Boomers Are Flocking to These Islands, and You Can Buy a Home on One for Less Than $30K Upfront

24/7 Wall St. Insights

• Plenty of islands lie off several coastal states, including South Carolina, Florida, and even Maine
• Most of these island destinations have a high household income

Also, Discover “The Next NVIDIA”

Retirement is often associated with relaxation and a laid-back lifestyle. Beach living has similar associations, so it makes sense many senior citizens want to retire near the coast. For some retirees, simply living near the shoreline is not enough. These individuals take off to islands. Island life offers a dream retirement.

When we envision islands suited to American retirees, we may think of the Caribbean before all else, or possibly some small islands off the coast of Central America. But for those wanting to stay in the U.S., these options will not suffice. Luckily, plenty of islands lie off several coastal states, including South Carolina, Florida, and even Maine. Though not all these destinations offer tropical vibes, they all have their own specific beauty.

To determine the island communities with the most retirees, 24/7 Wall St. reviewed five-year data on retirement income from the U.S. Census Bureau’s 2022 American Community Survey. Cities, towns, boroughs, villages, and census-designated places located on islands were ranked based on the percentage of households receiving retirement income. Island status was determined using Census TIGER/Line place boundary definitions for 2022 and shapefile data from the Global Island Explorer database developed by the U.S. Geological Survey in partnership with Esri. Supplemental data on median home value and median household income are also from the 2022 ACS.

Not surprisingly, most of the island communities on the list are in states along coastlines in the West, East, and the Gulf. Of the 40 island communities with the most retirees, 12 are in Florida on both sides of the state, nine are in North and South Carolina, and five are in Washington state (Whidbey Island being the most popular). Another four are in New Jersey, all of them on Long Beach Island.

While many of the island communities on the list are very small, with 37 having fewer than 5,000 residents, including 20 with fewer than 1,000 residents, many have a high household income. The median household income in 32 communities is over $80,000 annually, with 15 of them reporting a median household income of over $100,000 annually.

Why We Are Talking About This

Planning ahead for major life events is important, and retirement is no different. Knowing where you’ll retire relieves stress, gives you time to process the inevitability of the future, and can even get you excited for your golden years. If you’re a water baby at heart and know you’d like to be near the sea, why not consider island life? Check out these most popular island retirement destinations and begin saving- beachfront homes aren’t cheap!

40. St. Simons, Georgia

• Pct. households with retirement income, 2022: 43.2% (3,132 total)
• Median home value, 2022: $445,500
• Median household income, 2022: $99,432
• Total population, 2022: 15,983

39. Puget Island, Washington

• Pct. households with retirement income, 2022: 43.2% (178 total)
• Median home value, 2022: $319,300
• Median household income, 2022: $64,593
• Total population, 2022: 1,057

38. Anna Maria, Florida

• Pct. households with retirement income, 2022: 43.2% (210 total)
• Median home value, 2022: $1,022,700
• Median household income, 2022: $93,478
• Total population, 2022: 825

37. Ship Bottom, New Jersey

• Pct. households with retirement income, 2022: 43.8% (219 total)
• Median home value, 2022: $850,900
• Median household income, 2022: $95,208
• Total population, 2022: 995

36. Crescent Beach, Florida

• Pct. households with retirement income, 2022: 44.3% (245 total)
• Median home value, 2022: $512,700
• Median household income, 2022: $104,432
• Total population, 2022: 936

35. Emerald Isle, North Carolina

• Pct. households with retirement income, 2022: 44.5% (780 total)
• Median home value, 2022: $489,200
• Median household income, 2022: $85,982
• Total population, 2022: 3,870

34. St. Paul, Alaska

• Pct. households with retirement income, 2022: 44.9% (35 total)
• Median home value, 2022: $103,600
• Median household income, 2022: $83,214
• Total population, 2022: 349

33. Monument Beach, Massachusetts

• Pct. households with retirement income, 2022: 45.9% (601 total)
• Median home value, 2022: $476,300
• Median household income, 2022: $93,688
• Total population, 2022: 3,024

32. Orchid, Florida

• Pct. households with retirement income, 2022: 46.6% (130 total)
• Median home value, 2022: $1,708,300
• Median household income, 2022: $159,688
• Total population, 2022: 537

31. St. George Island, Florida

• Pct. households with retirement income, 2022: 47.0% (232 total)
• Median home value, 2022: $577,500
• Median household income, 2022: $90,000
• Total population, 2022: 970

30. Coupeville, Washington

• Pct. households with retirement income, 2022: 47.4% (404 total)
• Median home value, 2022: $447,500
• Median household income, 2022: $78,438
• Total population, 2022: 2,040

29. St. James City, Florida

• Pct. households with retirement income, 2022: 47.5% (842 total)
• Median home value, 2022: $251,600
• Median household income, 2022: $62,415
• Total population, 2022: 3,494

28. Popponesset Island, Massachusetts

• Pct. households with retirement income, 2022: 47.5% (19 total)
• Median home value, 2022: $2,000,000
• Median household income, 2022: $137,500
• Total population, 2022: 70

27. Cousins Island, Maine

• Pct. households with retirement income, 2022: 48.1% (99 total)
• Median home value, 2022: $603,400
• Median household income, 2022: $168,571
• Total population, 2022: 504

26. Clinton, Washington

• Pct. households with retirement income, 2022: 48.9% (248 total)
• Median home value, 2022: $609,100
• Median household income, 2022: $69,570
• Total population, 2022: 1,165

