Newsmax TV & Webwww.newsmax.comFREE - In Google Play
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
Skip to main content
Tags: retirement | Florida | cost of living

Retirement Cost of Living in Florida

By    |   Monday, 01 June 2015 10:52 AM EDT

The deed is done. The years have flown by. The retirement accounts are ready to be tapped. The dream is intact. Florida beckons, a sandy retirement haven drenched in sunshine – on average 266 days of at least some sunshine if you've settled on retirement in Fort Myers, for example.

Free Retirement Calculator: When Can You Retire? — Click Here to Find Out

However, before you buy that high-rise condominium, or perhaps the townhouse in the smaller beach-side development, just how far will your dollar take you? As with all things, it depends on how many dollars you have and where in Florida you decide to take retirement. Sound daunting? There are some online tools that will help. CNN Money offers a cost of living calculator and it's a good place to begin, although it doesn't allow you to enter random locations.

Choosing from  the list, let's say you're working in Brooklyn, New York, and making about $45,000, which was the average national wage index in the United States in 2013. If you've dreamed of retiring in Sarasota, you'd need an annual income of $26,819 to maintain the same standard of living. According to the calculator, housing is 65 percent less in Sarasota than Brooklyn.

Change the cities to Ann Arbor, Michigan, and Tampa, with the same $45,000 salary, and the calculator says you'd need slightly more than $40,000 in income to maintain your standard. However, if you live in Columbus, Ohio and you dream of Florida you'd need up to $5,000 more in annual income to maintain your standard of living. There is additional data available if you're willing to crunch numbers around the internet before your retirement in Florida.

How Soon Can You Retire? Free Test Shows You When — Click Here

If you're considering the Palm Beach area for retirement, which can be one of the more expensive areas in Florida, you'll find that it's still cheaper to live there than New York City. The consumer price index in West Palm is 14 percent lower than New York City. Tampa's is 25 percent less. New York was ranked the most expensive city in the U.S. in 2014 by Kiplinger.

In one 2014 study, Florida was ranked 27th overall in cost of living, making it more affordable than 23 states. One of the best, low-cost retirement areas in the country is the Daytona/Deltona/Ormond Beach area of Florida, according to a story by the AARP that lists best places for retirement on $30,000. The median house price in that area is $108,000.

An Extremely Simple Way to Determine If You're Ready to Retire — Find Out Now

© 2023 Newsmax. All rights reserved.

The deed is done. The years have flown by. The retirement accounts are ready to be tapped. The dream is intact.
retirement, Florida, cost of living
Monday, 01 June 2015 10:52 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.

PLEASE NOTE: All information presented on Newsmax.com is for informational purposes only. It is not specific medical advice for any individual. All answers to reader questions are provided for informational purposes only. All information presented on our websites should not be construed as medical consultation or instruction. You should take no action solely on the basis of this publication’s contents. Readers are advised to consult a health professional about any issue regarding their health and well-being. While the information found on our websites is believed to be sensible and accurate based on the author’s best judgment, readers who fail to seek counsel from appropriate health professionals assume risk of any potential ill effects. The opinions expressed in Newsmaxhealth.com and Newsmax.com do not necessarily reflect those of Newsmax Media. Please note that this advice is generic and not specific to any individual. You should consult with your doctor before undertaking any medical or nutritional course of action.


Interest-Based Advertising | Do not sell or share my personal information

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

America's News Page
© Newsmax Media, Inc.
All Rights Reserved
Download the NewsmaxTV App
Get the NewsmaxTV App for iOS Get the NewsmaxTV App for Android Scan QR code to get the NewsmaxTV App
America's News Page
© Newsmax Media, Inc.
All Rights Reserved