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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.
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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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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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benedek / Getty Images/iStockphoto
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
Mishella / Getty Images/iStockphoto
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
Jillian Cain Photography / Shutterstock.com
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
halbergman / Getty Images/iStockphoto
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
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Vito Palmisano / Getty Images/iStockphoto
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
Boogich / Getty Images
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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Ebyabe / Wikimedia Commons
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
felixmizioznikov / Getty Images/iStockphoto
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
DeborahMaxemow / Getty Images
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
DenisTangneyJr / iStock.com
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
Dave Clements / Flickr.com
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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©iStock.com
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
aimintang / iStock.com
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
Jim Schwabel / Shutterstock.com
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
littleny / iStock.com
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
©iStock.com
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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felixmizioznikov / Getty Images/iStockphoto
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
felixmizioznikov / Getty Images
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
Richard Elzey / Flickr.com
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
Wirestock / iStock.com
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
Ken Badgley / Getty Images/iStockphoto
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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Ken Badgley / Getty Images/iStockphoto
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
CampPhoto / Getty Images/iStockphoto
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
Michael Warren / Getty Images/iStockphoto
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
DanTD / Wikimedia Commons
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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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
benedek / Getty Images
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
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
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
Bkamprath / Getty Images/iStockphoto
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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©Zillow
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
Photoladybug / Getty Images/iStockphoto
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
LUNAMARINA / iStock.com
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
ablokhin / Getty Images
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