6 Florida Retirement Hotspots: How Much Each Actually Costs

Florida and retirement go hand in hand. The warm weather, plentiful amenities, and lack of state income tax are just a few of the reasons why American seniors flock to the Sunshine State.

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The cost of living is also famously low. However, that blanket statement doesn’t tell the whole story. While certain areas of the state are indeed inexpensive, some of the most desirable locations — which may include upscale neighborhoods or beachfront access — can actually cost a pretty penny.

Before you decide to sail off into the Florida sunset, take a look at the differences in the cost of living at these six popular retirement destinations.

Key West

• Average monthly expenses for one person (without rent): $955

• Average monthly expenses for family of four (without rent): $2,936

• Average one-bedroom rent: $2,517

• Average home price: $1,060,081

Key West is so many things that it has a broad appeal. The southernmost point in the continental United States, the home of Hemingway, the quiet bungalows and the raucous Duval Street are just a few of the many things that make Key West unique.

As the very definition of a tropical paradise for many people, Key West naturally has higher prices than you can find in most places across Florida, especially for a home. But for those who enjoy the island lifestyle and can afford it, Key West could be a great retirement destination.

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West Palm Beach

• Average expenses for one person (without rent): $897

• Average expenses for family of four (without rent): $2,939

• Average one-bedroom rent: $2,448

• Average home price: $2,029,899

West Palm Beach is one of the stereotypical destinations for retirees, and why not? World-class golf courses, postcard-perfect beaches and year-round sunny weather make Palm Beach a highly attractive destination for anyone, let alone seniors.

Beyond the parks and wildlife preserves that make Palm Beach a dream destination for many, the city also boasts cultural amenities ranging from art museums to Broadway-style shows. Costs are relatively comparable with other nice areas of Florida, but only if you’re a renter. Home prices are off the charts.

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Tampa

• Average expenses for one person (without rent): $929

• Average expenses for family of four (without rent): $3,127

• Average one-bedroom rent: $1,757

• Average home price: $377,792

Like many places in Florida, Tampa is popular with seniors — and many Americans — because it has a lot of sunshine and access to plenty of beautiful beaches and waterways, all with warm water. Tampa also has access to high-quality healthcare and a wealth of additional outdoor activities, from birdwatching to fishing, golfing and wetlands tours.

Sarasota

• Average expenses for one person (without rent): $906

• Average expenses for family of four (without rent): $2,788

• Average one-bedroom rent: $1,913

• Average home price: $454,620

From 2020 to 2022, U.S. News and World Report rated Sarasota the No. 1 place in the entire nation to retire. Although that ranking dropped a tad to No. 11 in 2023, the city is still very highly regarded in terms of a retirement destination.

Average home prices are a bit above the national average, but not nearly as out of control as in specialized enclaves like Key West or West Palm Beach. White-sand beaches, golf, arts and culture are just a few reasons that Sarasota is so popular.

Daytona Beach

• Average expenses for one person (without rent): $788

• Average expenses for family of four (without rent): $2,440

• Average one-bedroom rent: $1,443

• Average home price: $254,480

Daytona Beach has many of the benefits of other Florida cities, such as an oceanfront location, golf and other recreational activities, water parks, and cultural opportunities. But among a certain segment of the population, Daytona Beach is most famous as the home of the Daytona 500 NASCAR race. If that’s your thing, Daytona Beach may well be an excellent place to enjoy an affordable retirement.

Pensacola

• Average expenses for one person (without rent): $723

• Average expenses for family of four (without rent): $2,223

• Average one-bedroom rent: $1,363

• Average home price: $254,926

Pensacola lies in the Florida panhandle, and it has numerous advantages over much of the rest of Florida. For starters, it’s simply closer to the rest of the country than popular cities like Miami and Key West, which lie deep down the Florida peninsula.

It also remains warm year-round, and while humid, it generally avoids some of the intense heat and humidity that can afflict other areas in the state over the summer months. Perhaps best of all for budget-minded retirees, the city remains very affordable, especially in terms of home prices.

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This article originally appeared on GOBankingRates.com: 6 Florida Retirement Hotspots: How Much Each Actually Costs