Cost of Retiring in Destin Florida

If you are considering retiring to the Emerald Coast, then you have come to the right place. Tim Whittemore put together a few indicators that will show the cost of living in Destin, Florida for retirees. 

Housing

• Condos:

The best place to start this post is with housing. Most people considering to retire here usually go straight for the condos simply because they require little effort to maintain. Now, how much are the beachfront condos going for? As of July 13, 2020, you can get a two bedroom one bathroom condo at 900 sq/ft for $209,000. Although, the price really goes up from there. For example, you can find a 4 bedroom 3 bathroom 5,200 sq/ft condo for $5.9 million. 

Fortunately, you don't have to choose one or the other. The average price of a condo in Destin and the surrounding areas is between $350,000 to $450,000. Again, this price range is for the beachfront properties. You can easily find a condo that fits all your needs without paying that beachfront price. If you aren't set on getting a beachfront property, but would still like a waterfront property, there are condos available that are two bedroom two bathroom for as little as $182,000. The current market for these type of properties slightly less at $325,000 to $400,000. 

• Single-Family Homes:

When it comes to looking for a single-family home, the market begins to open up a bit to variation. You can easily find a home in the Destin-Fort Walton Beach area for anywhere between $280,000 to $505,000. Say you don't want to buy and decide to rent a single-family home instead. Well, the average rent in the area is approximately $1,400/month. 

Overall, Destin is fairly close to the national average in housing cost as it comes in at 148/100.

Groceries & Utilities

To start things off, the cost of groceries in Destin scores higher than the national average coming in at a 102 out of 100. So be aware that you will be paying slightly more for your groceries here than other places. Furthermore, if you prefer the more organic options, that cost will increase further. 

As for utilities, the weather in Destin can be temperamental. Everyone knows that Florida, in general, is hot and humid, although, it does get quite chilly. As a result, you will be using both your heat and air conditioning throughout the year. The utility score comes in at 119 out of 100, so there is a price to pay to live in Destin. 

The total score given to Destin for costs of utilities and groceries is 114/100. Again, slightly above the national average, but that is the price to pay to live in paradise. 

Things to Do

Since Destin is a popular tourist destination, there are plenty of activities in the area. The prices for such activities vary significantly. There are several golf courses that are affordable to play on a regular basis, both as a member and as a non-member. There is also plenty of public beach access, so costs to enjoy the beach are insignificant. Beyond that, the number of restaurants in Destin and the surrounding towns and cities will keep you occupied if you wish to expand your cuisine. Again, the cost for eating out varies and really depends on your preference for food. 

Unfortunately, the cost to retire in Destin really does change based on your preferences and needs. Your main costs will be associated with the purchasing a condo or house, but with that, the price range can vary from around $200,000 all the way up to a multi-million dollar home.

Regardless, if you are looking to retire to Destin, be sure to reach out to us at the Whittemore Group and we can assist you in finding the perfect home.