20 Cities with Highest Elderly Population
In this article, we will take a look at 20 cities with highest elderly population. If you wish to skip our detailed analysis on the graying US population, and investor benefits, you may skip to 5 Cities with Highest Elderly Population.
The Graying US Population
More than 55 million people across the USA are aged 65 or older, reports the US Census Bureau. With an increasing number of Baby Boomers reaching retirement age and older generations living longer, the US is graying drastically.
This senior population is said to be burgeoning at 5 times the pace it had during the 100 years from 1920 to 2020. In 1920, the senior population was a mere 4.7% of the total population. In 2020, the population has reached 16.8% of the total count.
To compare further, the US Census Bureau report highlights that no state had reached the threshold of 20% in 2010. However, 2020 has seen four states crossing this threshold. Maine is the state with the highest elderly population at 21.8%. Following Maine, the highest elderly population by state is in Florida, Vermont, and West Virginia, with 21.2%, 20.6%, and 20.5% seniors, respectively.
With states graying rapidly in the US, so are many counties. Speaking of the highest elderly population by county, Sumter County in Florida has the highest senior population, with 58.9% comprising individuals aged 65 or older. Catron County, in New Mexico, ranks second in counties wit the highest elderly population, comprising 43.3% seniors. Charlotte County in Florida has 40.4% seniors, while Jefferson County in Washington has 39%. Whether its overall elderly population in the state or different counties, Florida takes the lead. It has many seniors, native and migrated, as it is one of the many states that don’t tax social security or pensions.
Even though America may be graying at a rapid pace, statistics show that it is still younger than many developed countries. For instance, Japan has the largest share of older residents, at 28.5% of its population. Tokyo Kanto Metropolitan Area in Japan is the city with the oldest population in the world. Home to 8.7 million people aged 65 or older, seniors make up 23% of the city's total population. On the other hand, the USA only has 16.8% of older residents. When it comes to cities with the highest elderly population, Scottsdale, in Arizona, has the highest population of seniors, representing 24.6% of the total.
Investor Benefits from an Aging Population
A graying population, however, isn’t all bad news. In fact, a burgeoning older population can be fruitful for investors, notes CNBC. For instance, as more and more people are aging and retiring, the need for age-accessible housing is increasing too. As of 2011, only 11 million homes were age-ready for seniors. As a result, many seniors have had trouble accessing parts of their homes. Corporations such as Omega Healthcare Investors, Inc. (NYSE:OHI) and Welltower Inc. (NYSE:WELL) can help play a role in this matter. While Welltower Inc. (NYSE:WELL) is largely a diversified healthcare portfolio, it is also heavily focused on senior housing. Moreover, Omega Healthcare Investors, Inc. (NYSE:OHI) is one of the leading nursing home REITs.
Yahoo notes that the senior housing industry will experience many years of demand growth exceeding supply growth, leading to occupancy of over 90% for the industry. As the senior population continues to age, increasing occupancy levels will push profit levels for the senior housing industry. As such, Omega Healthcare Investors, Inc. (NYSE:OHI), Welltower Inc. (NYSE:WELL), and similar others will likely experience double-digit funds from operations growth in the next decade.
With the wealthiest generation in history beginning to draw their assets for funding retirement, other public companies to watch out for include Morgan Stanley (NYSE:MS), The Charles Schwab Corporation (NYSE:SCHW), and BlackRock, Inc. (NYSE:BLK).
Morgan Stanley (NYSE:MS), a global leader in financial services, helps people, institutions, and governments in raising, managing, and distributing the capital they need to achieve their goals. Similar to Morgan Stanley (NYSE:MS), The Charles Schwab Corporation (NYSE:SCHW) provides a full range of brokerage, securities, money management, banking, and financial advisory services to people.
Moreover, BlackRock, Inc. (NYSE:BLK) is a preeminent asset management firm as well as a premier provider of investment management. Potential retirees can use services from The Charles Schwab Corporation (NYSE:SCHW) and BlackRock, Inc. (NYSE:BLK) to raise their retirement funds. Similarly, these corporations are good stocks to invest in, too.
An aging population is increasing the need for healthcare services as well. Healthcare stocks, on average, demonstrate 23% less volatility as compared to other stocks. As such, the best healthcare stocks to buy include UnitedHealth Group Incorporated (NYSE:UNH), Johnson & Johnson (NYSE:JNJ), and Horizon Therapeutics Public Limited Company (NASDAQ:HZNP).
Regardless of the benefits of an aging population, it is a fact that such populations need to be adequately supported in an economy. Multiple strategies must be designed that can help sustain these populations and prepare them for their care better. The first step in this direction is to ascertain the places where population-graying is being felt the hardest. Highlighting cities, states, and counties with the highest elderly population is a right step in this direction.
Methodology
In order to compile the list of cities with the highest elderly populations, we have used data from the US Census Bureau report “The Older Population: 2020”, amongst others. Cities having more than 100,000 population were selected for the rankings, with elderly population defined as seniors aged 65 or older. After compiling the cities with the highest elderly populations, we ranked them by percentage. Percentages have been sourced from the recent July 2022 population from the US Census Bureau. Places are ranked in ascending order from the lowest to the highest percentages of elderly population.
