In this article, we take a look at the 12 best cities in northern florida to retire. You can skip our detailed analysis and go directly to 5 Best Cities in Northern Florida to Retire.
Retiring in the States
Over 10,000 baby boomers in the U.S. are turning 65 every day. By 2024, this number is expected to reach 12,000. With an increasingly aging population and a depleting age-dependency ratio, Economist Teresa Ghilarducci determines that middle-class Americans who have worked all their lives will only get poorer.
Statistically, Employee Benefit Research estimates that Americans will be $3.83 trillion short of the money they need for a comfortable retirement. Generally, retirement is supported by three factors, namely social security, employer pensions, and employee savings. However, depleting resources and changing demographics mean they are no longer sufficient to support Americans in their golden years.
For instance, the Social Security program will soon face a funding dilemma. CNN confirms this notion by reporting that by 2034, only 80% of the benefits will be payable to retirees. As of February 2023, the average social security check was $1,782 per month or $21,834 annually. This amount is too little when considering the average monthly expenses of a single person, which stands at $3,189. The SSA further reports that only 39% of elderly people are entitled to pensions.
These pensions that are received comprise only 17% of retirees' total incomes, implying that this retirement income is both uncommon and inadequate. Finally, Vanguard notes that the average 401(k) account balance as of 2021 was $141,542, an increase from the previous year by 10%. Specifically, workers aged 65 or older have average balances standing at $279,997, rendering a $87,725 median balance. Considering employees follow the 4% withdrawal rule, average balances would render $11,200 only. Even when this amount is combined with social security income, it is insufficient for retirees to live comfortably throughout their golden years.
Senior Living in Florida
Florida is often revered as a top retirement destination for its spectacular beaches, loads of sunshine, good healthcare, and excellent quality of life. Seniors love this sunshine state just as much as other age groups, with over 19.1% population in the state being 65 or older. Summer County, in particular, a county West of Orlando, has more than half of its population that is 65 and older. Their population in Summer County is a whopping 52.9%. Charlotte County is the second most senior-populated area at 37.7%, while La Paz County and Citrus County stand at 36.1% and 35.2%, respectively.
According to the MERIC index, the cost of living in Florida is also manageable at around 102.8. Within the states, there are cheap and expensive cities to retire in. Florida also has several senior living and independent living communities based on retirees' needs. Some popular senior living companies operating in Florida include Brookdale Senior Living Inc. (NYSE:BKD) and Welltower Inc. (NYSE:WELL). Brookdale Senior Living Inc. has a wide array of senior living communities to choose from, with more than 70 locations in the state of Florida alone.
In the latest news, a family-owned and Virginia-based senior living community management company called Retirement Unlimited Inc. (RUI) has partnered with Welltower Inc. (NYSE:WELL) to grow over 20 communities throughout the East Coast. Welltower Inc. (NYSE:WELL) is primarily a leading health and senior care provider investing in healthcare infrastructure. Brookdale Senior Living Inc. (NYSE:BKD) also consistently partners with companies such as Senior Living to bring retirees the best facilities and services.
55Places.com notes that there are more than 600 retirement communities in Florida alone. On average, retirement communities such as The Villages in Florida cost around $807 to $1500 to live in. However, these costs are largely determined by the housing that is selected and affiliated costs. Retirees can choose a retirement community, independent home, or other housing options based on their personal preferences and needs.
In order to compile the list of the 12 best cities in northern Florida to retire, we have taken a look at 5 (1,2,3,4,5) different sources. Based on their unique methodologies, these sources have determined lists of the best cities in Northern Florida to retire to. After gathering the best cities from each source, we ranked them and awarded a point to each city based on the number of times they were recommended.
Next, the cities were ranked based on their scores from least recommended to most recommended cities. Here are the 12 best cities in Northern Florida to retire to:
12. Neptune Beach
Insider Monkey Score: 1
Neptune Beach is one of the best cities to retire to in Northern Florida. This beachfront city sits east of Jacksonville and is home to 7,080 people. The latest census statistics show that 14.4% of residents in Neptune Beach are 65 years or older. Retirees who prefer peace and quiet would love to live in the sparsely populated city. The city offers a suburban feel and boasts an exceptional livability score of 87/100. Crime rates in the city are 15% lower than the state average. However, good things come at a price, which is why the cost of living in this city is `18% higher than the national average. Retirees considering moving to Neptune Beach must have a solid nest egg if they wish to retire here.
