You might imagine spending your golden years soaking in sunshine. The sandy beaches of Florida is a popular destination for retirement for this reason, but it can depend on your budget.
There are some great cities in Florida where seniors can avoid wasting money or retire early due to the low cost of living.
On the other hand, many cities are getting too expensive for retirees in the Sunshine State. Here are a few you might want to avoid.
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Palm Beach
Palm Beach, located on the Atlantic coast, could be a great place to live when you’re retired, but it comes at a steep price.
According to Redfin, the median sale price for a home there was $1.5 million in December. The good news is that it’s a whopping 27.9% decline compared to a year earlier.
But that $1.5 million could still be out of your price range and may be reflective of other living costs in the area, which might be tough on a tight budget.
Tampa
Tampa is becoming more popular with retirees, which could be causing some strain on the market.
Homes in Tampa sold for a median sale price of $430,000 in April, only a 1.1% decrease compared to last year.
The city also ranked as one of the most expensive in the state by Florida Rentals when factoring in costs for things like groceries, utilities, and other living expenses.
Miami
Miami may be a popular tourist destination, but you may want to take it off your list of possible cities to settle down and retire.
Home prices in the city increased 8.1% compared to the previous year, with houses in April selling for a median sale price of $620,000.
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Key Biscayne
Key Biscayne is one of the wealthiest cities in Florida, a contributing factor to its cost of living. You may want to expect to pay seven figures for a home if you decide to move there.
The city's median home sale price in April was $1.6 million, which was a whopping 31.9% decrease from a year earlier.
Key Largo
The Florida Keys is home to Key Largo, known for water adventures like diving, snorkeling, and fishing.
It’s also known for being an expensive place to live if you want to settle down in Florida. The city had a median sale price of $1 million in April, a shocking 42% increase more than a year earlier.
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Sarasota
Sarasota has been a popular destination along the Gulf Coast of Florida for retirees, but it may not be your best option if you’re worried about expenses.
You might find the cost of living higher in Sarasota compared to other cities in the state, particularly when it comes to home utilities.
Housing is also an expensive factor. The median sale price for a home was $565,000 in April, up 18.8% compared to a year earlier.
Jacksonville
Jacksonville is another city with a looming rental price that can be hard for some retirees to afford.
The city, on the Atlantic coast near the border with Georgia, had a median home sale price of $310,000 in April. This was 5.1% higher than the previous year.
Pinecrest
South of Miami is Pinecrest, with its lush vegetation throughout the area. The city’s website references the more than 50,000 trees that line the community's streets.
But those beautiful streets come at a price that may be high for retirees on a fixed income. Pinecrest saw a median sale price of $2.3 million in August, a 21.2% decrease compared to a year earlier.
Gainesville
Gainesville is home to the University of Florida, making it appealing if you’re considering a college town for your retirement. But other costs could add up when you’re living there.
Homes in Gainesville as of December sold for a median price of $291,000, up 3.9% compared to the last year.
It’s also important to factor in taxes. While Florida doesn’t have a state tax, it does have other taxes, including sales tax. Local and state sales tax in Gainesville is 7.5%, higher than the state average of 7.02%, which could impact your wallet more.
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Naples
Naples is a great beach town to consider for your retirement years with its sandy beaches along the Gulf Coast. It’s also close to state parks and the Florida Everglades for retirees wanting to spend time in nature.
But there is a cost to living in the area. The median sale price for homes in the area was $855,000 in April. It’s not as bad as other towns in the state, but it could still be out of reach for some retirees on a fixed income.
Weston
Weston, west of Fort Lauderdale, is close to beaches and the Florida Everglades, giving you different outdoor options when you’re retired and living in this planned community.
But the cost could keep you out when it comes to housing. Homes there sold for a median sale price of $815,000 in April, up 8.7% compared to the previous year.
The past several months have also seen a decline in the number of days a home is on the market, so you may have to act quicker than expected to secure your residency in the city.
Orlando
Orlando is an amusement park dream with Disney World and Universal Studios. You’ll never have to worry about getting your kids or grandkids to visit you when you retire there.
But those fun activities could come at a cost. Home prices can be considered reasonable compared to other cities, with a median sale price of $410,000 in April.
However, according to Florida Rentals, you’re likely to pay more in utilities and bills than in other locations in Florida. It’s important to factor in these additional costs when creating a budget and trying to keep more money in your bank account.
Bottom line
Florida is a great place to live for many retirees, but you also need to research where you want to live before you buy a place there.
It’s important to consider home costs and other expenses that can eat into your fixed income. For example, Orlando has plenty of toll roads, which could be an issue.
On the other hand, you may find a place in a desirable area that’s also affordable, and it could even allow you to retire early, depending on your monthly budget and how much you have saved.
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