Here are the top 20 cities with the highest elderly populations:
20. New Orleans City, Louisiana
Percentage of senior population: 15.2%
The estimated population of New Orleans City, Louisiana, is 369,749. 15.2% of its population comprises seniors. The city is famous amongst retirees due to its unique charm, warm climate, and abundance of recreational opportunities.
19. Albuquerque, New Mexico
Percentage of senior population: 15.9%
Albuquerque is a city in New Mexico. It is home to a population of 561,008, 15.9% of whom are seniors. 33.4% of the senior population has disabilities. Seniors love to retire here because of the warm and sunny climate, as well as variety of outdoor activities such as biking, hiking, and golf.
18. San Francisco City, California
Percentage of senior population: 15.9%
San Francisco is one of the cities in California with highest elderly population. The estimated total population in the city is 808,437, 15.9% of whom are seniors. The city “by the bay” attracts retirees due to its cool weather, beaches, and picturesque scenery. However, most of the retirees relocating to San Francisco are wealthy due to the city's high cost of living.
17. Miami, Florida
Percentage of senior population: 16.4%
The estimated total population in Miami, Florida, is 449,514. 16.4% of this population comprises seniors. Residents enjoy the city for its outdoors, with numerous activities available to them; such as biking, hiking, yoga, golf, and tennis. The city is also attractive thanks to the state’s tax-friendliness as well ideal climate for seniors.
16. Mesa, Arizona
Percentage of senior population: 16.5%
Mesa is one of the most populated cities in Arizona. According to population estimates, the total population of the city is 561,008. 16.5% of this population comprises seniors. Overall, the city gives retirees a chance to enjoy warm weather within a quieter suburban setting.
15. Yonkers, New York
Percentage of senior population: 16.8%
The oldest major city in New York is Yonkers. The city has a population of more than 200,000, and almost 17% of the residents are seniors aged 65 or older. The growth in senior citizens is largely driven by ages 65-84, while those 85 and above are steadily declining. 10% of these older adults are reported to be living in poverty.
14. Pembroke Pines, Florida
Percentage of senior population: 17.8%
Located 22 miles north of Miami, Pembroke Pines is a city in Florida with one of the highest elderly populations. The total estimated population in the city is 169,876, 17.8% of whom are seniors. The vibrant city is famous for its sunny climate, stunning beaches, and plentiful recreational activities.
13. Palm Bay, Florida
Percentage of senior population: 18.1%
Palm Bay city has an estimated population of 129,234. 18.1% of this population is aged 65 or older. Seniors love Palm Bay City for its moderate climate, plentiful parks, and abundant beaches. The city has a suburban feel to it, and seniors usually lead an active lifestyle in the city.
12. Daly City, California
Percentage of senior population: 18.6%
Daly City is one of the cities with the highest elderly population. Having a population of 100,007, 18.6% of the population in the city comprises seniors. There are plenty of senior living communities and assisted living options in Daly City attracting the senior population, such as St. Andrew community, Villa Fontana, and Peninsula Del Ray, to name a few.
11. Pompano Beach, Florida
Percentage of senior population: 18.6%
In Pompano Beach city, the total population is 112,302. 18.6% of the population in Pompano Beach city are seniors. This warm and inviting city has an exceptional quality of life, contributing to the rapidly rising senior population.
10. St. Petersburg, Florida
Percentage of senior population: 19.3%
St. Petersburg is the second largest city in the Tampa Bay area and the fifth most populous city in Florida. The estimated population of the city is 261,256. Out of this population, 19.3% comprises of seniors aged 65 or older. The city has a large senior population thanks to its affordable living, pleasant weather, and plentiful outdoor activities.
9. Thousand Oaks, California
Percentage of senior population: 19.4%
This second-largest city in Ventura County is one of the cities with the highest elderly population. Out of a total population of 124,265, 19.4% are aged 65 or older. The city has an aging demographic with many advantages for seniors, such as good healthcare and cheap utility costs. Caring 2023 has declared the city as one of the most desirable places for seniors to live in.
8. Hialeah, Florida
Percentage of senior population: 20.1%
Hialeah is situated in Miami-Dade County, Florida. The city has an estimated population of 220,292, 20.1% of whom are seniors. 96.4% of the population is Hispanic or Latino, which is why Spanish-speaking seniors love to retire here. The Hialeah transit system runs through the week to every major hospital, and seniors get to ride free.
7. Port St. Lucie, Florida
Percentage of senior population: 20.4%
Another city with the highest elderly population is Port St. Lucie city in Florida. The estimated population in the city is 231,790, 20.4% of which comprises seniors. Moreover, 24% of the seniors are veterans in the city. The temperate climate, accommodating neighborhoods, and plentiful senior services attract retirees to the city.
6. Urban Honolulu CDP, Hawaii
Percentage of senior population: 20.5%
The estimated population of Urban Honolulu CDP, Hawaii, is 343,421. 20.5% of this population comprises of seniors. While the city is far too expensive for retirees, it is great to for outdoors and enjoyment of an active retirement. Moreover, the state doesn’t tax social security or pensions either.
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Disclosure: none. 20 Cities with Highest Elderly Population is originally published on Insider Monkey.
