9 Florida Hot Spots Where It’s Possible To Retire on $3,200 or Less a Month

Retirees love the Sunshine State because of favorable tax laws, which include low rates, and no taxes on estates, inheritance, or income. 

The cost of living in Florida runs just slightly above the national average, so the average retired couple would need approximately $4,800 per month to live a comfortable and stress-free retirement.

But, that rate fluctuates between different cities and towns, though, so there are options for retirees on a tighter budget. Check out some affordable places to retire in Florida for less than $3,200 a month.

Average Rent: $1,044

Median Home Price: $204,200

Retirees seeking warm, sunny beaches and plenty of oceanic activities will love Panama City, along the Emerald Coast of the panhandle.

Excluding housing costs, the average monthly expenses are estimated to be $2,500 for a family of four — so a retired couple can easily come in under that to accommodate a reasonable housing expense. This could be why nearly 20% of the residents are nearing or at retirement age.

Average Rent: $1,110

Median Home Price: $299,700

Single retirees can live up the beach life on the eastern shore in Cocoa, where the cost of living (COL) averages $3,100 per month. The downtown historic district draws many tourists, which means plenty of activities for locals to enjoy in the off-season to avoid the crowds.

It also has a nearby cruise ship port, so it's convenient for those who plan to travel the open seas during their golden years.

Average Rent: $1,120

Median Home Price: $240,000

The edge of the panhandle is known for gorgeous white-sand beaches and many annual festivities that include seafood festivals along with celebrations of art and culture.

The area boasts a significant scuba diving and deep-sea fishing industry, so it's a great place for an active recreational retirement for people who love diving. The average cost of living for a single retiree is $3,200.

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Average Rent: $1,100

Median Home Price: $210,200

This isn't the Allentown Billy Joel featured in his iconic song, but it might be a great place for retirees who want the advantages of living in Florida without the crowds.

Allentown is a small unincorporated community towards the edge of the panhandle with a population of only about 1,000 residents. This small size offers a low cost of living at $3,167 per month and has plenty of local businesses for those who like the small town life.

Average Rent: $980

Median Home Price: $273,000

This charming community is nearby Rainbow Springs and the estimated cost of living for a retired couple is $2,667, making it an extremely affordable option.

The quaint area offers riverfront options overlooking the Rainbow River and the Withlacoochee River, and offers year-round golfing opportunities.

Average Rent: $1,230

Median Home Price: $116,100

Named for the windy, and rolling hills of the area, this northern region has affordable COL for retirees.

A couple can retire to the quiet portion of the town for about $1,860 a month. Located on the western shores of Florida, the city is home to a bottled water company that makes use of the crystal clear spring water that supplies the town. 

The ambiance blends the charm of a small town with the modern conveniences retirees will love.

Average Rent: $1,170

Median Home Price: $271,700

Retirees looking for a larger city for an affordable retirement may enjoy the ambiance of Gainesville. The average COL hovers right over $3,200 per month, but savvy budgeters will be able to bring that down without sacrificing the benefits of living in a larger city. 

The area is home to the University of Florida, so it also offers the lively excitement of a college town.

There is a weak job market locally. However, retirees can benefit from that after exiting the workforce.

Average Rent: $1,100

Median Home Price: $265,700

Milton has a vibrant community life with things like free outdoor concerts every Friday evening, a variety of parks to enjoy, and a marina for boating. The city is known as "the Canoe Capital of Florida", and is located adjacent to the Blackwater River.

A single retiree can live in the historic area for an average of $3,167 per month. The area also boasts a large number of assisted living facilities to make planning for the future as easy as possible.

Average Rent: $1,110

Median Home Price: $281,200

The "Chain of Lakes" city of Winter Haven is perfect for retirees who love the water. The area has an astounding 50 lakes nearby, and is a world-renowned spot for bass fishing. The city is also home to Legoland Florida, a Lego-themed amusement park.

The area features a mixture of active retirement communities as well as assisted living facilities. The average monthly cost of living is $3,000 per month for a single retiree, so it's very affordable for a larger city.

Florida has been a long-time retirement destination; however, increasing homeowners insurance rates and increased hurricane damage have many planning retirements in other states. 

A low cost of living is still achievable for the Florida retirement dream, so take a look to see if you might be able to retire sooner than you thought.

Before you move to a new city in the Sunshine State, it's essential to factor in some of the other things you'll need to consider for your retirement, like access to healthcare and walkability. What do you think, could one of these Florida towns be the perfect spot for you to spend your golden years?