘half-backing.’ Half-backs are:2
“…northern transplants to Florida who are retiring in mountain communities of western North Carolina, northern Georgia, and eastern Tennessee. These retirees are reshaping local economies, boosting everything from tax revenues to restaurant receipts to sales of electric chair lifts for the elderly. Along the way, they are chafing locals who say the migration is pricing them out of homes and bringing in a sort of big-city brusqueness.”
From 2010 to 2017, net migration to counties in the mountainous regions of Georgia, North Carolina, and Tennessee increased 169 percent, while net migration to all U.S. retirement destination counties increased by just 67 percent.2 That hasn’t pushed these states to the top of the list of retiree destinations, but they’re now in the top 10. Smart Asset reported retirees’ favorite places to relocate are:3
1. Florida
2. Arizona
3. North Carolina
4. South Carolina
5. Nevada
6. Texas
7. Oregon
8. Idaho
9. Alabama
10. Georgia
It’s notable that Texas, Georgia, Oregon, North Carolina, Nevada, Florida, and Arizona are also among the top 10 destinations for Millennials!4
If you’re planning to move during retirement – and you are considering one of these states – it’s a good idea to think about the ways current trends are likely to affect property values, home prices, and the cost of living over time.
Sources:
1 https://en.wikipedia.org/wiki/Green_Acres
2 https://www.wsj.com/articles/forget-florida-more-northern-retirees-head-to-appalachia-1526388500?platform=hootsuite (or go to https://s3-us-west-2.amazonaws.com/peakcontent/Peak+Documents/LN_4th_Qtr_2018_WSJ-Forget_Florida-More_Northern_Retirees_Head_to_Appalachia-Footnote_2.pdf)
3 https://smartasset.com/retirement/where-are-retirees-moving-2018-edition
4 https://smartasset.com/mortgage/where-are-millennials-moving-2018-edition
This material was prepared by Carson Group Coaching. Carson Group Coaching is not affiliated with the named broker/dealer.
LifeStyle Newsletter - Just Give Me that Countryside…
October 10, 2018