It’s easy to see why Florida is one of America’s most popular retirement destinations, as the Sunshine State does not tax Social Security, 401(k)s or pensions, there is no estate or inheritance tax, and the state basks in warm, tropical weather. It’s a perfect state for retirees to live out their golden years, assuming they can afford it.
Recently, GOBankingRates conducted a study to find the best cities in every state for retirees with $500,000 in savings. To do so, GOBankingRates used the U.S. Census Bureau’s 5-year American Community Survey to determine the retirement populations and household median incomes of cities in every state, including Florida. Then, cost-of-living indexes were taken from Sperling’s BestPlaces to determine monthly and yearly costs of living, as well as how long a 20-year retirement would cost in each city. Finally, GOBankingRates ranked the cities from highest to lowest in terms of their overall livability, ultimately finding the 36 best Florida locations for a $500,000 retirement.
1. Sebastian
- Livability score: 83
- Cost of living for 20 years for a single person (with Social Security): $470,593
- Annual cost of living: $47,558
- Monthly cost of living: $3,963
- Average monthly mortgage: $2,047
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2. Cape Canaveral
- Livability score: 83
- Cost of living for 20 years for a single person (with Social Security): $482,480
- Annual cost of living: $48,153
- Monthly cost of living: $4,013
- Average monthly mortgage: $2,159
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3. New Port Richey
- Livability score: 80
- Cost of living for 20 years for a single person (with Social Security): $419,742
- Annual cost of living: $45,016
- Monthly cost of living: $3,751
- Average monthly mortgage: $1,815
4. North Port
- Livability score: 76
- Cost of living for 20 years for a single person (with Social Security): $416,376
- Annual cost of living: $44,847
- Monthly cost of living: $3,737
- Average monthly mortgage: $1,817
5. Tavares
- Livability score: 76
- Cost of living for 20 years for a single person (with Social Security): $430,204
- Annual cost of living: $45,539
- Monthly cost of living: $3,795
- Average monthly mortgage: $1,861
6. Orange Park
- Livability score: 76
- Cost of living for 20 years for a single person (with Social Security): $431,962
- Annual cost of living: $45,627
- Monthly cost of living: $3,802
- Average monthly mortgage: $1,863
7. Punta Gorda
- Livability score: 76
- Cost of living for 20 years for a single person (with Social Security): $491,973
- Annual cost of living: $48,627
- Monthly cost of living: $4,052
- Average monthly mortgage: $2,225
8. Mulberry
- Livability score: 74
- Cost of living for 20 years for a single person (with Social Security): $386,727
- Annual cost of living: $43,365
- Monthly cost of living: $3,614
- Average monthly mortgage: $1,718
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9. North Fort Myers
- Livability score: 74
- Cost of living for 20 years for a single person (with Social Security): $431,346
- Annual cost of living: $45,596
- Monthly cost of living: $3,800
- Average monthly mortgage: $1,734
10. Zellwood
- Livability score: 74
- Cost of living for 20 years for a single person (with Social Security): $431,912
- Annual cost of living: $45,624
- Monthly cost of living: $3,802
- Average monthly mortgage: $1,800
11. Zephyrhills
- Livability score: 73
- Cost of living for 20 years for a single person (with Social Security): $403,506
- Annual cost of living: $44,204
- Monthly cost of living: $3,684
- Average monthly mortgage: $1,763
12. Hudson
- Livability score: 73
- Cost of living for 20 years for a single person (with Social Security): $420,069
- Annual cost of living: $45,032
- Monthly cost of living: $3,753
- Average monthly mortgage: $1,758
13. Dade City
- Livability score: 73
- Cost of living for 20 years for a single person (with Social Security): $437,680
- Annual cost of living: $45,913
- Monthly cost of living: $3,826
- Average monthly mortgage: $1,874
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14. Palmetto
- Livability score: 73
- Cost of living for 20 years for a single person (with Social Security): $477,795
- Annual cost of living: $47,918
- Monthly cost of living: $3,993
- Average monthly mortgage: $2,087
15. Edgewater
- Livability score: 72
- Cost of living for 20 years for a single person (with Social Security): $386,008
- Annual cost of living: $43,329
- Monthly cost of living: $3,611
- Average monthly mortgage: $1,720
16. Englewood
- Livability score: 72
- Cost of living for 20 years for a single person (with Social Security): $455,580
- Annual cost of living: $46,808
- Monthly cost of living: $3,901
- Average monthly mortgage: $1,986
17. Umatilla
- Livability score: 71
- Cost of living for 20 years for a single person (with Social Security): $377,333
- Annual cost of living: $42,895
- Monthly cost of living: $3,575
- Average monthly mortgage: $1,612
18. Orange City
- Livability score: 71
- Cost of living for 20 years for a single person (with Social Security): $391,873
- Annual cost of living: $43,622
- Monthly cost of living: $3,635
- Average monthly mortgage: $1,730
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19. Bunnell
- Livability score: 71
- Cost of living for 20 years for a single person (with Social Security): $396,878
- Annual cost of living: $43,873
- Monthly cost of living: $3,656
- Average monthly mortgage: $1,779
