Looking to attract older adults on a budget? GOBankingRates recently provided several options where prospective residents might be looking to spend their retirement years.
According to the personal finance website, Florida provides several options for retirees looking to live off of Social Security, potentially with a beach view.
The Social Security Administration listed the average monthly Social Security benefit as of May at $1,621, which could be enough for the average rent on a one-bedroom Florida apartment, according to the U.S. Department of Housing and Urban Development.
Looking at the cost-of-living index, grocery and healthcare index scores and livability scores collected from Sperlin’s Best, the Bureau of Labor Statistics 2020 Consumer Expenditure Survey and AreaVibes, GOBankingRates determined that Baker County, FL, has the lowest overall expenditures and the highest livability score.
Although the monthly rent in Baker County isn’t the cheapest on the list, at $617, monthly healthcare and grocery costs both come in below the national average.
Homosassa Springs came in at No. 2, with 36% of its population aged 65 or more years. Residents can afford all of their monthly expenses on their Social Security income and enjoy low monthly healthcare costs.
Levy County finished No. 3 with the cheapest rent and high livability score, followed by No. 4 Ocala with low healthcare costs and expenses, and The Villages at Nov. 5, where 84% of its population is 65 or older and expenses are “very affordable.”
Life’s a beach on a budget
It is possible for older adults on a budget to find an affordable place to live near the beach. GOBankingRate found “plenty of beach towns that offer the best of both worlds — affordable living and a large population of seniors.”
Florida and the Carolinas held the coveted spots — areas owners and operators might find growing interest in from potential prospective residents.
In South Carolina, Garden City is located 10 miles south of Myrtle Beach and is a small resort town where 40% of residents are 65 and older. The city offers easy access to the beach, with mean home prices of $315,000 as of May, below the national average of $435,000, according to REaltor.com
South Carolina also boasts low taxes, now tax on Social Security benefits, minimal property taxes and a notable retirement-income dedication from state income taxes.
Cape Carteret, NC, is a certified retirement community by RetireNC. Part of the state’s southern outer banks, Cape Carteret is located in the Western Crystal Coast region, known for “stunning beaches and tranquil living.” The area has a median home sale price of $398,000.
Florida claimed three of the top five cities on the list. Florida is one of nine states that doesn’t have an income tax or a tax on certain types of income.
Vero Beach, FL, was named the second-best city in the nation for senior health by The Mesothelioma Center in 2021. A median home sale price of $395,000 is below the national average, and almost 30% of its residents are 65 and older.
In Venice, FL, almost 62% of the population is 65 and older, making it one of the top destinations for snowbirds in 2021–2022, according to StorageCafe. The city offers a variety of entertainment options, although the median home sale price is above the national average, at $450,000.
Rounding out the list is Daytona Beach and its 23 miles of white sand beaches. With an average home sale price of $260,000, beach living is “seriously affordable.” It’s also retiree-friendly and home to a Latitude Margaritaville Jimmy Buffet-inspired 55-plus community.
