Florida Is A Top State For Retirement, But Is It #1?

With 825 miles of coastline, over 1,000 golf courses, and top-notch weather, it's no surprise that Florida always ranks towards the top of every best state for retirement list. If you are looking for a definitive answer on which of the 50 states gets the retirement crown, well, it depends on where you look. Furthermore, what criteria are measured also matters.

Bankrate's most recent report (from August 2022) ranks Florida as number one. Their data reports that 21% of the state's population is 65 and older. Florida also finished number one for culture and diversity. However, Bankrate also explained that affordability is not a retirement selling point for the Sunshine State anymore. They also claim that Georgia, Kentucky, Arizona, and Hawaii rank better than Florida in terms of weather.

This past January, WalletHub analyzed a great deal of data to publish its list of the best and worst states to retire. Here, Florida finished as the number two state for retirement. Virginia was the winner, due to their consistent high-performing scores in the three categories measured. They were: affordability, quality of life, and health care.

WalletHub points out the impact of inflation, stating that social security benefits only account of 37% of the average worker's earnings. "If retirement is still a big question mark for you because of finances, consider relocating to a state that lets you keep more money in your pocket without requiring a drastic lifestyle change," they said.

Determining if Florida is the best state for retirement depends upon your criteria. Bankrate strongly focused on retirement culture and the influx of new residents since 2000. They explain how there is also a variety of options. Naples, Florida, is on the expensive side, while Pensacola is considered more affordable.

As for WalletHub, cost of living was a theme of their report. Affordability was their highest-weighted category. It closely examined topics such as tax requirements, the cost of health care, and the cost of in-home services.

Given Florida is ranked number one and two, it is still a fantastic place for retirement. Whether or not it qualifies as the "best" depends on what you value most.

Florida is the country's third most populated state with over 22 million people. The weather, plus the coastlines, make the area attractive to those seeking warmth year-round.  You might think that coastal living is prohibitively expensive. But that's not always the case. Thrillist recently reported on affordable coastal towns and the results show two Florida beach towns are the most affordable in the country.

In order to create this list, Thrillist researched Zillow information to find "which US beach towns have some of the lowest real estate prices at the current moment." They note that while major markets like Miami saw a significant increase in real estate prices since the pandemic, there are plenty of more quaint beachside towns where you can find reasonably priced waterfront properties.

This Atlantic-facing, east coast beach destination had a median home price of $256,550. In fact, Daytona Beach is the first spot mentioned on Thrillist's list. They highlight Daytona's close proximity to Orlando and Jacksonville if you crave some bigger city happenings. The area intends to change its image from being a spring break destination to something a bit more high-end.

The last spot featured by Thrillist was Deerfield Beach. With a median home price of $297,138, Deerfield Beach benefits from being close to large markets like Palm Beach where prices have significantly increased. "Not only does this spot feel more local than many others along the coast, it’s also home to one of the best beaches in the area (it’s even been awarded the “Blue Wave” designation)," the article explains.

The other towns highlighted here were spread throughout the country. Port Arthur and Freeport, Texas offered the cheapest real estate price for their bayside and gulf area. Myrtle Beach, South Carolina and Swansboro, North Carolina were two other southern Atlantic coast destinations that are affordable (but more expensive than Florida).

Though these two Florida beach towns are amongst the most affordable, they are also unique in their own right. Let's take a dive into the waters of each one.