Why Florida’s Retirees Are Fleeing — And Where They’re Going Instead (2024)

Laura Gariepy

·2 min read

Once thought of as the ideal place to live out one’s golden years, Florida is quickly losing favor with retirees. Remote workers and the wealthy are flocking to the state and driving up home prices, leaving those on a fixed income feeling the pinch.

Read Next: How Rare Coins Can Fund Your Early Retirement Dreams
Check Out: Do This To Earn Guaranteed Growth on Your Retirement Savings (With No Risk to Your Investment)

In just half a decade, the median price of a single-family house in Florida rose $150,000, or 60%. According to Redfin, the average cost of a home in March 2018 was approximately $250,000. In March 2023, it was roughly $400,000.

But expensive housing isn’t the only thing repelling retirees from the state. Inflation and stock market dips have also negatively impacted their financial situation.

In response, seniors are seeking more affordable places to call home. For example, many are moving to Limestone County, Alabama, the fastest-growing county in the state. The area boasts lakefront property, warm weather and low property taxes, so it only makes sense that it’s considered a substitute for The Sunshine State.

Learn More: Retirement Planning: How Much the Average Person 65 and Older Spends Monthly

Sponsored: Credit card debt keeping you up at night? Find out if you can reduce your debt with these 3 steps

What Should You Do?

If you’re nearing retirement, you may want to choose a less traditional region to reside in post-work. Towns like Sequim, Washington; Linden, Michigan and Thermopolis, Wyoming offer perks like more affordable housing, favorable tax treatment and proximity to major metros.

But no matter where you live, there are certain things you should do with your money. For example, you should continue to invest, set aside money for emergencies, maintain an up-to-date estate plan and stay (or become) debt-free. That way, your cash stretches further, and you feel more secure.

More From GOBankingRates

This article originally appeared on GOBankingRates.com: Why Florida’s Retirees Are Fleeing — And Where They’re Going Instead

Why Florida’s Retirees Are Fleeing — And Where They’re Going Instead (2024)
Top Articles
Latest Posts
Recommended Articles
Article information

Author: Kieth Sipes

Last Updated:

Views: 6195

Rating: 4.7 / 5 (67 voted)

Reviews: 82% of readers found this page helpful

Author information

Name: Kieth Sipes

Birthday: 2001-04-14

Address: Suite 492 62479 Champlin Loop, South Catrice, MS 57271

Phone: +9663362133320

Job: District Sales Analyst

Hobby: Digital arts, Dance, Ghost hunting, Worldbuilding, Kayaking, Table tennis, 3D printing

Introduction: My name is Kieth Sipes, I am a zany, rich, courageous, powerful, faithful, jolly, excited person who loves writing and wants to share my knowledge and understanding with you.