Retirement – Senior couple walking together on beach – Courtesy: Shutterstock – Image by iseeu2
Florida has long been regarded as the ideal retirement destination due to its year-round mild environment, abundance of golf courses, lively downtowns with shopping and entertainment, and low cost of living. There is much to keep the grandchildren occupied when they come to visit, such as a trip to Disney World or a day at the beach.
Families who were homeschooling their children, busy CEOs who could work from home, and others from almost every demographic went to Florida during the pandemic in order to spend apparently endless days at home in a tropical paradise.
Even though some public spaces began to reopen in the summer of 2021, the exodus persisted. According to the Tampa Bay Economic Development Council, roughly 444,500 people moved to Florida between July 2021 and July 2022.
Only 26 states are more costly than Florida, which has a cost-of-living index of 100.3. But keep in mind that depending on the city or area of Florida you choose, the cost of living can vary greatly.
The Villages, a vast retirement community just outside of Orlando, is drawing seniors, but it isn’t because it is affordable. The master-planned neighborhood is located mostly in Sumter County and was first settled in the 1960s. It provides dining, entertainment, shopping, golf, libraries, and everything else a senior would require.
Seniors are not relocating here to stretch their retirement savings because properties range in price from the mid-300,000s to about $3 million. However, they are seeking the best lifestyle that their pockets can afford.
Since 2010, The Villages’ population has increased from 93,000 to 130,000, according to the New York Times. The Villages, which The New York Times refers to as “America’s largest retirement community” and sometimes refers to as “Disney World for retirees,” covers three zip codes and is frequently included as one of the U.S. communities with the fastest growth rates.
The Villages has a reputation in American folklore as a senior paradise and is the focus of the Hulu documentary “Some Kind of Heaven,” which was released in 2020.
How much retirement money would you need to take advantage of its beauty?
For as little as $370,000, you can own a small 1,188 square foot, two bedroom, two bathroom home. It is very likely that if you sold a property in the northeast that you owned outright, you could pay cash for your new home in Florida and utilize your retirement resources to pay for your other living expenditures.
The median price of a home in the entire state of New York, according to Redfin.com, is $790,000. With so much money, you could purchase one of The Villages’ midrange homes. For instance, Lantana-type homes with an open floor plan, three bedrooms, two bathrooms, and approximately 2,000 square feet of living area are priced between $600,000 and $800,000. Some boast of having access to golf courses or lake vistas.
The wealthiest retirees may instead opt for a 3,600-square-foot lakefront home with four bedrooms, three bathrooms, and a view of the Riley Grove Arnold Palmer Championship golf course. The house has enough room to build a pool and is situated on more than half an acre. With a price of $1,895,000, your monthly mortgage payment would be $11,506. According to data from the U.S. Census Bureau, the typical monthly income for retirees in the country is $3,986.33; this amount is almost treble that amount.
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William is the Managing Editor at FloridaInsider.com. His years of experience in journalism, broadcasting and multimedia include roles as a Writer and Web Producer. He graduated from Florida International University with a Bachelor of Science and Communication.