News & Trending Mortgage & Loans News

New Data Reveals 25 Cities Growing the Most (7 Are in a Popular Retirement State)

Are you thinking about retiring to one of these fast-growing cities?

By Michelle Smith

Edited by Lauren Wellbank

Updated Jan. 29, 2025

If you’re planning to maximize your retirement savings by moving to an area with a lower cost of living, you’re not alone.

According to U-Haul’s annual assessment of which U.S. metro areas see the most one-way moves, seven cities in the retirement hub of Florida have gained residents year after year.

This aligns with the increasing number of people leaving the workforce as more baby boomers reach full retirement age.

Keep reading to learn more about which metro areas U-Haul’s 2.5 million customers flocked to this year, including several low-cost cities where you can build your wealth both before and after retirement.

Steal this billionaire wealth-building technique

The ultra-rich have also been investing in art from big names like Picasso and Bansky for centuries. And it's for a good reason: Contemporary art prices have outpaced the S&P 500 by 136% over the last 27 years.

A new company called Masterworks is now allowing everyday investors to get in on this type of previously-exclusive investment. You can buy a small slice of $1-$30 million paintings from iconic artists, all without needing any art expertise.

If you have at least $10k to invest and are ready to explore diversifying beyond stocks and bonds,see what Masterworks has on offer. (Hurry, they often sell out!)

Dallas, Texas

With median home sales prices just below the national median, a sunny climate, and mild springs and falls, it’s easy to see why Dallas was the fastest-growing metro area on U-Haul’s 2024 report.

Want to learn how to build wealth like the 1%? Sign up for Worthy to get ideas and advice delivered to your inbox.

Charlotte, North Carolina

The first of three North Carolina cities to make U-Haul’s top 25 list, Charlotte’s cost of living is 6% lower than the national average.

Phoenix, Arizona

While fewer people are retiring to Phoenix than they did a decade ago, Arizona’s sunny skies and dry climate ensure the state will always appeal to sun-loving retirees.

Get a free stock valued between $5 to $200

Secret: You don't need thousands of dollars to buy thousand-dollar stocks or create a diverse portfolio.

Robinhood offers a method of investing called “fractional shares.” On its own, one share of a single stock could cost a lot of money, making it difficult to diversify. Robinhood allows you to buy pieces of stock instead, so you have the option to build a diverse portfolio quickly.

Let’s say you want to invest $250, as an example.

With that amount, you could build a relatively diverse portfolio with an investment of $50 in a big tech stock, $50 in a retail stock, $50 in an energy stock, $50 in a manufacturing stock, and $50 in a bank.¹ This content is for informational purposes only, you should not construe any such information as legal, tax, investment, financial, or other advice. To get stock reward, new customers need to sign up, get approved, and link their bank account. Stock rewards shares cannot be sold until 3 trading days after the reward is granted and the cash value of the stock rewards may not be withdrawn for 30 days after the reward is claimed. Stock rewards not claimed within 60 days may expire. See full terms and conditions at <a href="https://robinhood.com/us/en/support/articles/open-account-pick-your-stock/">rbnhd.co/freestock</a>. Fractional shares are illiquid outside of Robinhood and are not transferable. Not all securities available through Robinhood are eligible for fractional share orders. For a complete explanation of conditions, restrictions and limitations associated with fractional shares, see the Fractional Shares section of our Customer Agreement. Robinhood Gold is offered through Robinhood Financial LLC and is a membership offering premium services available for a fee.

Even better news? Add a Robinhood Gold membership, and you’ll get access to 4.25% (as of 11/15/24) APY² Annual Percentage Yield. Rate valid as of April 12, 2024. To earn interest, a cash balance is needed. If you have a margin balance, there is no cash balance to earn interest. Interest rates for cash sweep and margin investing can change at any time. Fees may reduce interest earnings. on your uninvested cash³ Interest is earned on uninvested cash swept from your brokerage account to partner banks. Partner banks pay interest on your swept cash, minus any fees paid to Robinhood. As of Nov 15, 2023, the Annual Percentage Yield (APY) that you will receive is 1.5%, or 5% for Gold customers. The APY might change at any time at the partner banks' or Robinhood's discretion. Additionally, any fees Robinhood receives may vary and are subject to change. Neither Robinhood Financial LLC nor any of its affiliates are banks. All investments involve risk and loss of principal is possible. Robinhood Financial LLC (member SIPC), is a registered broker dealer. and the ability to buy and sell stocks 24 hours a day, 5 days a week.

Open and fund a Robinhood account and earn up to $200 in stock

Lakeland, Florida

Five Florida cities made U-Haul’s top 25 list this year, starting with Lakeland, where the median sales price for a home is a shockingly low $281,500.

Austin, Texas

The second Texas city to score a spot on U-Haul’s list, Austin is a multicultural hub where the median rent hovers around $1,421 — and that’s low enough to stay afloat if you’re living on Social Security benefits and nothing else.

Nashville, Tennessee

Nashville’s incredible cultural scene sets it apart as a friendly, vibrant place to work and retire. While housing is a little pricier in Nashville, its below-average food, energy, healthcare, and transportation costs keep the city affordable.

Grow Your $$: 11 brilliant ways to build wealth after 40

Raleigh, North Carolina

North Carolina’s capital city has a fast-growing tech scene, which helps attract workers to the area — as do its housing costs, which are 18.6% lower than the national average.

Palm Bay, Florida

With a median home sales price of just $334,990 and plenty of opportunities for outdoor exploration, it’s no wonder Palm Bay attracted so many U-Haul customers in the last year.

