When you imagine retirement, you might picture a spot by the beach or the pool to escape the chilly winters. The reality is that the vast majority of retirees are homebodies, not snowbirds. More than 80 percent of people age 55 and older in 17 major real estate markets who moved during the past seven years remained in the same county or state, according to an analysis by the CoStar Group, a real estate information company. "Most people retire in the same metropolitan area. You don't see the migration of snowbirds you would expect to see to the Sun Belt," said Hans Nordby, a CoStar economist who conducted the analysis.

In the U.S., the number of people age 65 and older will nearly double to 83.7 million by 2050, according to the Census Bureau. Demographers forecast that 1 in 5 Americans will be age 65 or older by 2030. "Demographics are destiny. Baby boomers will drive future demand for age-restricted and empty-nest housing," Nordby said. Other demographic research finds that retirees would prefer to stay put. Nearly 90 percent of older Americans want to age in place, and 80 percent said they believed their current residence is where they will always live, according to research by the National Conference of State Legislatures and the AARP Public Policy Institute. Not every retiree shuns beach life. CoStar found that people 55 and older with annual incomes above $75,000 tend to favor markets with warmer weather and retiree-friendly tax situations.