Realtors Say Retirees Should Avoid Buying in These 9 Florida Suburbs in the Next 5 Years

When building out a retirement plan, buying a home is often a key part of the planning process. If you want to buy in retirement, it's critical to find a home that won't end up becoming a major drain on your financial resources. After all, most of us want our nest egg to stretch out as long as possible.

This guide explores several Florida cities that real estate agents advise retirees to avoid buying in.

Editor's note: All housing data comes from Zillow, unless otherwise stated.

Cape Coral

Average home price: $335,825

Cape Coral has seen a significant decline in housing prices in recent years. But the bargain prices might not be a good sign for retirees looking for a long-term home.

"I'd warn retirees about buying in Cape Coral, especially around the low-lying or waterfront areas," says Jessica Robinson, co-owner of Family Nest North Central Florida. "Homeowners insurance can cost around $4,000 a year and it doesn't cover damage from flooding. Flood insurance in Cape Coral can cost an average of thousands of dollars per year."

With insurance costs easily adding thousands to your homeownership costs each year and the threat of hurricanes, Cape Coral might not be a good fit for most retirees.

St. Petersburg

Average home price: $354,074

St. Petersburg offers residents lots of waterfront property options. But with waterfront living comes the threat of flooding.

"I would also caution retirees against buying in flood-prone parts of St. Petersburg without carefully reviewing the property's flood exposure," says Robinson. "Unfortunately, retirees have to consider the risks and costs that can come from natural disasters when deciding where to retire."

Sarasota

Average home price: $409,878

Although Sarasota offers lots of charm, it's not the right fit for everyone. "Some retirees should think twice about buying here and instead consider nearby communities with more value," says Alan Atchley, owner at Better Homes & Gardens Real Estate Atchley Properties in Sarasota.

Atchley continues, "While we have the best beaches and undeniable small town charm, if you're a retiree on a budget or looking for more bang for your buck, Sarasota is definitely one Florida suburb you may want to avoid."

Miami Gardens

Average home price: $475,297

When you think of Miami Gardens, you might think of a tropical oasis. Unfortunately, it might not fit the dream for many retirees.

"Miami Gardens is so low in elevation that flooding will occur during an average rainstorm, let alone a cloudburst," says Jonathan Carcone, principal at 4 Brothers Buy Houses. "The cost of homeowners insurance is very expensive here due to the high crime rate and would be a poor choice for seniors."

Homestead

Average home price: $434,225

With lots of amenities nearby, Homestead can feel like a great option for some retirees. But the high costs and extensive congestion might lead to headaches.

"The severe hurricane exposure will cause extremely high premiums for windstorm insurance," says Carcone. "Besides, traffic congestion creates frustration."

Poinciana

Average home price: $279,614

Even if you're looking for a quiet retirement, Poinciana might even be too quiet for you.

"This area is far away from everything to be frank, To get anything essential, it's a long commute. There are also short-term rentals all over this area which causes problems with turnover," says Carcone. 

Lake City

Average home price: $264,618

At first, Lake City's housing prices might seem like a bargain. But the lack of services might make Lake City a poor choice for many.

"While housing prices look cheap upfront, the city lacks the lifestyle infrastructure, senior programming, and community safety that retirees look for," says Jeremy Olsher, principal at Mizner Residential Group - Compass FL. "It also experiences higher localized property crime rates than Florida's more dedicated retirement destinations."

Ruskin

Average home price: $311,279

It's natural to need more medical care as you age. But if you live in Ruskin, getting that medical care can be exhausting.

"Seniors living here often find themselves completely isolated from essential healthcare networks and specialized doctors, necessitating long, exhausting drives for routine checkups," says Olsher.

Beyond medical care, living in Ruskin means limited access to the amenities commonly found in major metropolitan areas.

Freeport

Average home price: $387,463

Freeport is a booming small town. While home prices seem relatively affordable, new residents will quickly find a lack of amenities in the growing array of subdivisions popping up in the area.

"During the recent housing boom, some subdivisions were being sold out before the completion of many community amenities such as clubhouse/pool facilities and roadways," says Matt Brown, broker associate at William Raevis Real Estate. "Therefore, new homeowners in these developments may be paying Homeowners Association (HOA) fees for unfinished amenities/infrastructure projects."

Bottom line

Buying the wrong home in retirement is one of the biggest financial mistakes you can make. Unfortunately, it's not always easy to sell a home after you've signed on the dotted line. If you don't like living in that town, you might get stuck there.

Before committing to a home purchase in retirement, consider making a trip to the location for more than a weekend. If possible, visit several times for more than a week to see how you like the town in different seasons before jumping into a major purchase. Or consider renting when you first get to town to decide if you like it before you part with a chunk of your nest egg.

This article is for informational purposes only and should not be considered investment advice.

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