Anonymous wrote:Let’s say I want to stop working and retire. I won’t have income anymore. So do I buy a $2 million home in Florida, save the extra $1 million from selling my Great Falls home, and just plan to slowly spend it down on property taxes, HOA fees, and insurance until I die?

That’s what it’s starting to look like, and honestly, it doesn’t make much sense. I was hoping to buy a home outright and have minimal carrying costs in retirement. But between the rising HOAs and increasingly expensive insurance, Florida isn’t looking as affordable or stable for retirement as it used to be.

Are there only $2M homes available in Florida?

What is wrong with this place in Jupiter as a retirement condo? Its $700k. Well under $2m.

https://redf.in/nupu0l

Anonymous wrote:

Anonymous wrote:There is no income tax in Florida.

Retirees don't have earned income.

How ignorant are you? They have capital gains and dividend income.They have RMDs.

The market doesn't care about catering to retirees. Believe it or not it used to be cheap to buy in California. If a place becomes popular and people will spend the money, why wouldn't prices go up? Florida's population has grown. If it becomes unaffordable, people choose other places. I think they're now leaving for cheaper southern states.

Anonymous wrote:

Anonymous wrote:What does Florida produce other than amusement parks and oranges? Decent climate but lots of mosquitos, bad heat, hurricanes.

You gotta produce something. It’s a huge bubble. Retirees can’t support the entire state — they don’t even work!

23.4M people in Florida, one of the fastest growing states, multiple big cities. Suspect they're not worried about your ignorance.

People are fleeing Florida, which is well on its way to becoming a failed state:

https://www.fox13news.com/news/why-people-flocking-from-florida-record-numbers

Companies are buying them up to rent. Your best bet might be to rent a house and put the bulk of the $3 million into something that will earn money. Buying a home is becoming a bad investment because of the high costs of property tax/home owners insurance/mortgage costs - we bought our home recently in cash and I think it was a bad idea.

Anonymous wrote:There is no income tax in Florida.

No state income tax in Florida means that property tax and,possibly, sales taxes will be higher than in states with a state income tax.

Anonymous wrote:To state the obvious, Florida is a big state, with housing available at all price points, just like Virginia.

Another obvious point, Florida has been and remains an extremely popular retirement destination. It's not for everyone, and more than and other state is all things to all people, but the people who moved there in retirement apparently found it attractive.

The real estate market is soft in a lot of areas. I don't know if now is the best time to be investing in any Florida real estate.

To state the obvious, Florida is a big state, with housing available at all price points, just like Virginia.

Another obvious point, Florida has been and remains an extremely popular retirement destination. It's not for everyone, and more than and other state is all things to all people, but the people who moved there in retirement apparently found it attractive.

Let’s say I want to stop working and retire. I won’t have income anymore. So do I buy a $2 million home in Florida, save the extra $1 million from selling my Great Falls home, and just plan to slowly spend it down on property taxes, HOA fees, and insurance until I die?

That’s what it’s starting to look like, and honestly, it doesn’t make much sense. I was hoping to buy a home outright and have minimal carrying costs in retirement. But between the rising HOAs and increasingly expensive insurance, Florida isn’t looking as affordable or stable for retirement as it used to be.

Anonymous wrote:

Anonymous wrote:

Are you really this dumb OB? How much do you think taxes on your great falls house are? I bet at least $25000 plus insurance and utilities and landscaping and pool maintenance it will cost you way more than $3000 for your paid off house in great falls.

I just clicked on a random house in Fort Lauderdale. It is listed at 2.8M and the taxes are 36,000. Clicked on a random 3M in Great Falls and the taxes are 29,000. So the property taxes are actually a bit higher in Fort Lauderdale at least. And how do you know the Great Falls person has a swimming pool? I know it's a must in Florida though. I don't think the OP is dumb.

Ok and to afford a $3M house in either location you probably have at least $500k in income so you are saving $30k in state income taxes.

Lets say I want to stop working and retire, i won't have income , do i just save the extra 1m and plan to use it on taxes and hoa until i die? I

Anonymous wrote:

Are you really this dumb OB? How much do you think taxes on your great falls house are? I bet at least $25000 plus insurance and utilities and landscaping and pool maintenance it will cost you way more than $3000 for your paid off house in great falls.

I just clicked on a random house in Fort Lauderdale. It is listed at 2.8M and the taxes are 36,000. Clicked on a random 3M in Great Falls and the taxes are 29,000. So the property taxes are actually a bit higher in Fort Lauderdale at least. And how do you know the Great Falls person has a swimming pool? I know it's a must in Florida though. I don't think the OP is dumb.

Ok and to afford a $3M house in either location you probably have at least $500k in income so you are saving $30k in state income taxes.

Anonymous wrote:Are you really this dumb OB? How much do you think taxes on your great falls house are? I bet at least $25000 plus insurance and utilities and landscaping and pool maintenance it will cost you way more than $3000 for your paid off house in great falls.

You’re missing the broader point. There’s a long-standing perception that Florida is a place where you can retire comfortably on a fixed income, while areas like DC and Great Falls are meant for full-time working professionals who can handle higher costs.

Yes, living in Great Falls comes with high taxes, insurance, and maintenance but that’s expected in a high-earning, active career phase. The issue is that when you look at Florida now, it doesn’t seem to be all that affordable for retirement either. Between property insurance, taxes, and HOA fees, the monthly carrying costs can efficiently run several thousand dollars, even with no mortgage.

What’s interesting is that almost every property in Florida seems to have an HOA, and those fees have gone up quite a bit in recent years — and could keep rising. The same applies to property insurance, especially given the weather-related risks. To me, that’s a major financial risk for someone trying to live off a fixed retirement income.

So the question is, how are people managing that in retirement? Are they continuing to work? Tapping into more savings than expected? It really makes me wonder what the alternatives are now for people trying to retire without taking on that kind of monthly burden.

but self-insuring (or no insurance, no mortgage) any property is a real thing

People move to places like the Villages, where there's no water view and no schools that need to be supported by taxes.