Florida's warm weather, beautiful beaches, and low taxes have made it a dream destination for many Americans to retire, but it is now becoming out of reach for some.
Lucia Laureano has always pictured Florida as the ideal place to live out her golden years. What she didn't expect was how much it would cost.
"When I got hit with the first increase, I couldn't believe it. I couldn't believe it. I was shocked," Laureano said.
When Laureano first moved into her 55+ retirement community in Lakeland, her lot rent was $887. In January, it will go up to $2,000 a month.
"Snowbirds that have been here for 20-something years, since they've built the park, and they're talking about how the rent started to what it is today and they can’t believe it," Laureano said.
A recent analysis from retirement experts for GOBankingRates found some people are rethinking the Sunshine State as the go-to retirement destination.
The cost of housing in Florida has skyrocketed, with a median home value of nearly $393,000, according to Zillow.
"It used to be that people could retire in Florida and get a beautiful home for fairly inexpensive compared to other states. Now it's not as competitive as it used to be, so that makes it more difficult to retire to the home that they want to be in," said Dave Duquette, president of Impact Wealth Advisors.
Some retirement experts say the state's ongoing insurance crisis is also driving retirees to find more affordable places to call home. No matter where you live, wealth advisers like Duquette say one of the biggest mistakes people make when planning for retirement is their savings percentage.
"We teach them how to save more than 5%. We're wanting to focus on trying to save at least 20% of gross income and helping them diversify where that's going. Not all into a vehicle like a traditional 401K," Duquette said.
Financial advisers said, to make your cash stretch further during retirement, you should continue to invest, set aside money for emergencies, and become debt-free.
Experts said states like Alabama, Wyoming and South Carolina are becoming more attractive retirement destinations.
