A new report just confirmed what residents already know. The cost of living in South Florida is high and getting higher by the day.
Skyrocketing home prices, property insurance, and real estate taxes are largely to blame.
But here’s what may surprise you. You’ll need to save twice as much money to afford retirement in Southeast Florida versus a comparable lifestyle on Florida’s Gulf Coast, according to research by the online website 24/7 Wall St.
The difference is significant. Living in a 3-bedroom home a few miles from the beach on Florida’s Gulf Coast requires $550,000 in retirement assets, while kicking back on South Florida’s Atlantic side will take $1,150,000, says 24/7 Wall St.
An update from WPTV Consumer Reporter Matt Sczesny details how rising costs are impacting affordability and have lead to November’s ballot showdown over proposed property tax cuts.
The Takeaway: Thinking of moving to Florida? Just realize it’s not the low-cost relocation option it used to be, especially on South Florida’s East coast. Before you buy, make sure to carefully evaluate the potential tax, insurance, and ongoing maintenance costs so you don’t get in over your head.