Baby Boomers Move South

The fastest-growing city in the U.S. has one group to thank for its population explosion: baby boomers (The Wall Street Journal, subscription).

What’s going on: Thousands of Americans between the ages of 60 and 78 are flocking to Sun City Texas, a planned community in the Lone Star State’s Georgetown area.

“Cities are often focused on attracting young families or hip remote workers. But Sun City residents have turned out to be the best economic stimulus Georgetown could ask for.”
“The city’s operating budget is flush. Its rainy day fund is brimming. Stores, restaurants, hospitals and health clinics add hundreds of jobs every year. Of Georgetown’s 96,000 residents, about 17,000 live in Sun City.”

Why it’s important: With their healthy retirement savings, stock portfolios and paid-off mortgages, older people are a key economic driver.

“Today, Americans 55 and over control nearly 70% of U.S. household wealth, according to the Federal Reserve. In 1989, the first year of available data, they controlled just 50%.”
Texas’ Georgetown has been the number-one urban area for population growth in the U.S. for three consecutive years. It grew 14% in 2022 and 11% in 2023.

Fast growth and older residents: More older Americans are moving to the South from elsewhere in the country.

“Texas, Florida, Arizona, Georgia and the Carolinas have gained a net half-million people who are age 55 or older from other states since 2021, according to a Moody’s Analytics analysis of Equifax data.”
Nearly half of these new residents are from California, New York and Illinois.