These are the major US cities retirees are fleeing
But while it’s difficult for the average American family to pick up and relocate, retirees often have more freedom to move to a new location.
And, new research shows they, too, are looking to escape cities with high state and local taxes, after the SALT deduction was capped at $10,000 under the Tax Cuts and Jobs Act in 2017. Their top concerns, according to MagnifyMoney, are cost of living and general livability.
Here’s a look at the top locations retirees are leaving, as of May.
New York City and Jersey City, New Jersey
New York and Jersey City were the metros that experienced the largest outflow of retirees, with net outflow totaling 15,376.
New York was found to have the highest state and local tax burdenOpens a New Window. of any of the 50 states, with the average individual paying nearly 13 percent of income toward those obligations.
As previously reported by FOX Business, the state of New York is also one of the more “aggressive” states when it comes to allowing residents to change their domicile.
Chicago was the second least popular city for seniors. The “Windy City” lost a total of 8,497 people of retirement age.
Illinois has the ninth highest state and local tax burden, with a 9.67 percent total state tax burden, calculated as a share of total personal income.
Like New York, California is experiencing an increasing outflow of residents, including seniors. Los Angeles saw outflows of more than 8,330 people.
Two other California cities, while not in the top five, also made the list: San Francisco and San Jose.
Overall, California saw the largest outflow of residents than any other state in 2018, according to data from the U.S. Census Bureau. The most popular destinations for movers included Texas, Arizona and Washington.
The state of Pennsylvania also had one of the least popular destinations for retirees – Philadelphia.
Overall, the city lost 4,183 people of retirement age. More than 115,110 people migrated out, while 7,334 moved into the city.
Despite the fact that the state of Washington does not levy an income tax, retirees are also leaving Seattle.
Seattle, however, was ranked high among the most expensive U.S. cities to live in this year.
The major metro saw net outflows of nearly 3,200 seniors.
Rounding out the top 10 were: Baltimore, San Francisco, Atlanta, Cleveland and Colorado Springs.
And where are retirees headed to?
Phoenix was the most popular city, with 19,550 people migrating in, followed by Tampa, North Port, Florida and Milwaukee. Six of the top 10 retiree destinations were located in Florida.