Retirees in Florida are slowly losing favor with the state.
Florida was once thought as the ideal place to live out after retirement, however, the retirees in Florida are slowly fleeing the state to move to other state. You might ask why? And where are they moving? Read more to find out.
According to Go Banking Rates, Florida was once ideal for retirees. However, the retirees in Florida would beg to differ as they are slowly moving out of the state. Why? Well, remote workers and the wealthy are moving to Florida and are driving up the prices of homes, leaving those with fixed incomes feeling the pinch, like the retirees in Florida.
In just half a decade, the median price of a single family house in the state has risen to $150,000 or 60%. Redfin stated that the average cost of a home in March of 2018 was approximately $250,000. This march 2023, it was roughly $400,000.
However, expensive housing is not the only thing that makes retirees in Florida move out of the state. Inflation and stock market dips have also negatively impacted the financial situations of the retirees in Florida.
In response to this problem, retirees in Florida are seeking to find more affordable places they want to call home.
Most retirees in Florida are moving to Limestone County, Alabama, the fasted growing county in the state. The area boasts lakefront properties, warm weather, and low property taxes so it only makes sense why retirees in Florida are moving here, hence also is called the substitute for the Sunshine State.
If you are nearing retirement or are retirees in Florida, you might want to choose nontraditional regions to live and move in. Towns like Sequim, Washington, Michigan, and Thermopolis, Wyoming are offering perks like affordable housing, favorable tax treatment and proximity major metros.
However, no matter where you are, certain things you should do with your money are: investing, setting aside money for emergencies, maintain up-to-date estate plan and become debt-free. This easy, your money stretches further, and you might feel secure for your future.