If you’re considering retiring in sought-after Florida locales such as Boca Raton, The Villages, or Sarasota, it might be wise to explore more cost-effective retirement options in the Sunshine State. Discover: How Far a $100,000 Salary Stretches in the 50 Largest U.S. CitiesRead Next: 4 Unique Strategies To Generate Additional Income That Deliver ResultsBefore delving into Florida, how did GOBankingRates identify the most expensive retirement destinations in America? Cities with a population exceeding 25,000 and a retirement-age population (65 and older) surpassing 25% were singled out. Crucial factors, like the average 2024 home value, yearly mortgage, groceries, healthcare, and utilities costs were determined for each city. Additionally, annual expenses for homeowners were considered, leading to a ranking based on homeowner expenditures.Key InsightsNearly half of the 50 priciest retirement cities in America are located in Florida, with 24 of them situated in the Sunshine State. Aventura (12), Palm Beach Gardens (14), Boca Raton (15), Palm City (17), and Bonita Springs (18) secured the top positions among Florida towns.While Florida dominated the top 50, no city in the state made it to the top 10. The list was led by six California cities, two Hawaiian cities (Mililani at No. 5 and Pearl City at No. 8), Hilton Head Island, South Carolina (9), and Fort Lee, New Jersey (10).California reigned supreme in the top 10, with Rancho Palos Verdes taking the top spot. Other California cities in the top ranks include Walnut Creek (2), Seal Beach (3), Novato (4), Cerritos (6), and Palm Springs (7).Continue reading to uncover the 50 destinations that emerged as America’s most expensive retirement havens.
Here are the rewritten details for the locations listed:
6. Cerritos, California
– Percentage of population 65+: 25.5%
– Annual expenditures as a homeowner: $92,771
– 2024 home value: $1,092,307
– Yearly mortgage cost: $68,992
– Annual grocery cost: $4,965
– Annual healthcare cost: $6,537
– Annual utilities cost: $4,215
7. Palm Springs, California
– Percentage of population 65+: 33.2%
– Annual expenditures as a homeowner: $89,863
– 2024 home value: $1,064,304
– Yearly mortgage cost: $67,223
– Annual grocery cost: $4,802
– Annual healthcare cost: $6,582
– Annual utilities cost: $4,825
8. Pearl City, Hawaii
– Percentage of population 65+: 25.1%
– Annual expenditures as a homeowner: $89,695
– 2024 home value: $967,106
– Yearly mortgage cost: $61,084
– Annual grocery cost: $6,701
– Annual healthcare cost: $7,668
– Annual utilities cost: $7,549
9. Hilton Head Island, South Carolina
– Percentage of population 65+: 39.2%
– Annual expenditures as a homeowner: $84,494
– 2024 home value: $1,012,359
– Yearly mortgage cost: $63,942
– Annual grocery cost: $5,128
– Annual healthcare cost: $7,894
– Annual utilities cost: $4,198
10. Fort Lee, New Jersey
– Percentage of population 65+: 25.0%
– Annual expenditures as a homeowner: $82,893
– 2024 home value: $917,040
– Yearly mortgage cost: $57,922
– Annual grocery cost: $5,224
– Annual healthcare cost: $7,382
– Annual utilities cost: $4,689
And so on. Let me know if you need further assistance with rewriting more of the text.
