Florida Used To Be A Low-Cost, Low-Tax Haven For Retirees — Is It Still That Way?

Florida might be considered one of America’s top places to retire, in part because of its reputation as a temperate, low-cost, low-tax haven for seniors and retirees. But between skyrocketing insurance costs, rising property taxes, and surprise assessments, some are questioning whether you can call it the “Free State of Florida” when it costs this much.

• Last year, Florida’s median home sale price surpassed the national median after a years-long pandemic boom, pushing the housing market to “the brink” per Cotality.
• Making matters worse, property owners are facing higher insurance rates, compounded by pricey “hurricane taxes” imposed by the state’s insurer of last resort, Citizens.

Results may vary: Adding to the complexity for Florida property owners, homeowners’ association (HOA) fees and special assessments imposed after disasters compound on usual worries. This makes issues disproportionately worse for condo owners in places like downtown Miami — which holds a striking 20% of all US condos — who are struggling to sell their properties. It might even be weighing on home prices in Florida, as homeowners look to other pastures over the state once famous as a retiree haven.