Additional Coverage:
- 9 Best Florida Cities To Retire on a Monthly Budget of $2,000 or Less (financebuzz.com)
Florida Beckons Retirees with Affordable Housing Options
Florida remains a top choice for retirees, but housing costs are a key factor in choosing the right location. A recent study by FinanceBuzz pinpointed several Florida cities where retirees can find comfortable living without breaking the bank, enjoying mortgage payments under $2,000 a month.
Lakeland, known as the “City of Lakes,” offers not only affordable housing with a median monthly mortgage of $1,750 and a median home sale price of $277,500, but also abundant outdoor recreation opportunities. Retirees can enjoy activities like bird watching and kayaking on one of the city’s 38 lakes, all within a short drive from Orlando.
For beach lovers, Palm Bay offers coastal living just 15 minutes from Melbourne Beach. With a median monthly mortgage of $1,776 and a median home sale price of $330,000, Palm Bay also boasts a vibrant cultural scene with museums, art galleries, and theaters.
Punta Gorda, in Charlotte County, is a haven for retirees seeking a relaxed waterfront lifestyle. With a median monthly mortgage of $1,824 and median home prices around $360,000, residents can enjoy fishing, boating, and a charming downtown area with shops and restaurants.
Jacksonville, the largest metro area in the continental U.S., provides diverse options for retirees. From Atlantic beaches to nature preserves like Hanna Park and the Timucuan Ecological & Historic Preserve, the city offers a median monthly mortgage of $1,832 and a median home sale price of $299,492.
Tampa, the third-largest city in Florida, offers a vibrant urban experience with attractions like Busch Gardens and the Florida Aquarium. While the median home sale price is higher at $449,950, the median monthly mortgage remains under $2,000 at $1,910.
Destin, on Florida’s Emerald Coast, is renowned for its pristine beaches and excellent fishing. With a median monthly mortgage of $1,926 and a median home sale price of $490,000, Destin caters to those seeking a luxurious coastal retirement.
Sanford, located between Orlando and Daytona, combines small-town charm with convenient access to larger cities. The historic downtown area is filled with boutiques and antique stores. The median monthly mortgage is $1,926, and the median home price is an affordable $340,000.
Cape Coral offers a tranquil waterfront lifestyle on the Caloosahatchee River with easy access to the Gulf of Mexico. With a median monthly mortgage of $1,944 and home prices around $390,000, Cape Coral provides a more affordable alternative to nearby Naples and Fort Myers.
Port St. Lucie, on Florida’s east coast, offers 21 miles of beaches and a relaxed atmosphere, conveniently located between Orlando and Miami. The median monthly mortgage is $1,950, and the median home sale price is $410,000.
Beyond affordable housing, Florida offers additional financial advantages for retirees, including no state income tax, estate tax, or inheritance tax. These benefits can significantly enhance retirement finances, making Florida an even more attractive destination for seniors.
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- 9 Best Florida Cities To Retire on a Monthly Budget of $2,000 or Less (financebuzz.com)