Yahoo Finance 25 Affordable Cities in Florida To Consider If You’re Retiring in 2024
There’s good news for retirees heading to the Sunshine State to kickstart their retirement years. You’ve got your pick of affordable Florida cities to choose from if you plan on retiring this year.
To determine which Florida cities offer retirees the most affordable total cost of living, GOBankingRates used the U.S. Census American Community Survey to find Florida cities and their median household income for ages 65 and over. Factors found in each city included the January 2024 average single family home value, average mortgage rate, average expenditure costs (using cost-of-living indexes for groceries, healthcare, utilities and transportation). Total monthly cost was calculated by adding the average mortgage and average expenditure costs and the livability index was also included.
From No. 25 to No. 1, these 25 Florida cities offer retirees the cheapest cost of living.
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25. Eagle Lake
January 2024 average home value: $278,668
Median household income (ages 65 and over): $43,250
Average mortgage: $1,652
Average expenditure costs: $1,493
Livability: 76
Total monthly costs: $3,144
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24. Holly Hill
January 2024 average home value: $219,487
Median household income (ages 65 and over): $39,419
Average mortgage: $1,301
Average expenditure costs: $1,478
Livability: 73
Total monthly costs: $2,779
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23. Lake Panasoffkee
January 2024 average home value: $207,562
Median household income (ages 65 and over): $29,560
Average mortgage: $1,230
Average expenditure costs: $1,430
Livability: 73
Total monthly costs: $2,660
22. Inverness
January 2024 average home value: $244,819
Median household income (ages 65 and over): $31,037
Average mortgage: $1,451
Average expenditure costs: $1,429
Livability: 64
Total monthly costs: $2,880
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21. Graceville
January 2024 average home value: $159,781
Median household income (ages 65 and over): $33,750
Average mortgage: $947
Average expenditure costs: $1,448
Livability: 66
Total monthly costs: $2,395
20. Bronson
January 2024 average home value: $245,286
Median household income (ages 65 and over): $52,143
Average mortgage: $1,454
Average expenditure costs: $1,530
Livability: 64
Total monthly costs: $2,984
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19. Titusville
January 2024 average home value: $283,864
Median household income (ages 65 and over): $41,822
Average mortgage: $1,683
Average expenditure costs: $1,467
Livability: 82
Total monthly costs: $3,149
18. Avon Park
January 2024 average home value: $205,074
Median household income (ages 65 and over): $37,533
Average mortgage: $1,216
Average expenditure costs: $1,452
Livability: 70
Total monthly costs: $2,667
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17. Springfield
January 2024 average home value: $204,007
Median household income (ages 65 and over): $39,453
Average mortgage: $1,209
Average expenditure costs: $1,460
Livability: 59
Total monthly costs: $2,669
16. Sebring
January 2024 average home value: $240,343
Median household income (ages 65 and over): $34,058
Average mortgage: $1,425
Average expenditure costs: $1,427
Livability: 65
Total monthly costs: $2,851
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15. Frostproof
January 2024 average home value: $206,498
Median household income (ages 65 and over): $44,632
Average mortgage: $1,224
Average expenditure costs: $1,477
Livability: 69
Total monthly costs: $2,701
14. Bascom
January 2024 average home value: $161,985
Median household income (ages 65 and over): $38,250
Average mortgage: $960
Average expenditure costs: $1,449
Livability: 63
Total monthly costs: $2,409
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13. Alford
January 2024 average home value: $193,492
Median household income (ages 65 and over): $40,476
Average mortgage: $1,147
Average expenditure costs: $1,455
Livability: 59
Total monthly costs: $2,602
12. Panama City
January 2024 average home value: $272,489
Median household income (ages 65 and over): $42,190
Average mortgage: $1,615
Average expenditure costs: $1,455
Livability: 68
Total monthly costs: $3,070
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11. Beverly Hills
January 2024 average home value: $237,883
Median household income (ages 65 and over): $35,736
Average mortgage: $1,410
Average expenditure costs: $1,426
