The staggering increase in older renters outside of Florida is due in part to extreme weather, as well as insurance and HOA costs, making the Sunshine State no longer the draw it once was for retirees looking to own a condo. Instead, renting elsewhere is a more cost-effective option.
Says Realtor.com’s Xu:
“Compared to Florida, which has long been a popular but increasingly expensive retirement destination, many parts of Louisiana, Texas, and the Carolinas offer more affordable housing and cost of living, which is especially important for seniors living on fixed incomes. In today’s high-price, high-interest rate environment, buying a home can feel riskier and more financially burdensome than it was a decade ago. At the same time, the rise of senior-focused rental communities—offering accessible design, social amenities, and supportive services—has made renting a more budget-friendly and manageable option.”
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