When deciding whether or not you should stay home or move into a Florida retirement community, there are a number of factors to consider. The cost comparison between staying in your home and moving into a senior-friendly apartment home is largely the same regardless of the state. If you’re thinking about moving from somewhere else in the country, there are some things to consider as well. One of the most important factors in deciding whether or not to stay home or move into a community is your lifestyle—but even if it’s just for financial reasons, here’s what we found out about how much living at home actually costs compared with living at a retirement community:
The First Thing To Know About Florida Is That It’s Huge.
Although it’s often referred to as a single state, in reality, Florida is made up of smaller regions with their own unique characteristics. For instance, due to its location on the Gulf of Mexico and its proximity to Cuba, Miami has been a hub for Caribbean immigrants since the 1940s. In contrast, Tampa has a large population of Native Americans and other people from Central and South America who migrated there during the 20th century. This means that while both places have lots of retirees (and people are more likely than younger people to be living at home or in assisted-living facilities), they have different cultural profiles.
Miami’s relatively high cost of living means that if you’re looking for an affordable lifestyle in your golden years—especially if you’re retired on a fixed income—then Tampa may offer better options for you than Miami does. Of course, no one wants to spend their retirement worrying about money; but sometimes sacrifices must be made if we want peace of mind later in life!
In terms of climate preferences when choosing where we will live out our twilight years: those who prefer warm weather will probably prefer Miami over Tampa; however, there are plenty of exceptions within each city which might make either place preferable depending on your personal needs!
If You’re Interested In Living In Florida And Want To Know If You Can Afford It, There Are A Few Things To Take Into Consideration.
First, the cost of living:
- The average cost of housing in Florida is $1,990/month, and the average mortgage payment is $2,482/month. The median price for a house in Florida is $265,300. To calculate your monthly rent payment or mortgage principal and interest payments on an estimated loan amount (including taxes), use this calculator from Zillow.
- The income tax rate varies depending on where you live within Florida; generally speaking, it’s 5% – 7%. Your effective state tax rate will depend on your county or city’s tax structure and any other deductions or credits that apply to you based on income level (like the earned income credit) but generally ranges between 3% – 9%. For example: If your annual state & local taxes are $5,000 per year, multiply that by 0.05 = $250 per month; multiply again by 12 = $3200 per year (and divide by 100). That amounts to about 30% of your total taxable income!
The cost comparison between staying in your home and moving into a senior community is largely the same regardless of the state. However, there are some states with more affordable options than others.
One of the most important factors in deciding whether or not to stay home or move into a retirement community is your lifestyle. If you enjoy being active and around people, a community may be the better option for you. On the other hand, living at home may be preferable if you like to spend quiet time alone and don’t mind having very few social interactions with others.
With all the information we’ve provided, you should be in a good position to make an informed decision about your future. If you’re considering staying at home and aging in place, plenty of communities and organizations can help with your needs. We hope this article has given you some insight into living in Florida. We wish you the best!