Warm weather, beaches for miles and zero income tax are certainly attractive incentives for retirees to come to Florida. According to a new survey, Florida residents can look forward to relaxing in the sun and sand well before many other people in the nation, ranking sixth best in the nation for early retirement.
The SmartAsset found Florida, a state famous for its amount of retirees, ranking in the top ten for early retirement.
Florida jumped several spots from last year, when it placed ninth on the list.
The study took eight different metrics into consideration to rank the best states for early retirees. The average effective tax rate, annual health insurance cost, non-housing cost of living, median housing costs and local tax rates all went into the overall ranking system.
The effective income tax rates were calculated on people ages 55-64
Florida ranked so highly on the list partially because of its 0 percent income tax rate and the number of doctors’ offices per residents.
Healthcare is a particularly important concern for retirees, who need easy access to healthcare as they continue to age.
There were 9.5 doctors offices per 10,000 residents in Florida.
Florida’s primary drawback was, however, its high cost of living.
The average housing costs according to the survey were almost $12,000 per year and the non-housing related cost of living sat at 102, which put Florida at 30th and 31st, respectively.
Florida’s median housing costs were the highest of any state in the top ten on the list.
Some parts of Florida like Miami rank among the most expensive parts of the state to live in. Rent in Miami typically tends to be expensive. According to apartment site myapartmentmap.com, the average price for a studio apartment is over $1,200 in Miami.
Other parts of Florida, however, are much more affordable, especially in places like Tallahassee or cities along the Florida Panhandle.
To read the full rankings, click here.
Reach reporter Allison Nielsen by email at allison@sunshinestatenews.com or follow her on Twitter: @AllisonNielsen.
