24/7 Wall St. Finds $600,000 Florida Retirement Cost Gap Between Coasts
Updated
Updated · WPTV News Channel 5 West Palm · Aug 13
24/7 Wall St. Finds $600,000 Florida Retirement Cost Gap Between Coasts
3 articles · Updated · WPTV News Channel 5 West Palm · Aug 13
Summary
$1.15 million in invested assets is needed to fund a retirement lifestyle on Florida's Atlantic Coast, versus about $550,000 on the Gulf Coast, according to a new 24/7 Wall St. report.
Housing and insurance drove much of the divide, with the analysis based on a three-bedroom home near the water and pointing to sharply higher wind and flood coverage on the Atlantic side.
Delray Beach or Stuart could add as much as $20,000 a year in living costs, the report said, largely because of insurance premiums and higher property taxes.
Property taxes are already a political issue in Florida, where voters will decide in November on a referendum to raise the homestead exemption and cut tax bills.
The findings underscore how Florida's long-running appeal to retirees is increasingly split between a pricier southeast coast and a more affordable Gulf Coast.