Why are middle-class retirees leaving Florida?

Rising costs of living, including housing, insurance, and property taxes, are making Florida unaffordable for many middle-class and working-class retirees.

Who is moving to Florida for retirement?

Florida is increasingly attracting wealthier individuals and affluent retirees who can afford the state's escalating expenses and luxury living options.

How are mobile home parks changing in Florida?

Many mobile home parks are experiencing rent increases due to corporate ownership or are being converted into more expensive housing, diminishing affordable options for seniors.

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Florida Dream Fades: Wealthy Replace Middle Class Retirees

11 Jan

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Summary

Wealthy retirees are increasingly moving to Florida.
Middle-class and working-class seniors are priced out of Florida.
Florida's retirement appeal is shifting to the affluent.

Florida Dream Fades: Wealthy Replace Middle Class Retirees

Florida's identity as a retirement destination is evolving as escalating living costs make it inaccessible for many. While affluent individuals continue to move to the Sunshine State, a growing number of middle-class and working-class seniors are relocating to more affordable regions. This demographic shift is reshaping Florida's retiree profile, moving away from its historic promise of affordability for all.

The state's housing market, insurance premiums, and property taxes have surged, impacting even modest condo owners. Mobile home parks, once a budget-friendly option, are becoming pricier due to corporate acquisitions and rent hikes, or are being redeveloped into more expensive housing. Developers are increasingly focusing on luxury projects with high-end amenities, catering exclusively to wealthier retirees.

Data from 2023 shows a significant increase in net migration for high-income households aged 65 and older, while lower-income groups saw a decrease. This trend is exemplified by couples moving from Michigan to affluent developments in Lakewood Ranch, while others like the Copes moved from Florida to Alabama for financial relief. The state's appeal is increasingly tied to luxury living, pricing out many long-term residents.