Florida used to be the perfect place to retire, but that’s changing fast. Remote workers and wealthy people are moving to the state, driving up home prices. This makes it hard for retirees on fixed incomes to afford living there.
In the last five years, the median price of a single-family home in Florida has increased by $150,000, a 60% jump. Redfin reports that in March 2018, the average home price was about $250,000. By March 2023, it had risen to around $400,000.
But high home prices aren’t the only problem. Inflation and stock market dips have also hurt retirees’ finances. So, many seniors are looking for cheaper places to live. Limestone County, Alabama, is a popular choice. It’s the fastest-growing county in Alabama and offers lakefront properties, warm weather, and low property taxes, making it a good alternative to Florida.
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If you’re getting close to retirement, consider some less traditional spots. Towns like Sequim, Washington; Linden, Michigan; and Thermopolis, Wyoming, have affordable housing, good tax benefits, and are near big cities.
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No matter where you decide to live, make sure to keep investing, save for emergencies, update your estate plan, and stay out of debt. These steps will help your money go further and keep you financially secure.
By exploring these options and taking smart financial steps, you can find an affordable and comfortable place to enjoy your retirement.