Why Florida Is No Longer the Top Choice for Your Retirement, According to Real Estate Pros

There was a time when Florida was considered the best place to go when you were ready to retire. Between favorable tax laws, low cost of living, and the year-round sunshine, many seniors headed to the Sunshine State the moment they retired.

These days, experts say there are many reasons to avoid moving to Florida in retirement. According to them, the state has really lost its luster in recent years for a lot of reasons, and they are ready to spill the beans about why you should think twice before heading to the Sunshine State.

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Costs Are on the Rise in Florida

While Tim McGarry, a loan officer at PrimeLending, says that Florida’s weather remains a huge draw for seniors, he also notes that there’s a downside to all that sunshine: The Storms that come along with it.

According to him, weather hazards such as hurricanes have driven up insurance premiums over the years. “Housing is very expensive too, and a lot of people have moved to Florida in the past two years,” he adds, noting that it’s becoming overcrowded and harder to find a good price on a home.

Related: These Are the 3 Worst-Ranked Florida Cities to Retire In

Temperatures Are Also Soaring

Anthony Askowitz, a Broker at REMAX Advance Realty II, notes that the warm weather has gotten even warmer in recent years, noting that both the heat and humidity are often a pain point for some folks.

“People come to Florida on vacation in the season when it is a bit cooler and fall in love with the lifestyle,” he says. “Their first summer and hurricane season are an eye-opener for some.”

But, Askowitz says that weather isn’t the only thing transplants end up disappointed by when they move to the state, and says that many new arrivals are shocked to learn about all of the creepy crawlies and big predators that also call the Sunshine State home (I’m looking at you, palmetto bugs).

Surprise Fees Can Hit Certain Homeowners

While there are a lot of known costs that can factor into whether or not Florida is the right place for you to retire, Sain Rhodes, a real estate expert with Clever Offers, says that those unexpected costs are the ones that hurt seniors the most.

“Last year, I had a client, a widow from Ohio who moved into a condominium near Fort Myers,” he explains. “After 14 months in her new home, she faced a $78,000 special assessment on HOA fees due to a concrete reconstruction, her insurance premiums grew from $4,200 to $9,800, and she evacuated twice during hurricane season.”

Related: House Prices In These 4 Popular Florida Retirement Towns Just Dropped

Your Social Network May be Found Elsewhere

Most of the experts I spoke with noted another aspect of moving in retirement, and it wasn’t just the downside of heading to Florida. They all noted that many people opt to move elsewhere in retirement, failing to realize they could be leaving all their friends and family behind.

According to Steven Kao, MBA, CAIA, Director of Portfolio Management at Kisner Wealth Management, sometimes the best place to be in retirement is right where you already are. “If your home is paid off and your network is local, that can be financially and emotionally optimal,” he says of staying put.

Of course, deciding where to go in your golden years will be a deeply personal decision that only you can make. And while these experts listed a variety of factors to consider, many people still thrive when they move to the Sunshine State, especially if it’s somewhere they’ve always dreamed of living.

Disclaimer: This article is for informational purposes only and does not constitute financial advice.