According to U.S. Census Bureau projections, retirement-age adults will outnumber Americans under age 18 by 2035 for the first time in history. The aging of the U.S. population is driven by a falling birth rate and long-term improvements in life expectancy. While these demographic shifts are novel on a national scale, in many parts of the country, they are nothing new.
The median age in the United States is 38 years and is projected to hit 43 years as early as 2060. Age demographics vary considerably by region, and in every state, there are counties where the median age already exceeds Census Bureau’s 2060 projection. 24/7 Wall St. reviewed median age by county to identify the oldest county in every state.
As the population ages, the United States will face new economic and public policy challenges. These challenges include increased health care, social security, and pension expenditures, with fewer workers to foot the bill.
There are currently about 24 retirement-age adults for every 100 working-age adults nationwide. In half of the counties on this list, the old age dependency ratio is at least double the national ratio. In Sumter County, Florida, the oldest county on this list, there are 141 residents age 65 or older for every 100 adults between the ages of 18 and 64.
These counties with a higher median age tend to have relatively small populations that are only getting smaller. Only four counties on this list have populations of over 100,000, and the vast majority of them are home to fewer people now than they were five years ago. Litchfield, Connecticut, is not only the oldest, but also the fastest shrinking, county in the state.
Sponsored: Tips for Investing
A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.