11. Ocala Area
Insider Monkey Score: 1
Another city in Northern Florida that is desirable for retirement is the vibrant and diverse Ocala Area. The Horse Capital of Ocala is another quiet city to retire to, with easy access to the amenities of larger cities. The cost of living in the city is 8% lower than the state average, making it an affordable place for those who have smaller nest eggs. The tranquil landscape, quality healthcare, and sunny weather make this city a great place to live. With plenty of real estate options, retirees can choose to live in custom homes with horse riding trails or master-planned communities filled with amenities. What’s more, there are numerous state parks, unique local restaurants, and historic towns nearby to explore. Ocala is generally secure to live with crime rates fallen by 21% compared to 2019.
10. Port St. Joe
Insider Monkey Score: 1
Retirees who love small-town life and would love to retire in peace can also choose to move to Port St. Joe. This uncomplicated city is hidden on the shores of St. Joseph Bay, with the beautiful St. Joseph Park just across. The beach has long stretches of white sand and natural wildlife, and a spectacular sunset view facing the West. The city also boasts many parks, a downtown, and a spectacular marina with lots of waterfront restaurants to choose from. The cost of living in the city is 3% lower than the average, rents are reasonable, and groceries are relatively cheap. It also has its own health clinic and a community-based hospital. Average home prices are $271,500, while median rents are $1,152. The city boasts a livability score of 79, implying it's a good place to live overall.
9. Lake City
Insider Monkey Score: 1
The charming Lake City in Columbia County, Florida, has plenty of amenities and attractions for retirees to call it home. Olustee Battlefield Historic Site, Stephen Foster Folk Culture Center State Park, and Lake DeSoto are some of the attractions to explore in the city. Besides this, there are plenty of walking and hiking trails around the city, and retirees can also golf at the Quail Heights Country Club. The cost of living in Lake City for a single adult is around $34,226, lower than the state average of $36,375. Average home prices stand at $121,000, while median rents are $795 - $2,800 per month.
8. Palatka
Insider Monkey Score: 1
The bustling small city of Palatka is also a nice option for retirees to consider. The city is home to over 10,000 residents and boasts a rejuvenated downtown to explore. There is a thriving arts and culture scene, the hub being the Larimer Arts Center. Locally owned restaurants and cafes are a town specialty, and there is a wide array of options to try. Residents can try paddling in the iconic St. Johns River or choose to hike through the majestic Ravine Gardens State Park. Nevertheless, the city is a good option and affordable too. The cost of living is $34,717, lesser than the state average. Median home prices stand at $257,000, while median rents are $1,208.
7. St. Augustine
Insider Monkey Score: 1
Another Northern Florida destination popular with retirees is St. Augustine. The city is rich in culture and has great shopping options, unique food varieties, and thriving retirement communities. Del Webb Nocatee is one such gated 55+ community featuring golf carts, pickle ball courts, a fitness studio, a zero-entry pool, and also an onsite Tavern and Grill. St. Augustine itself is America's oldest city, with a growing community of active adults. Anastasia State Park is a star amenity of this city, featuring protected sand dunes, gorgeous sand beaches, and even tidal marshes. Retirees can live here comfortably if they have a decent retirement income, with an average cost of living standing at $2,195. The livability score is 74, considered an excellent living score.
6. Pensacola
Insider Monkey Score: 2
The sugar-white sandy beaches of Pensacola aren’t the only thing that attracts retirees to the spectacular city. Retirees also love it for its consistently warm weather, historical sightseeing, and plenty of outdoor activities. Some of the top-rated beaches can be found here, such as Pensacola Beach, Opal Beach, and Quitewater, amongst others. History enthusiasts can also visit the museums and landmarks in the city, such as the National Naval Association Museum. Marketwatch has stated that Pensacola is one of the few beach towns where retirees can comfortably retire to under $40,000 annually. The cost of living in Pensacola stands at $1,990 per person on average, and the livability score is 72, which implies it is a very good place to live.