25. Harkers Island, North Carolina

• Pct. households with retirement income, 2022: 49.0% (214 total)
• Median home value, 2022: $264,300
• Median household income, 2022: $67,888
• Total population, 2022: 1,104

24. North Beach Haven, New Jersey

• Pct. households with retirement income, 2022: 49.2% (539 total)
• Median home value, 2022: $960,300
• Median household income, 2022: $104,183
• Total population, 2022: 2,250

23. Topsail Beach, North Carolina

• Pct. households with retirement income, 2022: 49.4% (121 total)
• Median home value, 2022: $588,200
• Median household income, 2022: $112,708
• Total population, 2022: 471

22. Surf City, New Jersey

• Pct. households with retirement income, 2022: 49.9% (337 total)
• Median home value, 2022: $884,000
• Median household income, 2022: $110,750
• Total population, 2022: 1,325

21. Fire Island, New York

• Pct. households with retirement income, 2022: 50.0% (46 total)
• Median home value, 2022: $467,300
• Median household income, 2022: $108,750
• Total population, 2022: 298

20. Langley, Washington

• Pct. households with retirement income, 2022: 50.3% (300 total)
• Median home value, 2022: $659,200
• Median household income, 2022: $72,379
• Total population, 2022: 1,076

19. Holmes Beach, Florida

• Pct. households with retirement income, 2022: 51.1% (812 total)
• Median home value, 2022: $662,900
• Median household income, 2022: $94,545
• Total population, 2022: 3,076

18. Duck Key, Florida

• Pct. households with retirement income, 2022: 51.3% (154 total)
• Median home value, 2022: $1,052,700
• Median household income, 2022: $124,063
• Total population, 2022: 731

17. Butler Beach, Florida

• Pct. households with retirement income, 2022: 52.4% (1,322 total)
• Median home value, 2022: $446,200
• Median household income, 2022: $83,661
• Total population, 2022: 4,831

16. Indian Beach, North Carolina

• Pct. households with retirement income, 2022: 53.1% (52 total)
• Median home value, 2022: $528,800
• Median household income, 2022: $80,000
• Total population, 2022: 225

15. Longboat Key, Florida

• Pct. households with retirement income, 2022: 53.1% (2,216 total)
• Median home value, 2022: $909,700
• Median household income, 2022: $141,250
• Total population, 2022: 7,479

14. Barnegat Light, New Jersey

• Pct. households with retirement income, 2022: 53.7% (108 total)
• Median home value, 2022: $921,900
• Median household income, 2022: $93,958
• Total population, 2022: 435

13. Kiawah Island, South Carolina

• Pct. households with retirement income, 2022: 54.6% (619 total)
• Median home value, 2022: $1,423,900
• Median household income, 2022: $214,250
• Total population, 2022: 2,130

12. Gwynn, Virginia

• Pct. households with retirement income, 2022: 54.8% (170 total)
• Median home value, 2022: $413,600
• Median household income, 2022: $89,009
• Total population, 2022: 639

11. Skidaway Island, Georgia

• Pct. households with retirement income, 2022: 55.0% (2,466 total)
• Median home value, 2022: $682,900
• Median household income, 2022: $119,210
• Total population, 2022: 9,292

10. Pine Knoll Shores, North Carolina

• Pct. households with retirement income, 2022: 55.3% (382 total)
• Median home value, 2022: $493,300
• Median household income, 2022: $92,656
• Total population, 2022: 1,363

9. Indian River Shores, Florida

• Pct. households with retirement income, 2022: 56.7% (1,287 total)
• Median home value, 2022: $991,300
• Median household income, 2022: $153,242
• Total population, 2022: 4,266

8. Smith Island, Maryland

• Pct. households with retirement income, 2022: 56.8% (104 total)
• Median home value, 2022: $109,300
• Median household income, 2022: $82,878
• Total population, 2022: 357

7. Seabrook Island, South Carolina

• Pct. households with retirement income, 2022: 57.1% (681 total)
• Median home value, 2022: $757,900
• Median household income, 2022: $117,386
• Total population, 2022: 2,062

6. Fripp Island, South Carolina

• Pct. households with retirement income, 2022: 57.8% (251 total)
• Median home value, 2022: $583,700
• Median household income, 2022: $88,125
• Total population, 2022: 767

5. Wabasso Beach, Florida

• Pct. households with retirement income, 2022: 60.1% (573 total)
• Median home value, 2022: $586,000
• Median household income, 2022: $120,673
• Total population, 2022: 2,101

4. Matlacha, Florida

• Pct. households with retirement income, 2022: 65.9% (288 total)
• Median home value, 2022: $370,100
• Median household income, 2022: $77,841
• Total population, 2022: 837

3. Littlejohn Island, Maine

• Pct. households with retirement income, 2022: 67.4% (29 total)
• Median home value, 2022: $446,600
• Median household income, 2022: $94,943
• Total population, 2022: 58

2. Harbor Island, South Carolina

• Pct. households with retirement income, 2022: 69.4% (84 total)
• Median home value, 2022: $295,000
• Median household income, 2022: $97,825
• Total population, 2022: 277

1. Herron Island, Washington

• Pct. households with retirement income, 2022: 100.0 (67 total)
• Median home value, 2022: $310,400
• Median household income, 2022: $62,054
• Total population, 2022: 122

The post Boomers Are Flocking to These Islands, and You Can Buy a Home on One for Less Than $30K Upfront appeared first on 24/7 Wall St..