Retire in Cape Coral

Affordability

Find out how much it costs to live in Cape Coral.

Cost of Living

Trying to keep your retirement income in your pocket instead of Uncle Sam’s? If that’s your goal, Florida could not be better. Rated by Kiplinger’s as one of the most Tax Friendly in the country, Florida has no income tax, no social security tax, and no taxes on any other retirement income. With a Cost of Living Index just slightly above the US average, Cape Coral itself can be considered an affordable location.

Kiplinger Rating:

Most Tax Friendly

State Income Tax:

None

Social Security Tax?

None

County + State Sales Tax

6%

Property Tax Rate *

1%

Property Tax Ranking (County Property Tax rank out of 2,773, higher rank=lower rate) *

1065

* 2008-2010

Cost of Living Index (100=average):

103.6

Housing + transportation costs as % of income:

56%

Tax Details

State Sales Tax Breaks for Seniors:

None

Pensions Taxed?

None

Tax burden: % income going to state and local taxes:

9.2%

Inheritance and estate taxes (per Kiplinger):

None

Taxing of other retirement income (per Kiplinger):

None

Property Tax Break for Seniors (per Kiplinger):

Florida residents ages 65 and older who meet certain income limits can receive an extra homestead exemption of up to $50,000 from some city and county governments and/or an exemption equal to the assessed value of the property, as long as the real estate has a fair market value of less than $250,000, the homeowner has maintained permanent residence at the location for at least 25 years, and household income does not exceed $27,994 during 2014.

 

For more detailed tax information from Kiplinger, visit www.kiplinger.com/tool/retirement/T055-S001-state-by-state-guide-to-taxes-on-retirees/

Real Estate

eRetirements has partnered with a network of over 12,500 top performing Realtors covering 91% of the United States. These Realtors will show you around town, assist you in viewing properties, and provide you with local info that would be nearly impossible to discover on your own.

Work Potential

Cape Coral may not be your best bet for full time work-it currently has roughly double the national average unemployment rate for those over 65. However, employment growth has been strong in recent years, supported by plenty of hiring in the hotel/food industry and retail.

  • Area
  • National Average

5 Largest Companies

  • Lee Memorial Health System
  • Lee County School District
  • Publix Super Markets
  • Lee County Administration
  • Wal-Mart

GDP Growth Last 3 Years

9.2%

Income Growth Last 3 Years

12.1%

Employment Growth Last 3 Years

10.2%

Top Industries Hiring

  • Accommodation and food services
  • Retail trade
  • Professional, scientific, and technical services
  • Other services, except public administration
  • Healthcare and social assistance

Breakdown Fulltime vs Part Time over 65 (%)

  • Part Time over 65
  • Full Time Over 65

Occupation Breakdown (%)

  • Management, Business, Science & Arts (MBSA)
  • Natural Resources, Contruction & Maintenance (NRCM)
  • Production, Transportation, Materials & Moving (PTMM)
  • Sales & Office (S&O)
  • Service

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