Florida may be one of the best states to retire in the US in 2024, but it’s certainly not at the top. Discover our detailed rankings to uncover the Best State for Retirement in the US in 2024.
Meanwhile, here are our rankings on the Sunshine State:
Insider Monkey Score: 24
IM Healthcare Rank: 29
Cost of Living Index: 100.7
Tax Friendliness: Very Tax Friendly
So how does the state of Florida rank in terms of retirement-friendliness? Based on our IM Study, Florida ranks 4th in our list of the best states to retire in the US in 2024. Many cities in the state may be getting expensive for retirees, but our findings state that the Sunshine State isn’t leaving our best states’ rankings any time soon.
The cost of living in the state is 0.7% higher than the national average. According to Redfin, the median price of a home is $422,800, a tad lower than the national median of $426,056. For those who wish to rent, two-bedroom properties have a median rent of $2,471, considerably higher than the national median rent for 2-bedroom properties which is $1,906. While not the most ideal state to retire on a fixed income, combining its reasonable cost of living with tax-friendliness has earned it one of the top places in our list.
Undoubtedly, Florida is one of the best states to retire tax-wise too. Florida retirees get to enjoy all of their retirement income tax-free at the state level simply because there is no income tax. Moreover, those seniors who wish to go back to work can do so without having their income deducted for taxes. Sales and property taxes in the state are close to national marks as well. With regard to health, this state ranks at number 29 out of all the states.
All in all, Florida doesn’t seem to lose its charm as a retirement destination. According to a U-Haul study, the state was the second most popular destination to move to in year 2022. The state maintained its spot the following year as well, leveraging on factors such as an affordable cost of living, warm weather, beaches, and lack of an income tax.
“There are many other reasons why people are coming to Florida and have come in previous years. We have a lower cost (of living) than other states. There is no state income tax – that’s a huge factor. The warm weather. Basically, we have summer weather all year long. Attractions. Our beaches. The activities. There’s just so much to do”.
-Mario Martinez, U-Haul Holding Company (NYSE:UHAL) Area District Vice President of Southern Florida
Some other pros of retiring to Florida are its abundant recreational opportunities, plentiful retirement communities, and countless opportunities to explore its culture. Then again, its hurricane risk and high costs of insurance is slowly driving the retiree class to other affordable states to retire in the US. Deciding whether a particular state is good to retire for you depends on personal circumstances, which is why it’s best to choose based on your individual needs and situation.
In case you’re contemplating a move to Florida but wish to avoid the crowd of the popular retirement destinations, you may check out some of best places to retire in Florida that you’ve never heard of.
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