5 Cities Baby Boomers Are Leaving — Why They Don’t Want To Retire There

 5 Cities Baby Boomers Are Leaving - Why They Don't Want to Retire There

Retirement is proving to be a fresh start for baby boomers in some major cities. While they may have called these metropolises home for decades, they chose to call other areas home during their golden years.

Bank of America recently released data that reveals which cities are fleeing baby boomers at the highest rate. Here's a look at these cities, along with cost and quality of life information that may offer more insight into why they're not ideal for retirees.

Washington DC.

Annual household spending in Washington, D.C., averages $88,767 — compared to the U.S. average of $64,187 — according to the Bureau of Labor Statistics. The median rent in the city is $2,615 a month, according to Zillow.Additionally, utility bills in the area cost 13% more than the national average, according to Redfin. Also, expensive food and transportation are around 8% more than the national average.

The city is also not the safest, earning a "C-minus" rating for violent and property crime, according to Niche.com. Notably, the levels of assault, murder, robbery and rape are above the national average, with the first three being exponentially higher. According to the BLS, households in the New York metropolitan area have an average annual expenditure of $77,204. The median rent is $3,750 a month, which is $1,650 more than the national median, according to Zillow.

Services in Manhattan cost 3% more than the national average, but health care is 9% more expensive and groceries are 29% more expensive, according to Redfin.The city received a "C" rating for violent and property crime on Niche.com. Above all, the rate of assaults and robberies was above the national average.

Average annual household spending in San Francisco is $91,290, according to the BLS. Probably not too shockingly, Redfin estimates the cost of housing in the city to be a whopping 202% higher than the national average.

Of course, that's not all that's more expensive in San Francisco. Services (33%), food (30%), transportation (37%) and healthcare (29%) are more expensive in the city, according to Redfin.San Francisco received a "C" rating for violent and property crime on Niche.com. The latter was particularly notable as burglaries, thefts and motor vehicle thefts were all above the national average.

San Jose, California

It should come as no surprise that life in Silicon Valley isn't cheap. For example, housing costs are 142% higher than the national average — $1.4 million compared to $425,265 — according to Redfin.Of course, the exorbitant cost of living does not end there. The average monthly energy bill is 24% higher than the national average, groceries are 21% higher, transportation is 5% higher and health care is 18% higher, according to Redfin.

In terms of crime and safety, the city is rated "C" by Niche.com based on the volume of violent and property crimes per year. Motor vehicle theft is a major problem, as its incidence is almost 2.5 times higher than the national average(9).SeattleLiving in Seattle comes with an average annual cost of $86,303, according to the BLS. According to Zillow, residents pay an average of $2,280 in monthly rent.

According to Redfin, utilities are only 5% higher than the national average. However, food (23%), transport (24%) and healthcare (31%) are exceptionally higher than the national average.The city received a "C" rating for crime and safety on Niche.com. Property crime is particularly high, with burglaries and motor vehicle thefts more than double the national average.

Why retirees may leave these cities

"Baby boomers are leaving cities like DC, New York, San Francisco, San Jose and Seattle for retirement due to a variety of factors, with the high cost of living being a major concern," said Eliza Arnold, co-founder and CEO of Retirement Savings. the Arnie.co platform. "These cities are known for expensive housing, higher taxes and an overall increased cost of living, which can be a burden for retirees on fixed or reduced incomes." Of course, money may not be the only reason retirees are fleeing these five urban areas.

"Additionally, the fast-paced and crowded urban environment may not be compatible with the more relaxed lifestyle that retirees often seek," she said. "Access to quality healthcare and climate preferences also play a role in their decision making."

Where could these retirees move to?Each retiree leaving these five cities has a unique story. Arnold noted that some may choose to stay relatively close to the city they choose to leave in retirement, while others choose a completely different location.

"Some baby boomers may choose to relocate within their current status to less expensive areas, seeking affordability while remaining close to their social networks," she said. "Others may choose to retire out of state, looking for places with lower costs of living, favorable tax environments and climates that better suit their preferences."In general, she said, active adult communities or retirement villages tend to be popular choices because they offer amenities and social activities specifically geared toward seniors.

"Ultimately, where to retire is a personal decision shaped by individual preferences, financial considerations and lifestyle priorities," she said. "Finding the right place to retire is about creating a fulfilling and comfortable future in line with their unique needs and desires."As for the tax environment, she noted, Colt Agar, editor-in-chief of Bizpedia Magazine, agreed that some retirees are looking for states with favorable tax policies.

"Some states don't tax Social Security income, others offer tax credits, and some have no state income taxes," he said. "This could significantly affect the cost of living for retirees and influence their decisions about where to move."

While every retiree has their own unique plans for a home in their golden years, a Bank of America survey revealed the most popular destinations for baby boomers right now. This includes Las Vegas; Phoenix; Tampa, Florida; Orlando, Florida and Austin, Texas.Only time will tell whether retirees will continue to favor these cities, or whether new centers of retirees will appear.This article originally appeared on GOBankingRates.com: 5 Cities Baby Boomers Are Moving To - Why They Don't Want To Retire There