• Discounts and special offers
  • Subscriber-only articles and interviews
  • Breaking news and trending topics

Already a subscriber?

By signing up, you accept Moneywise's Terms of Use, Subscription Agreement, and Privacy Policy.

Not interested ?

Housing

Some retirees, especially those living on limited incomes, are being priced out of Florida, which has seen a surge in housing demand within the last few years.

It’s even surpassed New York as the second-most-valuable real estate market in the country, according to Zillow.

In the meanwhile, other states like Iowa — which secured the top spot in the Bankrate study — come with much cheaper home prices. The average home in Iowa is valued at around $212,000, while in Florida it’s around $393,000, according to Zillow.

Residents of the Sunshine State have been tackling rising property taxes as well, especially in coveted retirement communities, since they’re measured based on real estate value.

Dominic Calabro, president and CEO of tax research institute Florida TaxWatch, recently told WFSU News this system is becoming unsustainable.

“At some point, we’re going to make Florida a place where you’re like, ‘Oh, it’s wonderful, but, the cost of food, the cost of housing, the cost of all these things is prohibitive and difficult for people of average means, let alone low-income means," he said.

The richest 1% use an advisor. Do you?

Wealthy people know that having money is not the same as being good with money. WiserAdvisor can help you shape your financial future and connect with expert guidance . A trusted advisor helps you make smart choices about investments, retirement savings, and tax planning.

Try Now

Insurance

Florida might be renowned for its warm weather — but it’s also prone to its fair share of hurricanes, tropical storms, flooding and other disasters, which can cause property damage and consequently insurance premiums to skyrocket.

“The average home premium in Florida is about $6,000,” Mark Friedlander, spokesperson for the Insurance Information Institute, told WPLG Local 10 in June. “That is nearly four times the U.S. average of $1,700.”

Half a dozen home insurers went insolvent in the state in 2022, while Farmers Insurance made headlines this summer for pulling out as well, affecting 100,000 policyholders. Insurers have blamed their woes on extreme weather, as well as legal system abuse and fraudulent claims.

Health care

For many Americans, access to affordable, quality health care is extremely important as you age — but it can often depend on where you live.

Florida workers pay some of the highest health-care costs in the country, according to a study from the Commonwealth Fund that tracked data from 2010 to 2020.

The average total cost of premiums and potential spending on deductibles across single and family insurance policies hit a high of $9,284 in the Sunshine State, or over 16% of the median household income, in 2020.

Along with 10 other states, Florida officials have also rejected expanding Medicaid under the Affordable Care Act, which offers states extra matching funds if they open up the program to those with low incomes.

Sponsored

Meet your retirement goals effortlessly

The road to retirement may seem long, but with Advisor, you can find a trusted partner to guide you every step of the way

Advisor matches you with vetted financial advisors that offer personalized advice to help you to make the right choices, invest wisely, and secure the retirement you've always dreamed of. Start planning early, and get your retirement mapped out today.

Serah Louis is a reporter with Moneywise.com. She enjoys tackling topical personal finance issues for young people and women and covering the latest in financial news.

Disclaimer

The content provided on Moneywise is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter. Advertisers are not responsible for the content of this site, including any editorials or reviews that may appear on this site. For complete and current information on any advertiser product, please visit their website.

†Terms and Conditions apply.