The US population is aging and moving to sun-rich states with lower living expenses, a new study discovered.
There is no text to paraphrase.
SmartAsset ranked 267 of the largest U.S. cities based on the percentage of the population represented by the incoming baby boomer generation in 2023.
Approximating 3.69 percent of the overall population.
Among other Florida cities in the top 10 are Cape Coral with 3.12 percent, Pompano Beach at 3.07 percent, Clearwater with 3 percent, Fort Lauderdale and Gainesville with identical percentages of 2.75 percent, and Palm Bay at 2.7 percent.
In Arizona, Scottsdale ranked third, with 3.11 percent of its population, Surprise followed closely in fourth place with 3.10 percent, and Goodyear ranked fifth with 3.09 percent.
For lower taxes and cheaper, bigger homes in the Sun Belt, new data from the United States Census Bureau has shown.
Florida has no state income tax, while Arizona introduced a new flat income tax rate of 2.5 percent for the current tax filing season.
People are moving away from high-tax blue states to move to red states with lower income taxes.
An expert who examined the data stated that it revealed a movement of people to Florida and other “21st Century hubs across America” that is likely to persist for several decades.
“Entrepreneurship and creation tend to follow the path of least resistance,” Bozovic said.
‘I do not foresee a reversal: there will be no large-scale return migration to high-tax states.’
reducing housing costs, decreasing living expenses, and lowering their tax liability.
Some leave behind areas plagued by high crime rates, homelessness, and the distressing sight of drug addicts reeling on the sidewalk.
‘silver tsunami.’
In a region in southern Florida that has long been a magnet for retirees, the sheer volume of seniors that need to be accommodated has reached a critical point for local governments.
Many rely solely on their Social Security benefits, which, with an average monthly payout of $1,907, is insufficient to cover their living expenses.
“I am genuinely worried that 20 years from now, individuals around the age of 65, at the midpoint of their retirement years, will unfortunately face the reality of mortality,” stated Broward County Commissioner Steve Geller, who also holds the position of chair for the South Florida Regional Planning Council.
Saying you’re not worried about something just means you’re ignoring the facts, so pay attention.
There is also a decline in access to affordable housing in the state, posing a risk that seniors could become homeless, experts are warning.
Local authorities anticipate that South Florida, which comprises seven counties, will have approximately 2.13 million residents aged 65 or older by the year 2050, as reported by the South Florida Sun Sentinel.
If this forecast is accurate, that would be a rise of approximately 55 percent since 2021.
As for the total number, approximately 2.13 million individuals fall within this age category, with 520,000 of them being 85 years or older.
Read more
