- In the last 5 years, median home prices in Florida rose by 60% or $150K
- Expert: “Homelessness among those who are older” has increased
- Retirees are moving to states like Alabama, Wyoming, Michigan and Colorado
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FORT LAUDERDALE, Fla. (NewsNation) — In recent years, Florida has become one of the fastest-growing states as more people flock there for the beautiful weather and beaches, but more retirees are turning their backs on the Sunshine State.
What was once thought of as the ideal place to live out your golden years is not so much anymore, as remote workers and those who are financially stable are moving and driving up home prices.
In the last five years, the median price for a single-family home in Florida rose 60% or $150,000, according to Redfin. In March 2018, the average home was $250,00; the cost spiked to $400,000 in March 2023, according to Redfin data.
“Florida is one of the only places where prices are still going up,” said Daryl Fairweather, the chief economist at Redfin. “Prices boomed during the pandemic and they’re still booming, which is pretty unusual compared to the rest of the country.”
He added: “Another thing to consider when moving to Florida is the cost of insurance whether it’s storm insurance or flood insurance, there may be some hidden costs that may get more expensive over time.”
So, if retirees are leaving Florida, where are they going?
Places like Baldwin County, Alabama have become a more affordable option to call home, as the area is still surrounded by beaches and warm weather. According to Redfin, the median home price in Baldwin County is $375,000, and the state has lower property taxes.
Places like Linden, Michigan, Thermopolis, Wyoming, and Eagle, Colorado are also becoming popular alternatives.
“We’ve seen from frontline providers that there has been an increase in homelessness among those who are older, these are people who have never been homeless before in their lives,” said Jeff Johnson, the state director for AARP Florida.
Seniors are being priced out and in some cases, they can’t afford to move and end up losing everything. Other factors include inflation and stock market dips. As a result, seniors who are healthy enough to work are going back into the workforce.