20. Fruitland Park
- Livability score: 71
- Cost of living for 20 years for a single person (with Social Security): $398,734
- Annual cost of living: $43,965
- Monthly cost of living: $3,664
- Average monthly mortgage: $1,706
21. Hernando
- Livability score: 71
- Cost of living for 20 years for a single person (with Social Security): $482,683
- Annual cost of living: $48,163
- Monthly cost of living: $4,014
- Average monthly mortgage: $2,159
22. Avon Park
- Livability score: 70
- Cost of living for 20 years for a single person (with Social Security): $261,924
- Annual cost of living: $37,125
- Monthly cost of living: $3,094
- Average monthly mortgage: $1,223
23. Brooksville
- Livability score: 70
- Cost of living for 20 years for a single person (with Social Security): $418,124
- Annual cost of living: $44,935
- Monthly cost of living: $3,745
- Average monthly mortgage: $1,830
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24. Lady Lake
- Livability score: 70
- Cost of living for 20 years for a single person (with Social Security): $450,710
- Annual cost of living: $46,564
- Monthly cost of living: $3,880
- Average monthly mortgage: $1,951
25. Frostproof
- Livability score: 69
- Cost of living for 20 years for a single person (with Social Security): $279,504
- Annual cost of living: $38,004
- Monthly cost of living: $3,167
- Average monthly mortgage: $1,277
26. Palm Coast
- Livability score: 69
- Cost of living for 20 years for a single person (with Social Security): $458,207
- Annual cost of living: $46,939
- Monthly cost of living: $3,912
- Average monthly mortgage: $2,000
27. Timber Pines
- Livability score: 67
- Cost of living for 20 years for a single person (with Social Security): $401,449
- Annual cost of living: $44,101
- Monthly cost of living: $3,675
- Average monthly mortgage: $1,711
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28. Inverness
- Livability score: 66
- Cost of living for 20 years for a single person (with Social Security): $301,904
- Annual cost of living: $39,124
- Monthly cost of living: $3,260
- Average monthly mortgage: $1,417
29. Crystal River
- Livability score: 66
- Cost of living for 20 years for a single person (with Social Security): $356,789
- Annual cost of living: $41,868
- Monthly cost of living: $3,489
- Average monthly mortgage: $1,641
30. Micco
- Livability score: 65
- Cost of living for 20 years for a single person (with Social Security): $291,352
- Annual cost of living: $38,596
- Monthly cost of living: $3,216
- Average monthly mortgage: $1,357
31. Sebring
- Livability score: 65
- Cost of living for 20 years for a single person (with Social Security): $301,102
- Annual cost of living: $39,084
- Monthly cost of living: $3,257
- Average monthly mortgage: $1,415
32. Lake Wales
- Livability score: 65
- Cost of living for 20 years for a single person (with Social Security): $315,462
- Annual cost of living: $39,802
- Monthly cost of living: $3,317
- Average monthly mortgage: $1,436
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33. Beverly Hills
- Livability score: 64
- Cost of living for 20 years for a single person (with Social Security): $294,744
- Annual cost of living: $38,766
- Monthly cost of living: $3,230
- Average monthly mortgage: $1,392
34. Port Charlotte
- Livability score: 62
- Cost of living for 20 years for a single person (with Social Security): $349,476
- Annual cost of living: $41,502
- Monthly cost of living: $3,459
- Average monthly mortgage: $1,670
35. Fort Meade
- Livability score: 61
- Cost of living for 20 years for a single person (with Social Security): $283,877
- Annual cost of living: $38,223
- Monthly cost of living: $3,185
- Average monthly mortgage: $1,307
36. Leesburg
- Livability score: 60
- Cost of living for 20 years for a single person (with Social Security): $363,826
- Annual cost of living: $42,220
- Monthly cost of living: $3,518
- Average monthly mortgage: $1,656
Editor’s note: Photos are for representational purposes only and might not reflect the exact locations listed.
Methodology: For this study, GOBankingRates analyzed cities across the United States to find the best places to retire with $500,000 in savings. Using the 2023 5-year US Census American Community Survey, cities with at least 1,000 residents ages 65 and over were identified. Population and income data were sourced from the US Census American Community Survey. The cost-of-living indexes were sourced from Sperling’s BestPlaces and the national average expenditure costs for retired households were sourced from the Bureau of Labor Statistics Consumer Expenditure Survey for retired consumer units; the average expenditure cost for each location was then calculated. Mortgage data was determined using Zillow Home Value Index and Federal Reserve Economic Data. The average Social Security income was sourced from the Social Security Administration’s Monthly Statistical Snapshot, and the 20-year cost of retirement was calculated. The livability was sourced from AreaVibes and used to determine the overall quality of life, representing the “best” places. The cities with a 20-year cost of retirement under $500,000 were sorted to show the highest quality of life, representing the best places you can retire with $500,000 in savings. All data was collected on Aug. 7, 2025.
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This article originally appeared on GOBankingRates.com: 36 Best Florida Cities To Retire With $500K in Savings
