- Gen Xers are moving to the retirement hotspots of Florida and Texas.
- Meanwhile, they are leaving behind the big coastal cities in New York and California.
- Lower interest rates, telecommuting and a strong economy could drive Gen X migration patterns.
Gen Xers are living like they’re 20 years older — or at least moving into the favorite areas of their retired counterparts.
An exclusive analysis of Census data for BI from the University of Virginia, demographer Hamilton Lombard reveals the areas in the US that Gen Xers have left behind and where they went.
Between 2020 and 2023, Counties in Florida and Texas, many of which are retirement havens, saw the biggest increases in their Gen X populations — defined as those between the ages of 45 and 54 in 2023 — according to the analysis.
ANALYSIS also found that the population of that demographic in “retirement destination” counties grew by 5.1% between 2020 and 2023, more than three times faster than the nation’s 1.6% growth rate over the same period. The USDA defined those counties as having at least a 15% increase in their population age 60 and older from net migration between 2000 and 2010.
Lombard said it’s likely that many Gen Xers have been lured to retirement destinations by a strong stock market that boosts retirement savings, telecommuting options and a strong housing market. During the first two years of the pandemic, before the Fed started raising interest rates to fight inflation, low mortgage rates could have been another incentive to move.
Gen Xers weren’t necessarily retiring early — although some may have — but instead could be taking advantage of the momentum of a strong economy, Lombard said. It echoes a similar migration in the housing boom of the 2000s, for Lombard, which also came amid a long stretch of economic growth.
“People felt they had more options where they could live,” he said. “And with interest rates where they were, that was a lot easier to do.”
Lombard said Gen Xers who moved into retirement areas can be divided into three buckets: People who actually retired, Gen X flexible workers who wanted to move early before fully retiring, and Gen Xers who moved to take care of the first two groups.
He gave the example of a hypothetical Gen X dentist who moved from New York to Florida after their clients moved or retired.
Lee County, Florida, home to Fort Myers and Cape Coral, saw the biggest change between 2020 and 2023, with a net increase of over 10,500 Gen Xers. Meanwhile, over 9,700 net residents moved into Polk County, in central Florida, east of Tampa. An additional 8,500 net residents moved to Pasco County on Florida’s west coast.
Three Texas counties were in the top six destinations for Gen X movers. Montgomery County, north of Houston, had a net gain of about 7,500 residents, while Collin County, north of Dallas, grew by nearly 7,400. Fort Bend County, southwest of Houston, drew over 6,900 net the residents.
Seventeen of the top 25 counties for Gen X movers were in Florida, while six were in Texas. South Carolina’s Horry County, home of Myrtle Beach, and Arizona’s Pinal County, home of Florence, rounded out the top 25.
Another popular destination for Gen Xers: The Villages in Florida, often thought of as the Disney World of retirement. Sumter County, Florida, which contains the Villages, gained nearly 2,000 members of that generation from 2020 to 2023, bringing the population to about 9,800.
Gen Xers may be drawn to the abundant amenities—and unique golf cart culture—that the area offers. The median age in Sumter County has dropped slightly from 68.9 in 2019 to 68.2 in 2023, according to the Census Bureau’s American Community Survey.
Gen X is leaving LA and NYC behind
Counties that experienced the largest net declines in this demographic included Los Angeles County, with nearly 66,000 members leaving; Cook County, home of Chicago, with about 33,000; Kings County, or Brooklyn, at 29,800; and Queens County, with nearly 22,600. Other large urban counties in California, New York and Texas lost thousands of net residents.
Many of the areas Gen Xers are leaving behind have high costs of living. The generation has faced its own economic headwinds and is already struggling to pay the bills and taking on extra jobs to make ends meet. Lombard also said that part of this exodus could come from Gen Xers who were already considering moving and saw how much people were willing to pay a premium for their homes.
Gen Xers who chose to move may also be part of the group that still clings to remote work. From September to December, 12.4% of 40-49 year olds worked full time from home. the latest figures from the Labor Agreements and Attitudes Survey, slightly higher than the same period a year ago.
An influx of Gen Xers into areas with many retirees has meant more age diversity and lower median ages, Lombard said. It can also be an economic benefit: The young population has wealth and is ready to spend it.
“It’s really boosting some of these local economies and it’s causing a lot of business growth,” he said.
Are you a Gen Xer who moved into the 2020s? Contact these journalists at jkaplan@businessinsider.com AND nsheidlower@businessinsider.com.
