Once considered the ideal place to live one’s life Golden age, Florida is rapidly losing favor with retirees. Remote workers and wealthy people gather in the state, push up house pricespeople with fixed income are feeling the pinch.
In just five years, the median price of a single-family home in Florida has risen by $150,000, or 60%.according to redfinIn March 2018, the average home price was about $250,000. As of March 2023, it was about $400,000.
But it’s not all about expensive housing kick retirees out of state. Inflation and falling stock markets are also having a negative impact on the financial situation.
In response, seniors are looking for a more affordable place to call home. For example, many immigrated to Baldwin County, Alabama. Fastest Growing Counties in the State. Boasting beaches, a mild climate and low property taxes, it’s no surprise that the area is considered one of the best in the world. Stand-in for the Sunshine State.
what should you do
If you are approaching retirement, you may choose to: area with little tradition to live after work. Towns such as Sequim, Washington, Linden, Michigan, and Thermopolis, Wyoming, offer perks such as more affordable housing, tax incentives, and proximity to major cities.
But wherever you live, be sure what to do with money. For example, you need to keep investing, reserve funds for emergencies, keep your inheritance plans up to date, and stay debt-free (or become debt-free). That way, you’ll have more cash spread and more peace of mind.
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This article was originally published on GOBankingRates.com: Florida Retirees on the Run: Here’s Where to Go Instead