Retirement in Florida: which city to move to if you have little savings

Although the cost of living in Florida is slightly above average, the state offers great weather, a high quality of life, and decent healthcare for retirees. You Can Still Retire on a Budget in Florida Yahoo.

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Florida is home to 22 million people. Blessed with a subtropical climate and 300 days of sunshine, the state is the number one retirement destination for Americans—it's no wonder the state's population is growing by about 1000 people every day. The state also boasts the highest percentage of citizens age 65 and older at 19,1%. The U.S. Census Bureau estimates that by 2030, 32,5% of Florida's population will be age 60 or older.

Because Florida is a peninsula with limited land available for development, the influx of new residents is putting pressure on the real estate market.

In 2022 alone, 320 Americans moved to the state. As a result, home prices rose significantly, with the median price of a single-family home standing at $000, up 405% year-on-year.

If retirement costs an average of $1 in the United States, it costs approximately $120 for retirees in Florida. state for 408 years.

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The US Census Bureau notes that the average monthly mortgage cost is $1168 and the average monthly rent is $1301. Federal taxes average 12-24%. However, the state does not tax Social Security income. Meanwhile, Medicare costs.

Here are 13 of the best places in Florida to retire on a budget.

13. Titusville

One of the best retirement destinations in Florida is Titusville. The city boasts a great climate and affordable price, making it an ideal place to live in retirement. The cost of living index for this city is 87,9, which means that living is 12% cheaper than the average. 22,9% of this city's population is made up of seniors aged 65 and over. For retirees, there are over 17 independent residential communities with an average cost ranging from $1265 to $2654. In addition, assisted living costs average $3835. Median home prices in the city are $299.

12. Sanford

Sanford, located in Seminole County, is an interesting city located on the shores of Lake Monroe. Retirees love to settle here because of the low cost of living, mild climate and easy access to healthcare. The integrated health system includes 47 health centers, more than 2800 doctors and other health care providers. Best Places lists Sanford's cost-of-living index at 98,7, 1,3% lower than the US average. The median home value, according to the website, is about $328 and the median rent is about $300. The city has about 1675 retirement communities with an average cost of living of approximately $20 per month, or $1839 per year.

11. Lake Wales

Lake Wales in Florida is another good retirement option where retirees have plenty to do. The city is known for its diverse community, with 23,39% Black or African American, 0,27% Asian, and 8,768% of two or more races. The cost of living in the city is 85,7, according to Best Places.com, which is 14,3% lower than the US average. The average cost of housing in the city is about $280. The city also offers 000 independent residential communities where rent is about $3 per month, which is lower than the state average.

10. Kissimmee

Located just south of Florida, Kissimmee is very close to popular attractions like Disney World, Sea World, and even Universal Studios. Retirees with grandchildren love to live here because of the proximity to these places. In addition, the low cost of living in the city is a huge plus in itself. The cost of living is 97,6, which is 2% lower than the state average. Groceries are 1% cheaper, housing is also more affordable. The average home price is about $360, and the average rent is approximately $000 to $1125 as of 2057. Although the cost of living is relatively cheap, independent living in retirement communities can be higher than the national average of $2023.

9. Panama

Panama City is another very affordable city to live in compared to other cities in Florida. Retirees love it for its proximity to world-class beaches and outdoor activities such as fishing, snorkeling, sailing, kayaking and scuba diving - to name a few. The cost of living in the city is 88,4% of the national average, food is 4% cheaper, and healthcare is also affordable.

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Median home prices are $315 and median rent is approximately $000. The city also has 1 independent retirement communities that cost an average of $467 per month.

8. Fort Meyers

Great weather and active lifestyle opportunities make Fort Myers a preferred destination for many retirees. The city has the largest number of elderly people aged 65 and over, who make up 21,6% of the population. Fort Meyers is popular for its shell-covered beaches, picturesque scenery, and rich history. The city has good health care and there are plenty of opportunities to play golf. The cost of living in the city is 96,9, which is 3% lower than the state average. Food is 3% more expensive and utilities are 2% cheaper. The median home price in Fort Myers is approximately $400, and the median rent is between $000 and $1300.

7. Tampa

Another well-known city for retirement in Florida is the city of Tampa. Tampa is known among people of all age groups for its stunning sidewalks, delicious restaurants, state-of-the-art museums, and lush parks. It has beautiful white sand beaches, theme parks, and attractions like Busch Gardens and the Tampa Zoo. The Tampa Bay area is also home to over 80 retirement communities. The average cost of independent living is about $3000–$4000. 12,8% of the population aged 65 and over. Overall, the cost of living averages $2714 per person, making it an affordable place to retire.

6. Sarasota

Sarasota has a large number of world-class beaches. The city stands out for its excellent weather as well as excellent medical care. The city may not be the cheapest place in Florida, but a number of factors make it desirable and affordable for retirees. For example, owning a house with a mortgage costs approximately $1527. However, the cost of living is 3% higher than the state average. Utilities are 6% cheaper and transportation is 9% lower than the state average. The median home value for people aged 60 and over is $245, according to US News & World Report.

St. Petersburg

Great weather, thriving arts and culture, and plenty of beaches make St. Petersburg a city. 19,3% of the population here are elderly people aged 65 and over. The cost of living is 100,4, implying little difference from the US average. Food products and utilities are the main factors influencing the growth of the index. On the other hand, the cost of housing is quite affordable at $346. Supportive care in the city costs about $900 per month.

4. Gainesville

Gainesville is a good place for retirees given its healthcare system, great weather, and affordable cost of living. 14,7% of the city's population is 65 years of age or older. Best Places notes that the cost of living in the city is 90,0, which means it is 10% lower than the US average. While utilities may be slightly higher on average (5%), groceries and housing are cheaper in the city. The median home value is about $255 and the median rent is about $000. There are many retirement communities.

3. Jacksonville

Retirees who want plenty of sunshine at an affordable price may also consider Jacksonville for retirement. The city offers interesting events in the arts and culture, the best medical facilities, as well as a lot of entertainment. 13,7% of the city's population is aged 65 or over, meaning the city attracts many retirees. The cost of living in Jacksonville is 6-7% lower than the US average, and housing is affordable. The median home value is about $304, and the median rent in the city is between $000 and $1400.

2. Lakeland

Lakeland, Florida is another popular destination for retirees due to its temperate climate, plenty of leisure activities, and affordable cost of living. Best Places states that the cost of living in Lakeland is 88,3, ​​which means it is 11,7% cheaper than the US average. The median home prices in the city are $306, and the median rent ranges from $000 to $950 depending on various factors.

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21% of Lakeland's population is made up of senior citizens aged 65 and over. The average Social Security income in Lakeland is $16 a year, and senior households have an average annual income of $799. The Lakeland area includes 10 independent residential communities with an average cost of only about $000.

1. Melbourne

The mid-sized beach community on the Atlantic coast is gaining popularity among retirees, and with good reason. A tax-friendly climate, affordable living, and plenty of recreational opportunities make this city a top choice for retirees. According to Best Places, the average cost of living in Melbourne, Florida is approximately $2119. This means that Melbourne is 5% cheaper than the US average. What's more, the median home value is about $330, and the median rent for a one-bedroom apartment is $000.

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