Why Florida’s Retirees Are Fleeing — And Where They’re Going Instead
Ingo Dörenberg / iStock.com
Once considered the ideal place to live out one’s golden years, Florida is quickly losing favor with retirement-aged folks. 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: 3 Florida Cities Where You Can Buy Homes For $100,000 or Less
Check Out: The Surprising Way You Can Get Guaranteed Retirement Income for Life
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.
Trending Now: Why Many Regret Moving to Florida Post-Pandemic
Retirement Planning: Whether you’re planning for retirement, dealing with a significant life event or simply looking to make smarter financial decisions, a financial advisor can offer the expertise and guidance you need. Here are some compelling reasons why you should consider a financial advisor — even if you’re not wealthy.
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
#Floridas #Retirees #Fleeing #Theyre