I’m a Florida Real Estate Agent: 3 Areas I Recommend to Retirees on a Budget
Jeff Lichtenstein is the owner and broker of Echo Fine Properties, a luxury residential brokerage based in Palm Beach Gardens, Florida. Lichtenstein has seen prices soar in recent years, so locations that were once retirement hotspots may now be out of budget for many retirees.
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“Around South Florida, prices have changed dramatically over the past four years,” he said. “[Previously], small getaways and reasonable single-family homes could be purchased in the $300,00 to $500,000 range. You are now looking at $450,000 to $500,000 for the little two-bedroom condo and $700,000 to $800,000 for the single-family home.”
In addition to home prices rising, other costs have gone up as well.
“There is no income tax in Florida which is a huge savings, but property taxes went up as well as insurance costs,” Lichtenstein continued. “So, going North and West is the answer if the prime areas in Palm Beach County are not affordable.”
Here are three areas that Lichtenstein recommends for budget-conscious retirees.
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Port Saint Lucie, Florida
“Port Saint Lucie has seen giant growth,” Lichtenstein said. “Fifty thousand homes are projected over the next decade, with lots catering to the 55+ community.”
Amenities in these communities can include cooking centers, art centers, gardening centers, social gathering halls, restaurants, pickle ball courts and workout facilities. And homes are relatively affordable compared to other places in Florida.
“There is more available in the $350,000 to $600,000 price range,” said Lichtenstein.
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Other Treasure Coast Areas
The Martin and Indian Counties are also both good options for retirees on a budget.
“The Treasure Coast is where we are seeing the biggest boom as prime Palm Beach County has gone up more in price,” Lichtenstein said.
“[You can find] great values and communities that cater to the 55+ Florida retiree. The weather is great — it will be 15 degrees warmer in the winter months compared to the Panhandle.”
Although there are fewer golf communities than in other areas of Florida, there are still a number of senior-friendly amenities, particularly in the 55+ communities.
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This article originally appeared on GOBankingRates.com: I’m a Florida Real Estate Agent: 3 Areas I Recommend to Retirees on a Budget