Looking to move to St. Petersburg, Florida for retirement? You’re making a great choice for your quality of life. Famously pleasant weather, endless golf courses, and a large population of active seniors are just a few of the reasons retirees make their way down to the Sunshine State in their later years.
According to the Florida Census, the state has a large and growing adult population. Florida as a whole has a population approaching 20 million, and people over 60 make up nearly 23% of that population. By 2020, the State is expected to have a population of more than 23.5 million, and people over 60 will make up over 28% of that population.
Still not convinced? Learn more about the specific reasons why St. Petersburg is a top destination for retirees:
1. St. Petersburg Boasts Beautiful Weather and Activities to Enjoy
St. Petersburg is home to an array of theaters, concert halls, stadiums, and restaurants, but without the density and congestion of Miami or the inflated real estate costs of Palm Beach and Boca Raton. The weather is mild and comfortable, with average temperatures in January through March range from the low 60s to the high 60s. As an added bonus, the hurricane risk on Florida's west coast is typically less than on the East coast.
St. Petersburg extends 10 miles west to the Gulf of Mexico, where you can follow a 20-mile beachfront road toward some of the state’s best beaches - most of which are free or nearly free for admission. There are also many quiet, quaint areas in the area with parks and outdoor walking paths for seniors to enjoy.
The city is also just a 90-minute drive from Disney World, which is a great amenity for retirees who have grandchildren to entertain.
2. Housing in St. Petersburg is Affordable
If buying a new home is part of your retirement plan, you’ll be happy to hear that the housing market in St. Petersburg is affordable. According to real estate website Zillow, the median price of homes sold in St. Petersburg is $210,500, which is below the national average of $226,500.
Home values in St. Petersburg are reasonable on their own, but the state of Florida also offers exemptions that make owning a home an even more attractive option. Florida’s homestead exemption is available to homeowners for their principal residence. It exempts $25,000 of a home’s assessed value from school district property taxes and $50,000 for all other types of property tax.
In most cases, the exemption results in approximately $500 - $800 in tax savings for Florida residents. In Pinella County, where St. Petersburg is located, senior citizens age 65 and over could qualify for an additional homestead exemption of up to $50,000. Your real estate agent can help you navigate the ins and outs of the homestead exemption.
3. St. Petersburg is Tax-Friendly for Seniors
The tax-friendly environment is one of the many reasons why seniors migrate down to Florida for retirement. Consumer finance service SmartAsset refers to Florida as the “ultimate destination” for retirees who want to stretch their income as far as possible. The state has no income tax, which means all forms of retirement income, including Social Security, public and private pensions, are also tax-free.
As an added benefit, Florida’s sales and property taxes are in line with the national average. The separates Florida from other income-tax-free states, who generally make up for the lost revenue with high taxes on property or sales.
4. St. Petersburg is Home to Different Senior Living Options
Not interested in buying a house for your retirement? St. Petersburg has many different living options for seniors who want to call the city home. You can consider the idea of buying into a retirement community, which allows you to be a homeowner without having to deal with the full scope of responsibilities that normally come with owning a home. Exhausting chores like landscaping, exterior maintenance, termite extermination and other home maintenance issues are instead handled by community management. These communities also offer many different amenities, such as pools, fitness centers and organized activities for residents to enjoy their retirement to the fullest.
For seniors with more complex health or mobility limitations, an assisted living facility could be a more appropriate option. There are a variety of communities in the St. Petersburg metropolitan area, and these facilities offer consistent assistance with activities of daily living, such as bathing, dressing or housekeeping, as well as help with managing any health issues you may be dealing with. They are a great living option for seniors who want the peace of mind that comes with having assistance nearby whenever needed.
Work with a reputable and trustworthy real estate agent to help you review your options for retiring in St. Petersburg. Have questions or just looking for a little advice on where to start your search? Get in touch!