Yahoo Finance 10 Places to Retire That are Like Florida but Even More Expensive
Choosing to retire in one of the main cities in Florida with its warm climate, beautiful beaches, and vibrant communities is a dream and a reality for many. But with Florida becoming one of the most popular destinations to spend your golden years, the state has seen much higher inflation, cost of living, population, cost to retire, rent, etc. Florida is also known as one of the most expensive places to buy a home in the U.S., soaring 60% higher than 2020 sitting now at a price of around $388,500 according to Zillow.
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With these rising prices, many retirees are looking for alternative places to retire to perhaps capture that Florida dream without the high cost. This idea can run into issues as many places that are similar to the main destinations in Florida can be even more expensive. Therefore, while you start hunting for next best option, use this list to guide you in staying away from these places as well, believing they may be a more affordable option with an akin atmosphere.
To create this list, GOBankingRates used sources from Zillow, Sperling’s Best, S&P CoreLogic Case-Shiller Index, this data is also tracked and used to create a cost of living index, which is then used to compare the expenses from one location to another with the help of the Cost of Living Index and ChatGPT.
San Francisco, California
Cost of Living: 17.4% more expensive than the national average.
Why It’s Similar: Coastal living with a mild climate and diverse activities.
Highlights: Cultural diversity, renowned dining, and close proximity to wine country and beautiful coastlines.
Cost of living index: 245.5
Estimated savings needed to retire for 30 years: $4.23 million
Median home cost: $1.23 million
Median monthly rent: $2,155
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Honolulu, Hawaii
Cost of Living: 13.8% more expensive than the national average.
Why It’s Similar: Tropical climate, stunning beaches, and laid-back lifestyle.
Highlights: Rich cultural heritage, outdoor activities, and a strong sense of community.
Cost of living index: 171.5
Estimated savings need to retire for 30 years: $2.02 million
Median home cost: $581,658
Median monthly rent: $1,870
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Seattle, Washington
Cost of Living: 12% more expensive than the national average.
Why It’s Similar: Coastal location with access to water activities and a mild climate.
Highlights: Vibrant cultural scene, excellent healthcare, and proximity to outdoor adventures.
Cost of living index: 158.1
Estimated savings need to retire for 30 years: $2.47 million
Median home cost: $768,396
Median monthly rent: $1,701
Boston, Massachusetts
Cost of Living: 10.2% more expensive than the national average.
Why It’s Similar: Historic coastal city with vibrant urban living and plenty of activities.
Highlights: World-class healthcare, rich history, and a robust arts and education scene.
Cost of living index: 150.8
Estimated savings need to retire for 30 years: $2.84 million
Median home cost: $716,746
Median monthly rent: $1,659
Greenwich, Connecticut
Cost of Living: 8.2% more expensive than the national average.
Why It’s Similar: Coastal living with a high standard of living and luxurious amenities. A millionaire haven with a population of around 12,500 millionaires, similar to cities in Florida and a similar expense because of it..
Highlights: Proximity to New York City, upscale shopping and dining, and scenic waterfront properties.
Median Home Value: $1.9 million
San Diego, California
Cost of Living: 5.1% more expensive than the national average.
Why It’s Similar: Coastal city with a warm climate and laid-back lifestyle.
Highlights: Excellent weather, beautiful beaches, and a strong military presence.
Cost of living index: 154.9
Estimated savings need to retire for 30 years: $2.52 million
Median home cost: $919,507
Median monthly rent: $1,842
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Charleston, South Carolina
Cost of Living: Slightly above the national average.
Why It’s Similar: Coastal city with historic charm and a warm climate.
Highlights: Historic sites, beautiful architecture, and renowned Southern hospitality.
Median home price: $529,058
Cost-of-living index: 109.8
New York City, New York
Cost of Living: 15.5% more expensive than the national average.
Why It’s Similar: Vibrant urban living with endless activities and cultural opportunities.
Highlights: World-class dining, arts, and entertainment, along with a diverse population.
Cost of living index: 172.5
Estimated savings need to retire for 30 years: $2.76 million
Median home cost: $677,200
Median monthly rent: $1,574
Aspen, Colorado
Cost of Living: A whopping percent of between 45% and 60% than national average.
Why It’s Similar: Luxurious lifestyle with beautiful scenery and plenty of outdoor activities.
Highlights: World-class skiing, hiking, and a vibrant arts scene.
Average Monthly Rent: $32,278
Average Home Value: $8.82 million
Santa Barbara, California
Cost of Living: 12.4% more expensive than the national average.
Why It’s Similar: Coastal city with a Mediterranean climate and picturesque landscapes. Santa Barbara is also currently home to roughly 12,300 millionaires, a haven for rich such as Miami and Palm Beach.
Highlights: Beautiful beaches, high-end shopping, and a robust wine culture with numerous vineyards and wineries.
Average median home price: $1.83 million, up 7.5% in the past year
Places To Retire Similar to Florida But Cheaper
Athens, Georgia
Biloxi, Mississippi
Chattanooga, Tennessee
Corpus Christi, Texas
Tucson, Arizona
This article originally appeared on GOBankingRates.com: 10 Places to Retire That are Like Florida but Even More Expensive
