Florida Losses, New Gains: Where Retirees Are Going Instead

Florida Retirees

Once revered as the ultimate retirement haven, Florida is rapidly falling out of favor with the golden age group. A deluge of remote workers and affluent individuals migrating to the state has instigated a housing price surge, putting a strain on those reliant on fixed income. 

A Disconcerting Shift: Floridaโ€™s Housing Market in Numbers

Florida Housing Crash Will Be Epic | America's Housing Bubble 2024

In a relatively short span of five years, the median price for a single-family home in Florida has shot up by $150,000, a staggering 60% increase. Real estate giant Redfin reports that the average home price in March 2018 stood around $250,000. Fast forward to March 2024, and that figure has jumped to an intimidating $400,000.

However, pricey housing is not the sole deterrent pushing retirees away. With inflation on the rise and sporadic stock market downturns, the financial stability of retirees has been further jeopardized.

A New Haven: Baldwin County, Alabama

Cost of Living in Baldwin County AL

As a reaction to these financial pressures, retirees are seeking more cost-effective locations to retire. Baldwin County, Alabama, currently the fastest-growing county in the state, has attracted many. With its scenic beaches, balmy weather, and attractive low property taxes, itโ€™s easy to see why Baldwin County is emerging as a fitting alternative to The Sunshine State.

A Word of Advice for Future Retirees

retire

If retirement is looming on your horizon, you might want to reconsider traditional retirement destinations. Less conventional locales like Sequim, Washington; Linden, Michigan; and Thermopolis, Wyoming offer enticing benefits such as affordable housing, attractive tax conditions, and close proximity to larger cities.

Regardless of where you choose to retire, itโ€™s crucial to maintain prudent financial habits. Continuing to invest, reserving funds for emergencies, keeping your estate plan current, and maintaining a debt-free lifestyle are advisable strategies. By doing so, you can ensure your savings go further, and your financial security remains intact.

Source: 

https://finance.yahoo.com/news/florida-retirees-fleeing-where-going-113047260.html

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