Where to Retire? WalletHub Ranks Fla. No. 1

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By Kerry Smith, January 2021

To determine the best state for retirement, WalletHub weighed 45 variables, such as affordability, quality of life and healthcare – and Fla. was, and is, No. 1.

ORLANDO, Fla. – For many people, a Florida retirement means warm year-round weather and no shoveling snow. But retirement living is a big decision. It’s not paradise if you run out of money. A state with good healthcare might have a high cost of living and high taxes. A state with affordable housing may have limited access to hospitals.

To determine which U.S. state was best overall for retirees, WalletHub weighed 45 variables, including affordability, quality of life and healthcare. Florida wasn’t the No. 1 state in many categories, but the study determined that Florida, overall, was the No. 1 U.S. state for retirees considering a move.

According to WalletHub, cost is a major concern for many retirees, and “Even in the most affordable areas of the U.S., most retirees cannot rely on Social Security or pension checks alone to cover all of their living expenses.”

But safety and healthcare also weigh heavily in relocation decisions.

WalletHub’s advice: “If retirement is still a big question mark for you because of finances, consider relocating to a state that lets you keep more money in your pocket without requiring a drastic lifestyle change.”

To determine the best places to retire, WalletHub compared the 50 U.S. states based on those 45 key indicators and came up with a score for retirement-friendliness.

In the analysis, No. 1 Florida had a total score of 61.09 compared to second-place Colorado. For affordability, Florida ranked fourth; for quality of life it ranked sixth; for healthcare, it raked 28th.

Colorado had a 60.94 overall score, but it ranked 13th in affordability and 16th in quality of life. It beat Florida only under healthcare at fifth.

New York and New Jersey hugged the bottom positions, with scores of 41.86 and 37.41, respectively. New York ranked 49th in affordability, 17th in quality of life, and 27th in healthcare. No. 50 New Jersey ranked 50th in affordability, 35th in quality of life, and 33rd in healthcare.

BRENT LEATHWOOD, MBA

LICENSED REAL ESTATE BROKER | BK 3300751

CROSS BORDER REALTY LLC | CQ1046895
2100 CONSTITUTION BLVD. #207
SARASOTA, FL, 34231
(941) 882-2995
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3 Big Mistakes Buyers make:

  1. 1. NOT KNOWING THE NEIGHBORHOOD...ContinuedReal estate always has been and always will be a local business. Know your neighborhood is a cardinal rule in this business. A real estate professional knows what is going on in their local market area. Hire a knowledge, local professional. When we see folks wandering around with a notebook and a list of questions, we know they are the most likely to make a costly mistake. A PROFESSIONAL Realtor, (please note the word professional), can spend 15 minutes listening to your needs and wants, and probably rule out 90% of the local market options, and focus your attention, on the 3 or 4 or 5 communities that will meet your needs, and make sense from both a financial and lifestyle point of view. I am amazed at how many people from out of State, go it alone, end up buying in the wrong community, and come to regret it. I meet people like this everyday, and everyone single one of them will say to me: “I wish we had met you first.”
  2. 2. GETTING STUCK IN AN HOA NIGHTMARE...ContinuedHome owners association nightmares are the stuff of legend in our State. Do not buy the wrong property in the wrong community. A knowledgeable real estate professional can explain to you upfront, the ins and outs of the HOA regulations of the community you are considering, and help you avoid 99% of these potential pitfalls. This is another very costly mistake.
  3. 3. THINKING YOU DO NOT NEED A REALTOR WHEN BUYING A NEW HOME...ContinuedEverybody knows you need a Realtor to represent you, when buying a resale home. Many do not know, you also need a Realtor to represent you, when buying a new home. The new home sales person in the model home works for the Builder, not the Buyer. They are paid to look out for their employer’s interests, not yours. You will not save $1 by going it alone. You will lose money. A lot of money. One of our largest local builders reported 872 annual sales, of which, 762 were handled by Realtors representing the Buyer. That is 87% of the total. The Builder has already factored paying a finder’s fee into the price. The Builder will not rebate $1 of this money back to you. Builders laugh under their breath, when Buyers try this negotiating tactic, even though they will politely agree with you. Professional representation costs you $0, why would you fend for yourself, in a market you know almost nothing about? Buyers know less than 20% of what they actually need to know, to get a great deal. Having gone through the new home buying process hundreds of times with clients, we know all the pitfalls to avoid, and how to make the process go smoothly. Do not go it alone, get professional representation, it costs you $0. Not doing this is the most costly of the 3 mistakes. But everyone has heard the old saying, you can lead a horse to water. We are in the business of helping our customers solve a problem. Our ability to do that, is the sole reason we have a thriving business. We are here to help you through the entire process, and get a great deal.

4 Big Mistakes Investors make:
  1. INCOME... ContinuedThe rental income does not justify the $/sq. ft. purchase price.
  2. EXPENSES... Continued The monthly expenses are too high, relative to the property type and rental income produced.
  3. CAP RATE... Continued The capitalization rate is too low to justify the investment.
  4. HOA REGS... Continued The home owners association regulations are too restrictive, or do not permit the intended use. Frequently overlooked or glossed over by some sales people, the long run financial consequences are catastrophic if a mismatch occurs.
Avoid Costly $$$ Mistakes: Hire Brent. Costs you $0.