Beach towns in Delaware are attracting a growing number of retirees as the region emerges as an alternative destination to more prominent locations like Arizona and Florida, and it’s straining local resources.

A new report by Bloomberg notes retirees are flocking to Sussex County in southern Delaware, which has seen an influx of 40,000 new residents since 2020 with a growth rate of 17%, about five times the national average.

The growth in Sussex County has also given Delaware a faster growing population of residents age 65 and up than any other state, topping other states that are popular with retirees with a 23% growth rate among that cohort since 2020, which the report notes tops all 50 states.

Older generations have historically sought out warmer climates in places like Florida and Arizona as they entered retirement, but southern Delaware has become a compelling option – particularly among those leaving colder locales in the North.

5 CITIES THAT NAIL THE RETIREMENT SWEET SPOT

Bethany Beach is one of the bustling beach towns in Delaware’s Sussex County. (Al Drago/Getty Images)

Delaware offers notable tax advantages over its peers in the Northeast like New York, New Jersey and Massachusetts, which can be compelling for retirees looking to relocate.

The First State, as Delaware is nicknamed, has a top income tax rate of 6.6%, no sales tax, and generally lower property taxes than those larger Northeastern states, according to Tax Foundation data. Delaware also has no estate tax, which can be an important consideration for retirees.

Brad Travis Jr., a financial planner who grew up around Sussex County, told Bloomberg that, “Everybody wants to be the last person to move here,” noting that “property tax refugees” from New Jersey could see those costs fall from $18,000 to more like $1,500.

THESE RETIREMENT HOT SPOTS ARE THE PRICIEST IN AMERICA

Delaware’s Sussex County is popular for its access to beaches, though its population has surged in recent years – particularly among retirees. (Al Drago/Getty Images)

Communities like Lewes and Rehoboth Beach, which is known for former President Joe Biden having a home there, have seen significant growth as retirees move to the region.

Census estimates show the median age of Sussex County rose to 53.2, nearly 14 years higher than the national average and an increase of five years since 2015.

The report noted that the new residents often have higher incomes, with the latest IRS migration data from 2022 indicating families moving to the region had an annual income of more than $136,000 compared to under $92,000 for existing residents.

MILLIONS OF JOBS VULNERABLE AS ‘SILVER TSUNAMI’ LOOMS OVER US SMALL BUSINESSES, EXPERTS WARN

Sussex County towns like Milton have had to grapple with an influx of new residents. (Hannah Beier/Bloomberg via Getty Images)

While the influx of new residents has helped boost the area’s economy, it has also strained resources like healthcare and education, as well as local roads and stores.

Bloomberg reported that schools are having to install modular classrooms to accommodate growing student populations – a sign that the growth isn’t limited to retirees.

Joe Pika, a 79-year-old former professor at the University of Delaware, told the outlet he had to wait nine months for a colonoscopy and 18 months for a dental visit, while he drove 40 miles to visit a dermatologist.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Pika said that while he only moved to the area four years ago, he’s among the residents concerned about Sussex County growing too rapidly, telling Bloomberg there was “an appalling lack of planning” for the issues that have coincided with its growth.

This article was written by

Follow

Analyst’s Disclosure: I/we have a beneficial long position in the shares of GDX either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

For years, China was the primary manufacturing hub for iPhones. However, currently, India has taken over, producing all of Apple’s latest iPhone models. This shift marks a significant change in Apple’s supply chain strategy, reflecting increased diversification and the company’s efforts to reduce dependency on China amid geopolitical and economic considerations.

Apple’s shift to India for iPhone manufacturing marks a significant strategic move, aiming to diversify its supply chain and reduce dependence on China. Over recent years, Apple has invested heavily in ramping up production facilities and partnerships with local manufacturers like Tata and Foxconn. This transition not only reflects Apple’s response to geopolitical tensions but also aligns with India’s broader vision to become a global manufacturing hub.

The move is also driven by India’s expanding market, offering immense growth potential for iPhone sales. By localizing production, Apple can better appeal to Indian consumers with region-specific models and price points, boosting sales and market share. Additionally, tax incentives and government policies favoring domestic manufacturing further encourage this shift, making it economically viable for Apple to produce more devices within India.

source

This article was written by

Follow

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.