For decades, Florida has drawn in newcomers with its promise of sunshine and opportunity. Many envision the Sunshine State as a paradise of endless coastlines and idyllic retirement living. However, the reality that many seniors face stands in stark contrast to these postcard-perfect expectations.
In recent years, seniors of the state have been especially hard-pressed to contend with a widespread housing affordability crisis.
“I didn’t work all my life to become homeless. That wasn’t my goal,” said a Florida senior who wished to remain anonymous, detailing his struggle with rising housing costs during an interview with WESH 2.
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An alarming percentage of Florida seniors facing homelessness
It’s undeniable that Florida is a popular place to move to. The allure of warm weather and no state income taxes has made it a top retirement destination.
However, in recent years, Florida has experienced a significant acceleration in population growth. The state saw an impressive 18% increase in residents between 2010 and 2022.
Orange County, home to the epicenter of Orlando, saw the largest population gains in that time frame, with more than 304,000 new residents calling the area home.
As more people move to the state, the housing supply hasn’t been able to keep up, ultimately pushing housing costs higher. And for many Florida seniors, this mismatch of supply and demand is putting pressure on their budgets to the point that many are either homeless or facing homelessness.
One Florida senior shared his story anonymously with WESH 2.
When he moved to the state seven years ago, he bought an affordable home in a mobile home park in Lake County. But after living there just four years, the owner of the mobile home park died, and the property was sold to Legacy Communities, an Arizona-based property investment company.
After the property changed hands, the new owner raised his lot rent from $263 to $600. He must continue to pay his lot rent in order to keep his home on the property. Relocating the mobile home isn’t feasible, as moving costs have been quoted at $75,000, making it impossible to find a more affordable alternative.
“It’s quite stressful, to be honest with you, you know,” he said. “They just took my security and threw it out the window, it’s gone.”
If the rent increases continue, he’s not sure how he’ll manage. Although he has a part-time job, he’s concerned that ongoing rent increases on his lot will ultimately consume his entire Social Security check.
“So what do I live on?” he asked.
He isn’t alone in his fears. Older adults and seniors make up the fastest-growing homeless population in Central Florida. Although the problem of senior homelessness isn’t confined to Florida, it’s a growing issue in the state.
For example, in Miami-Dade County, people aged 65 and older made up nearly 8% of the homeless population in 2019. By 2024, that number had reached 14%.
Read more: How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you’ll need a substantial stash of savings in retirement
Affordability crisis for Sunshine State seniors
The average retired worker receives around $2,000 per month in Social Security benefits.
Although many try to live exclusively off of this benefit, it’s simply not feasible to make ends meet on this monthly income in many parts of the country, including Florida.
In the Sunshine State, seniors relying solely on Social Security benefits struggle significantly with the average rental cost of $1,900, leaving minimal resources for other essential expenses. Even seniors with additional savings face challenges in stretching their limited funds to maintain financial stability.
The median retirement savings for seniors ages 65 to 74 is $200,000. While this may seem like a lot to fall back on, many seniors face expensive medical bills and other life costs that can quickly put pressure on that stockpile.
For some, like the anonymous man who shared his story, working part-time offers a lifeline. But for many seniors, working, even part-time, is simply not possible due to physical limitations.
Are you a senior at risk of homelessness? The Senior Resource Alliance offers valuable assistance in connecting you with local services designed to help you maintain stable housing. Don’t hesitate to contact them for support during this challenging time.
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