This article takes a look at the 5 Florida cities that are getting too expensive for retirees. If you wish to check out our detailed analysis on retirement challenges, you may go to 13 Florida Cities That Are Getting Too Expensive for Retirees.
5. Marco Island
Insider Monkey Score: 37
Median Home Price: $1,300,000
1-Year Percentage Change: 17.5%
5-Year Percentage Change: 116%
Cost of Living Index: 113
Marco Island has become increasingly exclusive for retirees, with a current median home price of $1,300,000. The real estate landscape has seen a remarkable 17.5% surge in the past year alone, along with an astounding 116% increase over the last five years. This upward trajectory in home values reflects a substantial shift, making the island a more expensive retirement destination to even consider. The Cost of Living Index stands at 113, which signifies that living expenses here are 13% higher than the national average.
4. Pinecrest
Insider Monkey Score: 38
Median Home Price: $2,300,000
1-Year Percentage Change: 4.5%
5-Year Percentage Change: 68.5%
Cost of Living Index: 118.9
Pinecrest has undergone a notable transformation, evolving into an upscale destination that comes with a hefty price tag for retirees. The current median home price of $2,300,000 reflects a 4.5% increase in the past year and a remarkable 68.5% surge over the last five years. With a Cost of Living Index standing at 118.9, it’s evident that the overall living expenses in Pinecrest have risen considerably. This index reflects living expenses that are 18.9% higher than the national average.
3. Palm Beach
Insider Monkey Score: 43
Median Home Price: $1,900,000
1-Year Percentage Change: 18.8%
5-Year Percentage Change: 32.4%
Cost of Living Index: 114.1
Situated on the Atlantic Coast, Palm Beach is another expensive city that retirees can forget to relocate to. The residential landscape of Palm Beach has reached new heights, with the median home price soaring to an impressive $1.9 million. This marks an astonishing 18.8% surge in the past year and a substantial 32% increase over the preceding 5 years. In Nov ’23 – Jan ’24, 26% of homebuyers in the area searched to move, and the most popular destinations for them to move to include Cape Coral, Orlando, and Jacksonville.
2. Coral Gables
Insider Monkey Score: 43
Median Home Price: $1,550,000
1-Year Percentage Change: 14.8%
5-Year Percentage Change: 55%
Cost of Living Index: 118.9
If you’re a retiree looking to live a luxurious life, Coral Gables is the right destination for you. However, if you’re an average retiree who’s looking to move to an affordable destination, then consider looking someplace else. This is because Coral Gables is becoming increasingly expensive for retirees due to several factors contributing to rising expenses. Over the past years, there has been a substantial percentage increase in housing costs, making it challenging for retirees on fixed incomes to afford homes in this area. Additionally, the overall cost of living in Coral Gables is on the rise and is 19% higher than the national average.
1. Key Largo
Insider Monkey Score: 50
Median Home Price: $1,300,000
1-Year Percentage Change: 90.8%
5-Year Percentage Change: 100.77%
Cost of Living Index: 148.2
Topping our list of Florida cities getting too expensive for retirees is Key Largo. The cost of living in this city is a whopping 48.2% higher than the national average. The median home price has experienced remarkably steep increases both over a 1-year and 5-year time span.
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