Florida Real Estate Market for Retirees

Florida Real Estate Market for Retirees

 

Florida is a popular destination for people who plan to spend their golden years in the warm climate, and don’t want to leave the United States. In 2010, 17.3% of Florida population consisted of people over 65 years old, while in 2017 this number was 20.2%. Overall, Florida population in 2017 was a little over 2 million people, of them 4.2 million were people over 65 years old.

 

Those who plan their future in advance, start buying a property in their forties or early fifties, so that by retirement they would have a mortgage-free living. There are many popular tourist destinations in Florida, like Disney World in Orlando, Daytona Beach, San Agustin, Fort Lauderdale, and Miami, where a purchased property may be rented out and pay for itself.

 

Real estate prices in Florida may vary significantly. A 3-bedroom, 2-bathroom house can be purchased for as low as $120 000 in small cities, like Wellington, Florida, while a luxury 12-bedroom 17-bathroom house in an upscale Lantana neighborhood may go up to 12 million dollars.

 

In 2018, the medium home value in Florida, according to Zillow, is 223,200 with a forecast to grow 6.1% within the next year. Median listing price is $290,000, while median sale price as of April 2018 was 226, 500. Sixteen percent of the listings are sold with a price cut. The median price per square foot in Florida in 2018 is $165.

 

Among the biggest cities in Florida, Miami is the most expensive with the median home value index of $300,500, while Pensacola is the cheapest, with $132,100 HVI. Home value index is calculated based on the median listing and the median sale prices in the city. Florida home warranties can definitely improve the sales price of a Florida asset without costing anymore than $500 a year.

For those state residents who prefer to live in places that are designated for people 55+, Florida offers almost 400 Active Adult Retirement Communities. There over a hundred of these communities in Southwest Florida, almost a hundred in Southeast, nearly 70 in Central Florida, and almost 50 in Central Atlantic Coast. Other communities are scattered all over the state, with one community in Panama City at the Northwestern part of Florida.

 

Future residents may select between condos, townhomes, and single family homes. Prices in these communities range from below $100,000 to over $2 million. The amenities may include swimming pools, tennis courts, golf courses, fitness centers, restaurants, and more. Many lakeside communities allow boat parking.

 

In addition to Active Adult Communities, Florida offers a variety of other types of communities for its aging residents. These include Independent Living Communities, Continuing Care

Retirement Communities, Assisted Living Communities, Alzheimer’s Care,and Nursing Care homes, so that every resident may select the type of living that suits them best.

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