The Most Expensive Retirement Cities in the US: California Dominates, Florida Surprises

Are you dreaming of retiring in a sunny, picturesque location but worried about the cost? You’re not alone. A recent study by GOBankingRates has revealed that California and Florida dominate the list of most expensive retirement cities in the United States.

While it may not come as a surprise that California is home to some of the priciest retirement towns, the number of cities in Florida that made the cut might raise some eyebrows. In fact, nearly half of the country’s top 50 most expensive retirement towns are located in the Sunshine State.

According to CJ Williamson, data content researcher at GOBankingRates, “Florida has long been known for its affordability, but this analysis uncovers stark cost differences within the state.” Several cities in Florida have 2024 average home values above $600,000, with Aventura taking the top spot at nearly $850,000.

If you’re set on retiring in Florida but are on a budget, it’s essential to carefully consider which part of the state you choose to live in. Some retirement communities are significantly more affordable than others, so doing your research is key.

Outside of Florida, only one other Southeastern retirement town made the list: Hilton Head, South Carolina. Unsurprisingly, six of the top 10 most expensive retirement cities are in California, with soaring real estate prices being a major factor.

Noah Damsky, founder of Marina Wealth Advisors in Los Angeles, explained that while property taxes in California are reasonable, the cost of real estate in cities like Los Angeles has skyrocketed. Despite the high prices, many retirees are drawn to the area for its weather, proximity to the beach, safety, and the opportunity to purchase property in less dense neighborhoods.

Overall, whether you’re eyeing a retirement in California or Florida, it’s crucial to weigh the costs and benefits of each location. The slideshow in the study showcases the top 15 most expensive retirement cities, providing valuable insights for budget-conscious retirees.

So, if you’re dreaming of a retirement filled with sunshine and relaxation, make sure to do your homework and find the perfect balance between affordability and lifestyle in your chosen retirement destination.