Even though it’s called the “Sunshine State,” many seniors and people who are about to retire may be wondering if Florida is a good place to retire.
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Without a doubt, Florida has a lot of fun things to do for people who want to relax after a long day. It got as hot as 73.4 degrees F on average in 2023, which is much warmer than places like Chicago and Buffalo.
It doesn’t have a state income tax and has 3,341 miles of coastline on the Atlantic Ocean, while Indiana only has 45 miles and Kansas doesn’t have any.
But prices have dropped sharply in some flu boomtowns.
According to Realtor.com’s September Housing Market Report, four of the ten major areas where home prices dropped the most from one year to the next are in Florida.
Miami came in first with a drop of 12.4%, followed by Jacksonville in sixth place with a drop of 6.1%. Orlando and Tampa came in eighth and ninth, with drops of 5.6% and 5.5%, respectively.
This comes after prices went through the roof during and after the pandemic. The number of people living in the state passed 23 million for the first time in April. In 2020, it was just above 21.5 million, according to the U.S. Census Bureau.
“Builders came to Florida to make room for all the new people who moved there, which lowered the median price.” The site did say that median list prices are still 50% higher than they were before the pandemic in places like Miami.
The information for this report was gathered before hurricanes Helene and Milton hit the state. However, it could be argued that falling prices are also due to climate change, which has made Florida a more dangerous place to live and caused home insurance rates to skyrocket.
Before Helene hit land, Floridians had already been through eight weather and climate disasters that cost more than $1 billion in 2024. Recent news stories show that people who lost their homes in floods are now selling them to buyers “as is.”
So should seniors jump at the chance to get a better deal on a home? Let’s show both sides of the issue some light.
