The Exodus from Paradise: Why Retirees are Saying "No" to Los Angeles
While Los Angeles conjures images of sunshine, beaches, and Hollywood glamour, a quiet trend is underway: retirees are fleeing the City of Angels in droves. Data shows that LA is experiencing some of the highest rates of retirees leaving, with Los Angeles alone losing nearly 9,300 retirees each year. But why are seniors abandoning this iconic city?
"Likely the primary reason," explains financial planner Rice, "is the extraordinarily high cost of living. Residents of every age can find rental costs in LA a struggle, but they can be extraordinarily strenuous on folks living on a fixed income or retirement budget."
The "fabulous factor" might also play a part. As described by Financial Planner LA, LA’s culture of high living can be tempting but incredibly expensive. "Clothing, Botox, food, drinks at the Mondrian mall add up," they say. With the cost of everything from groceries to entertainment exceeding national averages, a fixed income in LA can quickly evaporate.
This steep cost of living manifests in both rent and homeownership. Apartments.com reports that the median home value in LA County tops a staggering $810,311, while rentals average a steep $2,966 per month.
Add to this the infamous LA traffic – drivers spending, on average, 81 hours a year stuck on the freeway according to Apartments.com – and a less-than-reliable public transportation system, and the picture becomes even bleaker. Navigating the city becomes a stressful and expensive endeavor, making everyday errands a challenge.
While "fabulous" might be beckoning for some, for retirees looking for a relaxing and affordable retirement, Los Angeles seems to be losing its allure. The dream of golden years spent under the California sun may have to wait, as retirees seek out more financially palatable destinations.
Resources:
"Los Angeles Retirement: Pros & Cons," Apartments.com
"The ‘Fabulous Factor’ and Why Retiring in Los Angeles Can Be Tough," Financial Planner LA"
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