Avoid Retiring in These 5 Florida Cities
When it comes time to retire, you might want to set your sights on The Sunshine State, aka Florida. Seated in the southeastern corner of the country, Florida has so much to offer — including vibrant beach locales, an array of cultural experiences, out-of-this-world cuisine and a climate that’s hard to beat based on the state’s nickname.
However, not all of Florida’s cities are made equally easy for those living in retirement. You might be on a fixed budget or income, as well as have financial concerns like medical payments and regular, everyday cost of living expenses.
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According to Matt Dunbar, senior vice president of Florida’s Southeast region at Churchill Mortgage, the living dynamics in certain cities have undergone significant changes since the COVID-19 pandemic — shifts that can affect those in retirement significantly.
“These changes have particularly affected the real estate market and the general lifestyle, posing new considerations for those looking to move, especially retirees seeking a serene setting for their golden years,” said Dunbar.
So which cities should you avoid retiring in Florida? Check out the list below:
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Fort Lauderdale
Just north of Miami, you’ll find Fort Lauderdale and a lot of the same vibe and feel of its neighboring city to the south. But with that comes similar downsides that retirees face living in Miami.
In Dunbar’s opinion, Fort Lauderdale “too has felt the pressure of increased demand on housing, elevating the cost of living.”
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“The city’s popularity as a tourist destination compounds this issue, potentially detracting from the peaceful retirement lifestyle some may envision,” Dunbar said. “While the beaches and arts scene remain attractive, navigating the financial and social shifts post-pandemic requires careful planning and consideration.”
Pensacola
The cost of living for retired residents in Pensacola comes out to about $1,820.39 per month, according to a recent GOBankingRates study. That includes groceries, healthcare, transportation, utilities and a few other miscellaneous items.
However, the study finds that the average Pensacola home is priced at about $251,000, making a mortgage payment close to $1,500. If you are living off Social Security, a pension or retirement savings, that could be more than you are willing to spend just to live in Florida.
Everglades City
Thinking of buying a home in Florida? Everglades City might sound appealing, with its natural beauty filled with wildlife. But be careful of the housing market that will bite you. That’s because according to Zillow, the average 2024 price of a home is $331,336, up from $208,313 in 2020.
“This city has a super small population so the opportunity for socialization and recreational activities is highly limited,” said Seamus Nally, CEO of TurboTenant. “Additionally, the Everglades is full of wild animals – many of which are incredibly dangerous, from alligators to Eastern diamondback rattlesnakes, to Florida panthers.”
West Palm Beach
Living by the beach is a dream come true for many retirees. If you are going to live in Florida, you want to be within walking distance from the ocean or maybe even see it out your window. Be prepared for what you’re getting yourself into if you move to West Palm Beach.
Dunbar notes that West Palm Beach does have an upscale ambiance, marked by cultural institutions and fine dining, but “like its southern counterparts, it faces challenges related to the surging demand in the housing market, pushing up living costs.”
“This can make the city a less feasible option for those on fixed incomes, despite its quieter appeal compared to Miami’s hustle and bustle,” Dunbar said. “The shared challenge of hurricane risk across these cities adds another layer of complexity to the decision-making process for prospective residents.”
Miami
The beaches are as legendary as the parties, attracting youth on spring break and seniors taking an infinite break from their careers. In Dunbar’s words, Miami “has always been a magnet for those drawn to its dynamic lifestyle.”
“However, the recent population surge has pushed the real estate market to new heights, making affordable housing hard to acquire,” Dunbar said. “For retirees, this means the dream of a peaceful beachside retirement could be overshadowed by the reality of high living costs and the perennial threat of hurricanes, which can further strain limited budgets with additional insurance and maintenance costs.”
“Your money will go a lot further across the peninsula in someplace like Cape Coral,” said Martin Orefice, CEO of Rent To Own Labs, noting that the city “is also geared towards the younger set.”
“Miami has plenty of beaches, but few of them are quiet, and retirement communities are much more common in other parts of the state for a reason. It’s also one of the lowest-lying parts of the state, increasing your risks from floods, hurricanes, and sea level rise,” said Orefice.
“As the effects of the pandemic continue to reshape life in these coastal cities, those considering making a move must weigh the allure of Florida’s East Coast against the realities of a changed housing market and evolving lifestyle dynamics. Looking beyond the immediate appeal to understand the long-term implications of these changes is crucial,” said Dunbar. “For some, exploring less densely populated areas or assessing each city’s current state in light of these shifts may offer a path to finding a balance between desirable living conditions and practical considerations.”
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This article originally appeared on GOBankingRates.com: Avoid Retiring in These 5 Florida Cities
