10 Best Places to Retire in Florida on A Budget

You’ve paid your dues, you’ve worked your entire life and now it’s time to enjoy retirement, but you really don’t want to spend all your savings on the move, so let’s look at the 10 best places to retire in Florida on a budget.

If you’re looking to move to a new home far away from home, to start anew in a warm place that’s just perfect for you, then Florida is a great candidate. Where in Florida, however, is another story altogether and there are various elements at play here.

On one hand, the cost of living needs to be rather low since you have to manage your money a lot better now that there’s no steady salary coming in. Then, it’s important that the housing costs are low, taxes won’t break your back and transportation won’t make you want to close yourself off inside your home and never come out.

In order to create our list today we took a look at Sperling’s BestPlaces which manages data from The Bureau of Labor Statistics, the Council for Community and Economic Research, as well as CareerTrends to check on the cost of living index to tell you just how expensive it’s going to be to live in these new locations. We created our ranking based on the cost of living in these major Florida places and exposed to you just where exactly you’d save more and in what instances you’d end up paying more than the national average. Don’t forget to check our article on best places to retire in Florida on social security also.

Without further ado, here are the 10 best places to retire in Florida on a budget.

10. Pensacola – Ferry Pass – Brent

The overall cost of living in the Pensacola metropolitan area is pretty low, ranking about 3 percent lower than the average American numbers. While taxes are quite low in this particular area and the cost of transportation is below average, getting a new house will cost you a mere 2 percent more than in other locations. Keep in mind that healthcare is also rather expensive here, 14 percent above average to be more specific. The monthly cost of living expenses ranges from $2,442 to $6,726 so unless you have some serious health issues that aren’t covered by insurance this is what you should be expecting.

The median home cost in the area was of a little over $123,000, so that’s something you should definitely keep in mind when considering moving to this area that has nearly half a million people living in it.

9. Gainesville

With a cost of living sitting at 3 percent below the national average, Gainesville is another good option if you’re looking for a new Florida home. The cost for transportation and taxes are well below the national average, although the cost for food you’ll notice to be just a tad above the line. Housing costs are at 6 percent above the average, while healthcare sits at 7 percent above the average. The monthly cost of living expenses start at over $2,500 and hike up to $6,700, depending on your spending habits.

This beautiful city is home to some 125,000 people, mostly young fellows, which is great if you like living among the younger generation. The median home price in Gainesville sits at close to $128,000, which is something you should consider if you’re thinking about moving.

8. Palm Bay – Melbourne – Titusville

Sitting at 4 percent below the national average, the overall cost of living in the Palm Bay – Melbourne – Titusville area starts at some $2,250 and goes up to over $6,700.

The cost for food is 3 percent below the national average, while the taxes are considerably lower – 25 percent lower, more specifically. The costs for housing and healthcare are a bit above the national average, but not by much. Houses are 6 percent most expensive, while healthcare will take you up 3 percent.

The median home price in the area sits at over $125,600, which is obviously important if you’re looking for a move.

7. Deltona – Daytona Beach – Ormond Beach

The overall cost of living in this area is at 4 percent below the national average, which is just great when you think about it. Sure, it might not be spectacular, but it’s still something and it’s certainly good enough to take into consideration when thinking about moving. Healthcare costs are 2 percent below the average, while the cost of transportation is also 4 percent below the national average. The best comes when it comes to taxes however, as they’re about 26 percent below the average in this area. If that’s not an impressive stat, I don’t know what is.

Housing costs, however, are a bit above the median price in the United States, namely some 7 percent, but that’s not exactly a tragedy since you’ll be saving so much in the other departments. The average home price in this metro area sits at $120,300.

6. Sebastian – Vero Beach

The overall cost of living is at 4 percent below the national average here too. That’s great news since this is such a nice area to live in, with so many areas where you can kick back and relax. According to data coming from The Economic Policy Institute, The Bureau of Labor Statistics and the Council for Community and Economic Research, there are several departments where those who live in the Sebastian – Vero Beach area are luckier than others. For instance, the cost of transportation sits 6 points below the national average, while the taxes are 27 percent lower than in other areas.

On the other hand, the cost of healthcare is 3 percent above the average, while housing costs are 5 percent over this median point. The average home price in Sebastian is at a little over $128,000, while the median price in Vero Beach is a bit lower, at $123,000. Overall, in the metro area the median home price is a bit higher, sitting at over $132,000.

5. Panama City – Lynn Haven – Panama City Beach

If you’re planning to move to this particular area, then you should know that the overall cost of living is 5 percent below the national average. Things are looking good when it comes to the taxes levels where what you’ll need to pay is actually 28 percent the overall average. Transportation costs are also some 6 percent below what other areas sport and a similar number is associated with healthcare costs too.

Housing costs are 7 percent above the national average, however, with the median price sitting at nearly $157,100 in this metropolitan area.

4. Lakeland – Winter Haven

In the Lakeland – Winter Haven metro area the overall cost of living is calculated at 5 percent below the national average, which is great news, especially if you’re planning on moving to this beautiful area. The taxes here are 28 percent below the national average, an impressive stat. Healthcare costs, however, are a bit above the median line, sitting at 7 percent above the average throughout the United States.

Housing costs, on the other hand, are 1 percent below this line. The median home price in Lakeland sits at over $98,000, while in Winter Haven the price dips to $81,000. The metro area’s median home price sits at over $106,000.

While the cost of living and the diversity of the leisure activities in the area are considered by many among the pro reasons for living here, others consider that the summer heat and humidity may be a bit too much, along with the growth and sprawl of the residential areas.

3. Crestview – Fort Walton Beach- Destin

Living in the Crestview – Fort Walton Beach – Destin metro area in Florida will cost you about 4 percent less than in other areas around the United States. The best part about this area is the fact that the taxes you’ll have to pay are 27 percent below the national average, while healthcare costs are also some 17 percent below average, which is just awesome considering just how expensive a trip to the hospital can get.

Housing costs, on the other hand, are a good 14 percent above average, with the median home price in the area sitting at over $165,000.

2. Baker County

Baker County’s cost of living is 4 percent below the national average, which means you may even put something aside, depending on your spending habits. The best part is the fact that your taxes are some 27 percent below the national average, which has obvious advantages. Housing costs are also 11 percent below the average, with the median home price sitting at $121,800.

On the other hand, the healthcare costs may take you up 18 percent above the national average, which is something to take into consideration, although here’s to hoping no one needs to go see a doctor. Transportation costs are also above the average, so take that into consideration if you’re planning on moving around a lot. Even so, this is still one of the 10 best places to retire in Florida on a budget.

1. Ocala

The Ocala metro area is pretty much the best place to retire in Florida on a budget since the overall cost of living is placed at some 7 percent below average. The area ranks great in almost all areas. Taxes, for instance, are a whopping 32 percent below the median line. Housing costs are 5 percent below the national average, the median home price sitting at a little over $89,000. Transportation costs and childcare (for those interested) are also below this line.

The only areas where Ocala’s median costs of living are above this average are in the healthcare department where the prices are 3 percent higher, but that’s not exactly a deal breaker.

So there you have it, the 10 best places to retire in Florida on a budget.