Yahoo Finance Florida’s Retirees Are Staying: 20 Florida Cities With the Largest Retirement Populations in 2023
Florida has long been known as a haven for retirees, and for good reason. The southernmost state in the continental U.S. offers 237 days of sunshine per year vs. the nationwide average of 205, earning its nickname “The Sunshine State.” As seniors tend to prefer warmer climates, this alone is one of the main reasons why Florida is so popular with retirees. But the state is also very tax-friendly.
Dave Ramsey: 6 Biggest Retirement Myths You Should Stop Believing
Find: The Simple, Effective Way To Fortify Your Retirement Mix
For starters, there is no state income tax in Florida. This can help stretch the budgets of those trying to live off a Social Security check, and it also means distributions from retirement plans like an IRA or a 401(k) also avoid tax at the state level. While not the lowest in the nation, Florida’s average effective property tax rate is less than 1%, with median taxes paid in 2023 of just $2,143. For retirees moving from high-tax states like New Jersey, where residents pay an average $8,797 thanks to the state’s 2.47% average effective tax rate, moving to Florida can feel like a windfall. Lastly, Florida has the most sales tax holidays in the nation, which exempts certain items like flashlights, batteries and school supplies from sales tax at certain times during the year.
To determine which Florida cities had the highest retirement populations in 2023, GOBankingRates analyzed data from the U.S. Census American Consumer Survey regarding total overall population and the number of residents age 65 or older in each of the largest 100 cities in Florida. Cities are presented below in reverse order based on the total residents 65 and older, with the largest retirement population appearing last. The percentage of residents 65 and older is also provided, based on calculations using the U.S. Census data.
Here are the 20 Florida cities retirees have flocked to this year.
Tallahassee
Total population: 195,057
Total residents 65 years and over: 21,133
Percentage of residents 65 and over: 10.83%
Social Security Cuts: States That Would Be Impacted The Least
Florida’s Retirees Are Fleeing: Here’s Where They’re Going Instead
Palm Bay
Total population: 118,709
Total residents 65 years and over: 21,478
Percentage of residents 65 and over: 18.09%
More: 5 Ways Boomers Should Prepare For Social Security Cuts
West Palm Beach
Total population: 115,877
Total residents 65 years and over: 22,879
Percentage of residents 65 and over: 19.74%
Hollywood
Total population: 152,597
Total residents 65 years and over: 23,946
Percentage of residents 65 and over: 15.69%
Lakeland
Total population: 110,401
Total residents 65 years and over: 24,069
Percentage of residents 65 and over: 21.80%
Social Security Update: There’s a New Cut-Off for Earnings — What It Means For Your Retirement
Boca Raton
Total population: 95,347
Total residents 65 years and over: 25,038
Percentage of residents 65 and over: 26.26%
Palm Coast
Total population: 88,313
Total residents 65 years and over: 25,670
Percentage of residents 65 and over: 29.07%
Spring Hill
Total population: 114,706
Total residents 65 years and over: 25,708
Percentage of residents 65 and over: 22.41%
Read: 10 Reassuring Signs You Won’t Run Out of Money in Retirement
Clearwater
Total population: 116,616
Total residents 65 years and over: 26,828
Percentage of residents 65 and over: 23.01%
Pembroke Pines
Total population: 170,346
Total residents 65 years and over: 30,335
Percentage of residents 65 and over: 17.81%
Orlando
Total population: 302,968
Total residents 65 years and over: 31,929
Percentage of residents 65 and over: 10.54%
Dave Ramsey: Is It Worth Converting Your Traditional 401(k) Into a Roth 401(k)?
Fort Lauderdale
Total population: 182,247
Total residents 65 years and over: 33,076
Percentage of residents 65 and over: 18.15%
Port St. Lucie
Total population: 202,177
Total residents 65 years and over: 41,156
Percentage of residents 65 and over: 20.36%
Hialeah
Total population: 224,362
Total residents 65 years and over: 45,013
Percentage of residents 65 and over: 20.06%
Check Out: Here Are All the States That Don’t Tax Social Security Benefits
Cape Coral
Total population: 193,003
Total residents 65 years and over: 47,034
Percentage of residents 65 and over: 24.37%
Tampa
Total population: 380,476
Total residents 65 years and over: 48,807
Percentage of residents 65 and over: 12.83%
St. Petersburg
Total population: 258,245
Total residents 65 years and over: 49,782
Percentage of residents 65 and over: 19.28%
More: 3 Ways To Recession Proof Your Retirement
The Villages
Total population: 76,415
Total residents 65 years and over: 65,486
Percentage of residents 65 and over: 85.70%
Miami
Total population: 440,807
Total residents 65 years and over: 72,132
Percentage of residents 65 and over: 16.36%
Jacksonville
Total population: 937,690
Total residents 65 years and over: 130,458
Percentage of residents 65 and over: 13.91%
Methodology: To find the places in Florida where the retiree population is the largest, GOBankingRates analyzed the cities in Florida to find the total population and the population of people aged 65 and over as sourced from the US Census American Consumer Survey. Using these two data points, GOBankingRates can calculate the percent of retirement population within each city. The top 100 cities in terms of population of people aged 65 and over were kept and sorted to show the most people aged 65 and over. The percent aged 65 and over was included as supplemental information. All data was collected and is up-to-date as-of October 23rd, 2023.
More From GOBankingRates
This article originally appeared on GOBankingRates.com: Florida’s Retirees Are Staying: 20 Florida Cities With the Largest Retirement Populations in 2023