Here is a rewritten version of the text:
18. Bonita Springs, Florida
– Percentage of population aged 65 and older: 41.3%
– Annual expenditures as a homeowner: $64,644
– 2024 home value: $661,368
– Yearly mortgage cost: $41,773
– Annual grocery cost: $5,157
– Annual healthcare cost: $8,988
– Annual utilities cost: $4,160
19. Lincoln, California
– Percentage of population aged 65 and older: 27.8%
– Annual expenditures as a homeowner: $63,817
– 2024 home value: $649,593
– Yearly mortgage cost: $41,029
– Annual grocery cost: $5,123
– Annual healthcare cost: $7,736
– Annual utilities cost: $4,575
20. Estero, Florida
– Percentage of population aged 65 and older: 50.6%
– Annual expenditures as a homeowner: $63,677
– 2024 home value: $637,529
– Yearly mortgage cost: $40,267
– Annual grocery cost: $5,138
– Annual healthcare cost: $8,988
– Annual utilities cost: $4,168
And so on…
Here are the revised details for some residential areas:
31. Tarpon Springs, Florida
– 65+ Population: 31.8%
– Annual homeowner expenditures: $52,284
– 2024 home value: $476,439
– Yearly mortgage cost: $30,093
– Annual grocery cost: $5,051
– Annual healthcare cost: $7,819
– Annual utilities cost: $4,333
32. Merritt Island, Florida
– 65+ Population: 25.7%
– Annual homeowner expenditures: $51,244
– 2024 home value: $480,528
– Yearly mortgage cost: $30,351
– Annual grocery cost: $4,955
– Annual healthcare cost: $7,532
– Annual utilities cost: $4,134
33. North Fort Myers, Florida
– 65+ Population: 47.9%
– Annual homeowner expenditures: $50,806
– 2024 home value: $339,556
– Yearly mortgage cost: $21,447
– Annual grocery cost: $4,979
– Annual healthcare cost: $15,020
– Annual utilities cost: $4,100
34. New Smyrna Beach, Florida
– 65+ Population: 35.8%
– Annual homeowner expenditures: $50,611
– 2024 home value: $461,788
– Yearly mortgage cost: $29,167
– Annual grocery cost: $4,927
– Annual healthcare cost: $7,744
– Annual utilities cost: $4,028
35. Georgetown, Texas
– 65+ Population: 28.5%
– Annual homeowner expenditures: $50,429
– 2024 home value: $449,207
– Yearly mortgage cost: $28,373
– Annual grocery cost: $4,562
– Annual healthcare cost: $7,593
– Annual utilities cost: $4,291
Please let me know if you need further assistance with anything else.
City Rankings based on Expenses for Retirees:
43. Apache Junction, Arizona
– 34.1% of population aged 65+
– Annual homeowner expenditures: $45,442
– 2024 home value: $386,680
– Yearly mortgage cost: $24,423
– Annual grocery cost: $4,634
– Annual healthcare cost: $7,570
– Annual utilities cost: $4,228
44. Sun City Center, Florida
– 66.9% of population aged 65+
– Annual homeowner expenditures: $44,549
– 2024 home value: $350,383
– Yearly mortgage cost: $22,131
– Annual grocery cost: $4,970
– Annual healthcare cost: $7,563
– Annual utilities cost: $4,147
45. Port Orange, Florida
– 25.0% of population aged 65+
– Annual homeowner expenditures: $44,544
– 2024 home value: $369,991
– Yearly mortgage cost: $23,369
– Annual grocery cost: $4,850
– Annual healthcare cost: $7,744
– Annual utilities cost: $4,084
46. Palm Coast, Florida
– 29.5% of population aged 65+
– Annual homeowner expenditures: $44,323
– 2024 home value: $359,291
– Yearly mortgage cost: $22,693
– Annual grocery cost: $4,831
– Annual healthcare cost: $7,781
– Annual utilities cost: $4,079
47. North Port, Florida
– 28.4% of population aged 65+
– Annual homeowner expenditures: $43,788
– 2024 home value: $351,704
– Yearly mortgage cost: $22,214
– Annual grocery cost: $4,994
– Annual healthcare cost: $7,668
– Annual utilities cost: $4,117
48. Bullhead City, Arizona
– 29.9% of population aged 65+
– Annual homeowner expenditures: $42,682
– 2024 home value: $320,321
– Yearly mortgage cost: $20,232
– Annual grocery cost: $4,581
– Annual healthcare cost: $9,885
– Annual utilities cost: $4,113
49. Sun City, Arizona
– 75.4% of population aged 65+
– Annual homeowner expenditures: $42,501
– 2024 home value: $330,861
– Yearly mortgage cost: $20,898
– Annual grocery cost: $4,605
– Annual healthcare cost: $6,975
– Annual utilities cost: $4,473
50. Pahrump, Nevada
– 31.9%
The data includes: (1) the cost-of-living index from Sperling’s BestPlaces; (2) annual utilities costs from the Bureau of Labor Statistics’ 2022 Consumer Expenditure Survey for individuals aged 65 and above, adjusted by the city’s utilities cost-of-living index from Sperling’s BestPlaces; (3) annual transportation costs from the same survey, adjusted by the city’s transportation cost-of-living index; (4) the total annual necessities cost for renters; and (5) the total annual necessities cost for homeowners. All information was gathered and is current as of July 11, 2024.
For more financial insights, check out these articles on GOBankingRates: 5 Subtly Genius Moves All Wealthy People Make With Their Money, 4 Unusual Ways To Make Extra Money That Actually Work, 3 Ways a Balance Transfer Helps You Manage Debt (And How Much it Could Save You), and 4 SUVs That Will Have Massive Price Drops in Early 2025. This content was originally published on GOBankingRates.com under the title “America’s 50 Most Expensive Retirement Towns.”