Livability: 64
Total monthly costs: $2,836
10. Floral City
January 2024 average home value: $265,045
Median household income (ages 65 and over): $42,208
Average mortgage: $1,571
Average expenditure costs: $1,450
Livability: 66
Total monthly costs: $3,021
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9. Welaka
January 2024 average home value: $254,485
Median household income (ages 65 and over): $52,188
Average mortgage: $1,508
Average expenditure costs: $1,493
Livability: 56
Total monthly costs: $3,001
8. Lake Wales
January 2024 average home value: $250,127
Median household income (ages 65 and over): $48,704
Average mortgage: $1,483
Average expenditure costs: $1,470
Livability: 66
Total monthly costs: $2,953
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7. Callaway
January 2024 average home value: $256,815
Median household income (ages 65 and over): $50,852
Average mortgage: $1,522
Average expenditure costs: $1,480
Livability: 63
Total monthly costs: $3,002
6. Milton
January 2024 average home value: $275,125
Median household income (ages 65 and over): $59,896
Average mortgage: $1,631
Average expenditure costs: $1,493
Livability: 78
Total monthly costs: $3,123
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5. Lake Butler
January 2024 average home value: $258,729
Median household income (ages 65 and over): $81,473
Average mortgage: $1,534
Average expenditure costs: $1,589
Livability: 65
Total monthly costs: $3,123
4. Greenwood
January 2024 average home value: $151,487
Median household income (ages 65 and over): $53,125
Average mortgage: $898
Average expenditure costs: $1,451
Livability: 66
Total monthly costs: $2,349
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3. Hastings
January 2024 average home value: $267,122
Median household income (ages 65 and over): $70,478
Average mortgage: $1,583
Average expenditure costs: $1,487
Livability: 68
Total monthly costs: $3,070
2. Babson Park
January 2024 average home value: $225,942
Median household income (ages 65 and over): $75,833
Average mortgage: $1,339
Average expenditure costs: $1,497
Livability: 75
Total monthly costs: $2,836
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1. Parker
January 2024 average home value: $219,248
Median household income (ages 65 and over): $75,227
Average mortgage: $1,300
Average expenditure costs: $1,461
Livability: 65
Total monthly costs: $2,760
Photo disclaimer: Photos are for illustrative purposes only. In many cases, the closest major city outside of the city/county mentioned it the article was used.
Methodology: For this study, GOBankingRates analyzed the cities across Florida to find affordable options if you are retiring in 2024. GOBankingRates started by finding the cities in Florida and their [1] median household income for ages 65 and over as sourced from the U.S. Census American Community Survey. For each city in Florida, a number of factors were found, including; [2] average single family home value for January 2024 as sourced from the Zillow Home Value Index, the [3] grocery cost-of-living index, [4] healthcare cost-of-living index, [5] utilities cost-of-living index, [6] transportation cost-of-living index, [7] miscellaneous cost-of-living index, all sourced from Sperling’s BestPlaces, [8] livability index as sourced from AreaVibes, [9] the 30-year fixed rate national average mortgage rate as sourced from the Federal Reserve Economic Data, and the [10] national average expenditure costs for people ages 65 and over, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey. Using the fixed rate and the Zillow Home Value Index, and assuming a 10% down payment, the average mortgage for each city can be calculated. Using the cost-of-living indexes and the national average expenditure costs, the average expenditure cost of living for each city can be calculated and, by combining it with the average mortgage, a total cost of living can be calculated. The top 100 places with the cheapest total cost of living were kept for this study. The average mortgage cost was scored and weighted at 1.00, the average expenditure cost was scored and weighted at 1.00, the median household income was scored and weighted at 1.00. All the scores were combined and sorted to show the most affordable cities in Florida to consider if you are retiring in 2024. All data was collected on and is up to date as of March 1, 2024.
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This article originally appeared on GOBankingRates.com: 25 Affordable Cities in Florida To Consider If You’re Retiring in 2024
