What to Know When Relocating to Florida for Retirement
Florida is the leading retirement destination in the U.S., partly due to its tantalizing tax breaks. However, it’s not the only option in town. More people are choosing to spend their golden years in non-Floridian cities. If you still want to move into the Sunshine State when you hit 62, you should consider various factors to make a clear-headed decision about this significant life change.
Is Florida Losing Its Appeal to Retirees?
Make no mistake about it — the Land of Flowers continues to attract the most golden-agers crossing state lines for retirement. In 2022, it magnetized 11.8% of out-of-state pensioners in the nation and the only one to grab a share above 10%.
However, Florida doesn’t have the distinction of hosting the most number of people aged 65 and above, nor does it record the highest percentage of seniors relative to its population. Two reasons can explain these phenomena.
Competition
Floridian towns aren’t as compelling to some retiring baby boomers as other American cities. Austin takes the cake, seeing its population of adults over 65 ballooned by 90.4% from 2010 to 2020. The other big gainers were:
Boise, Idaho
Atlanta, Georgia
Raleigh-Durham, North Carolina
Houston, Texas
Charleston, South Carolina
ATX has a booming tech hub. The influx of young people relocating to the Texas capital for employment opportunities has inspired an inundation of oldsters.
In 2021, Mesa, Arizona, tallied a net migration of over 3,600 older residents — the country’s highest. Henderson, Nevada, netted over 1,600 while San Antonio had over 1,100. Rounding out the top five were North Las Vegas, Nevada, and Boise, Idaho, with over 1,000 net retirees each.
The biggest selling point of the Valley’s gateway is its climate. It’s warm and low-humidity — a comforting combination for old-timers. Plus, it’s conveniently close to Phoenix while costing significantly less.
Aging in Place
With a median age of 44.7 years old, Maine is the oldest state in the country. Although its retirement-age population is small by national standards, seniors represent 21.8% of its citizenry. What’s more, most of the boomers calling it home are local-born. Mainers exemplify aging in place more strongly than any other Americans.
A 2022 survey found that 88% of U.S. adults aged 50-80 believe staying in their houses for as long as possible is important. Most of Florida’s retirees originate outside its borders. The peninsula may receive fewer retirees in the future if the positive sentiments toward aging in place remain pervasive.
3 Things to Consider Before Moving to Florida for Retirement
Other states and cities are gaining a reputation for being retirement paradises, but it doesn’t mean Florida has gotten undesirable. It remains on its throne because no other place can offer a better package for retirees.
Still, the Citrus Capital appeals only to specific seniors. Use these three factors as a litmus test for its suitability for you.
1. Cost of Living
The Orange State is the nation’s fastest-growing, but it’s bigger than census data suggests. It appeals to students, entrepreneurs, workers and snowbirds, not just retirees. Plus, it’s the most touristy state — more than 137 million people visited it in 2022. The larger the crowd, the more expensive goods and services can be.
The massive number of people wanting to live or stay in Florida has resulted in scorching local real estate markets. Home values average $383,000, but they can surpass $560,000 in Miami and other urban centers. Insurance premiums can also be pricey due to the state’s susceptibility to catastrophes.
Rent in Florida can go through the roof. Notable rental markets, such as Orlando, Palm Bay, Tampa, Cape Coral and North Port, exceed the national average, rendering many residents considerably rent-burdened.
Food and health care can also be expensive in the Everglade State. While the theme park capital of the world has plenty of entertainment options, the price of watching movies, visiting amusement parks and experiencing live sports games can be steep.
Although the state has diverse modes of public transportation in metro areas, the typical Floridian owns a private vehicle. You can go electric to avoid gas expenses, but monthly utilities, including electricity, in the state are higher than in many parts of the country.
Considering Florida’s cost of living, converting some of your assets into cash before moving may be wise. Decide which properties to leave your heirs and which ones to sell. The least burdensome assets for your loved ones to cash in are prime candidates for liquidation. Putting them on the block can expose them to more serious buyers, sell them quickly and get as much value from them as possible.
2. Wildlife
The Manatee State has world-class natural wonders, but its breathtaking landscape can harbor terrifying fauna. Depending on where you stay, you may encounter alligators, bears, panthers, herons, pelicans, snakes or dolphins.
Many of these creatures are usually no threat to humans unless they feel threatened. They can be dangerous, but they won’t bite if you get out of their way and treat them respectfully. They’re Florida natives, so learn how to coexist with them.
As a general rule, avoid intruding into their habitats to discourage them from becoming territorial. Also, limit your interactions with them. They’re wild animals, so you can’t expect them to be tame or tolerant of humans.
3. Weather
Florida goes by the nickname the Sunshine State for a reason. It gets 230-250 days of sunshine yearly. These days can be humid but pleasant news if you’re outdoorsy and love to socialize. However, the other days can be menacing.
Florida gets the most hurricanes out of all the states. About two to three make landfall in its southernmost region. Category-3 Hurricane Idalia — the only landfalling hurricane the country saw in 2023 — got close to Keaton Beach, causing up to 12 feet of storm surge inundation and flooding the southeast with heavy downpours.
Floridian cities are some of the most vulnerable to climate change, too. Rising sea levels and frequent coastal flooding will exacerbate the usual natural disasters the Hurricane State endures once the effects of global warming are in full swing.
Coastal waters surpassed the flooding thresholds of Fernandina Beach, Cedar Key, Pensacola, Mayport and St. Petersburg for more days on average from 2013 to 2022 than they did from 1950 to 1959. These figures indicate the sea had been encroaching on these communities more frequently — evidence of worsening climate change. Frequent coastal flooding threatens the Florida residents’ health and safety and the structural integrity of waterfront properties.
Regarding seasons, the Gulf State’s climate is too mild to notice changes between spring, summer, fall and winter. If you love how the environment transforms as seasons roll around, Florida may not be for you.
Should You Start Your Life’s Next Chapter in Florida?
The Retirement State doesn’t have it all, but millions of pensioners consider it the closest to perfection. If what Florida offers suits your lifestyle and budget, you’ll have the time of your life there.
