People of retirement age lead the population of the United States in the last decade, particularly in the Southwest.
And enticed by a lower cost of living, they’re driving the most growth in housing in the West and the South regions, according to a new study.
Over the last 10 years, the population of people aged 65 to 74 years old jumped 48.9%, according to a report by Porch, a home service software company. Comparatively, the population of people aged 24 years old and younger increased just 6.5%.
Among the largest population increases, Utah saw its population rise the most, up 17.1%; Texas and Idaho had 16.3% increases; Nevada rose 16.1%; and Arizona’s population was up 15.8%.
“The most-cited reasons for migration to these states are a lower cost of living and more favorable business conditions,” the Porch report said. “The interior western states have also gained from residents moving out of California.”
Watch on FN
North Dakota, Utah, Texas and Idaho each saw about a 15% or more increase in residential units built over the last decade, according to the analysis of the Census Bureau‘s 2020 Population Estimates Program data completed by Porch.
“Such dramatic demographic shifts have reshaped the makeup of entire regions, states, and cities as the eldest generation increasingly moves from traditional job havens across the Rust Belt and Northeast to more retirement-friendly locales,” the study said.
Other states seeing new home construction trends include Washington, North and South Carolina, South Dakota and Nevada.
Meanwhile, West Virginia, Illinois, New York, and some New England states saw shrinking populations over the last decade, the report showed.
In terms of citywide population growth, Seattle and Fort Worth, Texas led the 10-year change with increases of 26.1% and 24%, respectively. Other notable increases were seen in Austin, Texas, up 23.5%, and in Denver, Colorado where the population rose 22%.
In total, the population of the U.S. rose 6.5% over the last decade to 329.5 million in 2020.
