 The government-funded retreat of homeowners from flood-prone housing is becoming increasingly common as a global climate adaptation strategy. However, there is limited understanding of the factors that influence whether or not homeowners choose to retreat, where they move, and if this movement reduces their future flood risk. This study combines novel residential history data with future flood risk estimates and indices of local context to better understand how retreat is unfolding across the US. It was found that when voluntary, retreat is a highly localized process, with homeowners in majority-white communities being more likely to stay in place despite higher risk and less likely to relocate to nearby areas that are not majority-white.