Despite the popularity of places like Ocala and The Villages in the middle of the state, survey after survey reveals that the part of Florida my readers are most interested in learning more about is the Tampa area.
But does retiring in the Tampa area make financial sense?
Let's take a closer look!
Home Prices
Buying a home will probably be the biggest chunk of change you drop when moving to Florida, so it makes sense to look at that first.
According to data from FloridaRealtors.org, the average sales price for a home in Florida in 2023 was $527,324. That was up from $513,131 in 2022.
If you plan on buying a home in Tampa, you'll already be saving money compared to the average for the rest of the state:
The average price in 2022 was $440,447 and in 2023 it was $465,517.
You can do a lot with nearly $50k in savings.
Property Taxes
The next big expense you'll have while living the Florida retirement dream will be your property taxes.
Similar to Ocala that we looked at recently, Hillsborough County has a property tax rate of just above 15 mils per thousand, which is pretty low compared to many other Florida counties.
I go over the entire Florida property tax formula in my book, but to keep things simple here, this means that for every $1,000 of assessed value, you'll be paying about $15.
So let's say your home is assessed for $400,000 the math would be 400 x $15 = $6,000 per year, or about $500 a month.
If you are planning to live here full-time or at least long enough to claim residency, you should know that Florida has some pretty generous homestead exemptions that can reduce your property taxes and keep yearly increases in check.
Again, that's a topic for another day, but you can read more about it in The Florida Retirement Handbook.
Other Costs
The website BestPlaces.net is one of my favorite go-to resources for in-depth data about various cities, and they've looked at the overall cost of living in Tampa to include other costs like healthcare, groceries, transportation, utilities, and other necessities.
They found that overall Tampa is about 1.1% more expensive than the state average cost of living, and about 4.2% more than the national average cost of living.
In my mind, that's a small premium to pay for all the benefits that come with living in the Tampa area.
Where to Retire in Tampa
Valencia Ridge, the brand-new GL Homes community in the greater Tampa area, offers contemporary home designs and world-class amenities for the ultimate 55+ luxury living.
Nothing compares to the incredible 55+ lifestyle, as the world-class clubhouse will feature multiple pools, pickleball and tennis courts, fitness center, restaurant and bar, sports lounge, social hall and much more.
You can request more information from the developer right here:
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