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How Much Does It Cost to Retire in Naples, FL?

Naples is home to world-famous shopping, picturesque beaches and a vibrant culture that all make it a popular retirement destination among Florida’s senior community. The high standard of living that Naples families enjoy comes at a cost, but there are several ways that locals can reduce their monthly expenditures. Florida residents do not have to pay taxes on income from labor or social security benefits, and citizens over the age of 65 can take advantage of homestead exemptions of up to $50,000.

Housing costs

If you are thinking about retiring in Naples, you are probably wondering what you can expect to pay for housing. Forbes figures estimate that the median price of a home in Naples was $275,300 in July of 2015, which was significantly more expensive than the national average. Rental rates in Naples run relatively high as well, with a single bedroom apartment costing an average of $1,425 per month and a two-bedroom unit costing around $2,067 as of July 2016.

Not all seniors are able to live safely on their own. If you require assistance with day-to-day activities, residential communities throughout Naples can ensure that you receive the help you need in a safe and comfortable environment. Long-term care tends to be more expensive in Naples than elsewhere, with assisted living residents paying an annual median of $58,020 for a room in 2016. Nursing home residents paid an annual median of $109,500 for a shared room and over $125,000 for private quarters.

Health care costs

In Florida, Medicare spending per person tends to be slightly higher than the national average. While Medicare paid $9,500 per person nationwide in 2014, Florida residents cost the program over $10,700 per person. While you might expect Naples to follow this trend, Medicare spending in Collier County is actually lower than both state and national averages. In 2014, the program paid an average of just $9,234 per Naples area beneficiary. Despite the city’s booming popularity, Naples retirees can still find world-class health care at affordable prices.

Transportation costs

While gas prices in Naples tend to be relatively inexpensive, insurance prices are often high for the city’s residents. Naples families pay an average of $1,256 each year for auto insurance, but seniors with a clean driving record may be able to find lower premiums. Be sure to shop around to find out who offers the best coverage at the cheapest rates.

Don’t have a car? You can still get around Naples without breaking the bank. Collier Area Transit (CAT) public transportation services carry thousands of passengers to locations throughout Naples and the surrounding area each day. Seniors over 65 and Medicare beneficiaries are eligible for reduced fare ticket rates, including half-priced tickets, 7-day passes and 30-day passes.

Free entertainment in Naples

Naples is full of free and fun things to do for senior citizens and their families. A number of local beaches, parks and natural preserves offer Naples residents the opportunity to hike, bike and enjoy nature, as they keep fit. You can also visit the Collier County Museum, the Marco Island Historical Museum, and the Museum of the Everglades to learn about local art and history through free exhibits and hands-on experiences.

Learn more about Naples Retirement Planning here:

What's the Cost of Living in Naples, FL?

Naples Financial Advisors

Naples Elder Law Attorneys

Naples Senior Realtors

Naples Senior Movers and Downsizers

Naples Neighborhood Guide

Live Like a Local in Naples

Naples Demographics and Lifestyle

Find assisted living in Naples near you.