Five Affordable Retirement Options Near the Beach
You’re getting ready to retire You are a beach-goer and want to take a day trip to the coast every day. This means that you will have to pack up your belongings and move to a different coastal area.
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You have dreamed of living near the ocean for many years. You will need to find a place that is affordable, as you will be earning a fixed income.
According to Realtor.com in August, the median price of a home for sale in the U.S. stood at $435,000 While you might be willing pay a premium to live near the beach, it is not advisable to overspend.
There are many beach towns that offer both affordable living and senior citizens.
You can make new friends by choosing one of these retirement hotspots while still living within your means. Here’s a look at five affordable U.S. beach towns for retirees, so you can start planning your new life on the beach.
Garden City, South Carolina
Garden City, South Carolina is located approximately 10 miles from Myrtle Beach. It has a small, resort-like population of about 11,000 people. 40% of the residents are over 65.
Garden City, which covers 5.5 square miles of land, offers easy access to the beaches from almost any place you choose. As of May 2022 the median home sale price was $315,000 which is significantly lower than the national average.
South Carolina also has low taxes. This means that there is no tax on Social Security benefits and minimal property taxes. There is also a significant retirement income deduction from the state income tax.
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Vero Beach, Florida
Vero Beach is a quiet beach town on the Atlantic Ocean where you can spend your golden years. According to The Mesothelioma Clinic, Vero Beach was the second-best place in America for senior healthcare in 2021.
As of May 20,22, the median home sale price was $395,000. This allows you to live close to the coast for less than the national norm. Florida is one of nine states without an income tax. You won’t pay any tax on unearned income.
Vero Beach is a small community with a population of around 16,700. A large portion of Vero Beach’s residents are 65 years old or older, which means there is plenty of opportunity for socializing.
Venice, Florida
Venice, Florida is a retirement haven with a population just above 26,000. Nearly 62% of the residents are over 65. StorageCafe ranked Venice as the best destination for snowbirds between 2021-22.
It is situated on the Gulf of Mexico. The city offers lots of entertainment such as concerts in the Park, festivals and community theatre. In 2022, the median price of a home was $450,000.
Florida doesn’t have an income tax and a tax only on certain types unearned income. This helps offset the somewhat higher than average, but still manageable cost of living.
Cape Carteret, North Carolina
RetireNC has designated Carteret County as a Certified Retirement Community. This is an ideal place for active retirees. Cape Carteret is located in South Carolina’s Southern Outer Banks. This region is famous for its tranquil beaches and serene living.
Carteret County is home to approximately 68,500 people, with just under 26% of them being 65 years old or older. Homes had a median selling cost of $398,000 as of May 2022. This makes it cheaper to live on the beach than the national average.
Daytona Beach, Florida
Daytona Beach is home to the Daytona 500, and many other events. It has 23 miles of sandy beaches. The average home sold in the Atlantic Ocean area was $260,000 by May 2022. It makes it very affordable to live on the beach.
Daytona Beach is home to nearly 75,000 residents, with 20% of those over 65. This city is very friendly to retirees. It even has Latitude Margaritaville which is a Jimmy Buffet-inspired community for 55 and over.
You’ll also enjoy low taxes because Florida doesn’t have either an income tax nor a tax on unearned income.
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Please note: The photos are intended to be used for representational purposes only. Unless otherwise stated, all data was sourced by Redfin or the U.S. Census Bureau.
This article was originally published on GOBankingRates.com: 5 Affordable Places To Retire Near the Beach