Forget New York: Gen X is following boomers to retirement-friendly places like Florida

• Gen Xers are moving to retirement hot spots in Florida and Texas.
• Meanwhile, they're leaving behind big coastal cities in New York and California.
• Lower interest rates, remote work, and a strong economy might be driving Gen X migration patterns.

Gen Xers are living like they're 20 years older — or at least moving to the favored locales of their retiree 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, experienced the largest increases in their Gen X populations — defined as those who were between 45 and 54 years old in 2023 — per the analysis.

The analysis also found that the population of that demographic in "retirement destination" counties rose by 5.1% between 2020 and 2023, over three times as fast as the country's 1.6% growth rate in the same period. The USDA defined those counties as having at least a 15% increase in their populations age 60 and up from net migration between 2000 and 2010.

Lombard said it's likely that many Gen Xers were lured to retirement destinations by a strong stock market amplifying retirement savings, remote work options, and a robust housing market. During the first two years of the pandemic, before the Fed began its interest-rate hikes to fight inflation, low mortgage rates could have been another incentive to move.

Gen Xers weren't necessarily retiring early — although some may have been — but instead potentially seizing the moment of a strong economy, Lombard said. It echoes a similar migration in the 2000s housing boom, per Lombard, which also came amid a long stretch of economic growth.

"People felt like 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 that the Gen Xers who moved into retirement areas might fall into three buckets: People who actually retired, flexible Gen X workers who wanted to move in early before fully retiring, and Gen Xers who moved to cater to the first two groups.

He gave the example of a hypothetical Gen X dentist who moved from New York to Florida after their clients relocated or retired.

Lee County, Florida, home to Fort Myers and Cape Coral, saw the largest change between 2020 and 2023, with a net increase of over 10,500 Gen Xers. Meanwhile, over 9,700 net residents moved to Polk County, in central Florida, to the east of Tampa. Another nearly 8,500 net residents relocated to Pasco County on Florida's western 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, attracted over 6,900 net 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 to Myrtle Beach, and Arizona's Pinal County, home to 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 have been drawn to the ample amenities — and unique golf cart culture — that the area offers. The median age in Sumter County has fallen slightly from 68.9 in 2019 to 68.2 in 2023, per the Census Bureau's American Community Survey.

Gen X is leaving behind LA and NYC

Counties experiencing the largest net declines in this demographic included Los Angeles County, with nearly 66,000 members leaving; Cook County, the home of Chicago, with about 33,000; Kings County, or Brooklyn, at 29,800; and Queens County, with nearly 22,600. Other major urban counties in California, New York, and Texas lost thousands of net residents.

Many of the areas that Gen Xers are leaving behind have high costs of living. The generation has faced its own economic headwinds, and has already been struggling to pay bills and taking on additional jobs to cope financially. Lombard also said that some of that exodus could come from Gen Xers who were already considering moving and saw how willing people were to pay a premium for their homes.

The Gen Xers who opted to move might also be part of the group still clinging to remote work. From September to December, 12.4% of 40 to 49-year-olds were fully working from home, per the latest figures from the Survey of Working Arrangements and Attitude, slightly up from the same period a year prior.

A Gen X influx in retiree-heavy areas has meant more age diversity, and median ages coming down, Lombard said. It can also be an economic boon: The new population has wealth, and is ready to spend it.

"That's really invigorating some of these local economies and that's causing a lot of business growth," he said.

Are you a Gen Xer who moved in the 2020s? Contact these reporters at jkaplan@businessinsider.com and nsheidlower@businessinsider.com.