4 Most Overpriced Florida Retirement Towns, According to Real Estate Agents
Written by
Andrew Lisa
Edited by
Chris Cluff
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The post-pandemic years saw rapid population growth in Florida, where soaring demand led to rising property prices across much of the state that has long been America’s favorite retirement destination.
Some of the Sunshine State’s most famous retirement hot spots are now painfully overpriced and well out of reach for older Americans living on fixed incomes and Social Security.
GOBankingRates spoke with two Florida real estate experts who profiled the retirement towns and cities that offer too little for far too much money — and they also showcased some attractively priced alternatives.
Naples
Naples, where the average home price is approaching $600,000, has long been a coveted retirement destination — but ordinary retirees have mostly been priced out in post-pandemic Florida as values jumped from roughly $345,000 in 2020 to $590,000 today, according to Zillow data.
“Naples is expensive for retirees because of its luxury lifestyle and high home prices, but the amenities don’t always match the cost,” said Keith McCoy, a real estate professional with years of experience in investing, buying, selling, fixing, flipping and renting properties, and the owner and founder of Midtown Homebuyers in Milton, Florida. “A cheaper alternative is Ocala. Ocala is a more affordable option for retirees with a strong community and easy access to healthcare.”
The average home in Ocala sells for less than $278,000.
Boca Raton
Like Naples, home values in the famed retirement destination of Boca Raton are approaching $600,000 — a little over $583,000 and rising, per Zillow.
“Boca Raton’s high cost of living comes from its reputation but similar amenities can be found for less in places like Delray Beach,” McCoy said.
Retirees can get much more for less in Delray Beach, where the average home sells for a little over $368,000.
Sarasota
South of Tampa on Florida’s Gulf Coast is Sarasota, an in-demand retirement hot spot that comes with an unfortunate average home value of nearly $460,000.
“Sarasota has a great coastal life,” McCoy said, “but nearby Bradenton offers similar beach access and amenities at a lower cost.”
“Lower cost” is actually an understatement. The average home in Bradenton sells for less than $385,000.
Miami/Fort Lauderdale
Perhaps no other real estate market in America has tantalized more retirees than Miami and neighboring Fort Lauderdale — but both have mostly been out of reach for decades.
“Miami and Fort Lauderdale got built up through 1980,” said Jeff Lichtenstein, owner and broker of Echo Fine Properties, a luxury residential brokerage based in Palm Beach Gardens, Florida, with 100 agents, an average of $1 million per transaction and more than $500 million in annual sales.
The average home in Miami sells for more than $580,000. At just over $520,000, Fort Lauderdale is a bit more forgiving but well out of reach for the average retiree.
The Treasure Coast and West Palm Beach County Beckon
But just because you can’t afford Miami doesn’t mean you can’t afford a cozy spot in sunny, beautiful and bustling South Florida.
“In South Florida, hands down, it’s the Treasure Coast and Western Palm Beach County,” Lichtenstein said. “Palm Beach County exploded from 576,000 people to over 1.5 million today. Much of that came from Dade and Broward, but lots came from the Northeast — Pennsylvania, New York, Maryland, Connecticut, Vermont and Ohio — along with some from the Midwest.
“Some initially bought as snowbirds with families who became familiar with the area, soon following. As the area got built up with culture, shopping and infrastructure, the growth accelerated. What was once affordable has now become for the upper middle class only. Today the growth goes up north — Port Saint Lucie is in the process of adding 50,000 new homes — and Western Palm Beach County, where farmland is available. It’s a different lifestyle from the beach and is farther, but the infrastructure is building up fast.”
The average home in Port Saint Lucie on the Treasure Coast is still under $400,000 and in West Palm Beach County towns like South Bay, a little more than half that will earn you the keys to your new Florida retirement home.
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