Houston, Texas

Even though Houston is a major metropolitan area, the city’s cost of living is 5.4% below the national average. While prices in the area are starting to trend upward, energy, housing, and transportation costs remain at least 12% lower than the national average.

Earn up to a $300 bonus and grow your money with up to 3.80% APY

This powerful combination checking + savings account from SoFi® allows you to earn up to a $300 bonus with direct deposit and grow your money with up to 3.80% APY.⁴ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. See full bonus and annual percentage yield (APY) terms at <a href="sofi.com/banking#1">sofi.com/banking#1</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of Jan. 24, 2025. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</a>.

This is one of the top accounts we’ve seen, and offers like this can be rare. You work hard, and now it’s time to make your money work for you — with SoFi, you can grow your money with hardly any effort!

SoFi has no account or overdraft fees⁵ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A.  The 30-Day Evaluation Period refers to the "Start Date" and "End Date" set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the "30-Day Evaluation Period"). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY.  Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage. and additional FDIC insurance up to $2 million on deposits is available through a seamless network of participating banks.⁶ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a> ⁷ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/terms">SoFi.com/banking/fdic/terms</a> See list of participating banks at <a href="http://sofi.com/banking/fdic/receivingbanks">SoFi.com/banking/fdic/receivingbanks</a> Plus, you can receive your paycheck up to 2 days early.⁸ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

How to earn up to $300: Sign up and make a direct deposit within the first 25 calendar days of the promotional period, then collect a $300 cash bonus with a direct deposit of $5,000 or more.

SoFi is a Member, FDIC. ⁷ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/terms">SoFi.com/banking/fdic/terms</a> See list of participating banks at <a href="http://sofi.com/banking/fdic/receivingbanks">SoFi.com/banking/fdic/receivingbanks</a>

Open your SoFi account and set up direct deposit

Greenville, South Carolina

falls park and liberty bridge panorama in greenville

Per Condé Nast Traveler, Greenville is the friendliest city in the U.S. With its tree-lined main street, brilliant waterfalls, and easy access to the Blue Ridge Mountains, it’s also a beautiful relocation spot for nature-lovers.

Jacksonville, Florida

Thanks to growth in low-cost cities like Jacksonville, Florida ranked as the fourth-fastest growing state in U-Haul’s assessment.

Tampa, Florida

Tampa’s cost of living is lower than some of its nearest big cities, such as Orlando and Miami. Its location along the Gulf of Mexico means there’s no shortage of beautiful beaches to enjoy.

Supercharge your investments: See what could happen if you add fine art to your investment portfolio

Charleston, South Carolina

Healthcare expenses in Charleston are 28.3% lower than the national average. That’s something budget-conscious seniors — who spend more on healthcare than other segments of the population — should take note of.

Wilmington, North Carolina

Wilmington’s median rent is just below $1,400 while its median home sales price is just over $432,000, which could explain the city’s appeal to movers in 2024.

Sarasota, Florida

U.S. News & World Report named Sarasota the best retirement spot two years in a row, citing the city’s low cost of living, incredible beaches, and senior-friendly cultural scene.

Fort Myers, Florida

Fort Myers is smaller than some of Florida’s other metro areas, but it’s still within easy driving distance of cities like Tampa, Miami, or Orlando.

Boise, Idaho

Boise’s population has grown steadily over the last decade and shows no signs of stopping — and with the city’s economic stability, rich outdoor scene, and wage growth, why should it?

Richmond, Virginia

Richmond’s growing foodie scene isn’t hampered by high costs: residents spend 29.1% less on food in Richmond compared to the national average.

Bend, Oregon

Even with above-average housing prices, Bend is still more affordable than northwestern cities like Portland and Seattle. Plus, Central Oregon’s dry, sunny climate attracts those Pacific Northwesterners who dislike cloudy skies and rainy days.

Indianapolis, Indiana

Indianapolis’s cold winters keep it from being a top travel spot for anyone who hates freezing temperatures, but its cost of living is 1.1% below the national average — and the city’s thriving sports culture ensures you have plenty to cheer for no matter the season.

Brownsville & McAllen, Texas

These two South Texas cities near the Mexican border enjoy a rich cultural history, excellent food, and affordability — Brownsville’s cost of living is a full 19.2% lower than the national average.

Tyler, Texas

As the Rose Capital of America, Tyler is anything but a dry, dusty Texas town. Something beautiful is always in bloom, which makes the city’s low housing costs even sweeter.

Daytona Beach, Florida

Although prices are slowly rising in Daytona Beach, the cost of living is still 2% below the national average, and Florida’s lack of a state income tax helps just about everyone stretch their budget just a little further.

Spokane, Washington

spokane landmark washington clocktower downtown

With a median sales price of $376,000, Spokane has one of the most affordable housing markets in the typically expensive Evergreen State.

Springdale, Arkansas

Springdale’s below-average energy, food, healthcare, and transportation costs are a powerful draw for families, individuals, and seniors living on a budget.

Bottom line

Sometimes the best way to get help paying your mortgage is relocating to an area with a better housing market and lower cost of living.

If you’re planning a cost-saving move, consider looking into some of these popular relocation spots — but don’t be afraid to branch out into other lesser-known areas that could be the perfect place to put down roots.

More from FinanceBuzz:

Build passive income with shares of rental homes

Ark7 - Real Estate Investing Benefits

Invest in cash-flow-generating, professionally managed rental properties without having to buy the whole property
Sell shares at will at no cost
3% sourcing fee and 8-15% monthly management fee
$20 minimum investment
Ark7 investors have earned 5%+ annualized distributions from monthly income alone⁹ The 5%+ return is the portfolio average and is based on figures since Q4 2022.

Get started