So that you’re dreaming of transferring to Florida—the house of Disney World, Common Studios, airboats and alligators, the Kennedy House Middle, and among the nation’s most stunning seashores!
However how costly is the price of residing in Florida? That’s a sensible query to ask earlier than you substitute all of your winter garments with gallons of suntan lotion and head towards the Sunshine State.
To study when you can afford to dwell in Florida, you’d have to match the price of residing in your present metropolis with the Florida metropolis of your desires. That will help you make a assured choice, we’ll present you the way a lot Florida expenses for “tremendous enjoyable” grown-up stuff like housing, meals, taxes and payments.
Let’s hit the seaside!
What’s the Common Price of Residing in Florida?
Regardless of being one of the crucial widespread trip and retirement locations within the U.S., Florida will be reasonably priced. Actually, the typical price of residing in Florida just isn’t even 1% greater than the nationwide common, in keeping with a Price of Residing Index.1 However there’s nonetheless a variety—some Florida cities rank 8% decrease to 18% greater in price when in comparison with the typical U.S. metropolis.2
Discover skilled brokers that will help you purchase your own home in Florida.
To get these numbers, we use a Price of Residing Index that compares a dozen cities in Florida with the typical U.S. metropolis for a number of expense classes. An quantity under 100 means Florida has a decrease price of residing than the U.S. common for that class—have a look!
Price of Residing
Well being care
To raised perceive this index, let’s take a more in-depth take a look at every class.
Housing Prices in Florida
Okay, let’s begin with housing prices. In the summertime of 2021, median dwelling costs in Florida had been greater than $382,000—only a tad decrease than the nationwide median of $385,000!4
Sadly, it’s a unique story for hire: The median month-to-month hire for a two-bedroom condo in Florida was greater than $1,500—practically 27% greater than the nationwide median of $1,200!5
Bear in mind, not all of Florida prices the identical. When you think about complete housing price elements, Florida ranges all the way in which from 17% decrease than the nationwide common in Daytona Seaside to 51% greater in Fort Lauderdale!6
To search out the Florida metropolis that matches your price range, try the price variations between these cities:
Metropolis in Florida
Common House Value
Common Residence Lease
Utility prices like vitality and telephone use in Florida vary from 13% decrease than the nationwide common in Tallahassee, to 56% greater in Gainesville.8 Miami is someplace within the center vary amongst Florida cities for utility prices and is just about the identical because the nationwide common. Belief us, you’re going to need to crank up the AC. They’re not known as the Miami Warmth for nothing.
Seize your grocery cart, we’re headed to Publix! This widespread Southeastern grocery store chain was based and is headquartered in Florida, so there’s an opportunity you’ll purchase some oranges and key lime pies there when you transfer to the sunny state. Groceries in Florida vary from 4% decrease than the nationwide common in Pensacola, to 19% greater in Miami.9
In the meantime, Tampa sits someplace within the center worth vary amongst Florida cities. In Tampa, you should purchase a picnic price of fried hen, bread, lettuce, chips and coke for about $12—which is 4% greater than the nationwide common.10 However hey, a picnic on the seaside might be price the additional change.
Rev up your engines! Florida transportation prices vary from 12% decrease than the nationwide common in Jacksonville, to 11% greater in Fort Myers.11
Talking of transportation, Daytona Seaside—dwelling of all issues motorsports, together with NASCAR’s headquarters and the Daytona 500—drifts into the center vary for transportation prices amongst most Florida cities, which is almost 2% decrease than the nationwide common.12
Since Florida is generally a driving state, you’ll need to preserve transportation prices low by getting the suitable protection. Strive bundling your auto insurance coverage for a reduction by speaking to one of many impartial insurance coverage brokers we suggest.
Well being Care
Florida well being care prices vary from 16% decrease than the nationwide common in Jacksonville, to 10% greater in Vero Seaside.13 In the meantime, Tampa, on the Gulf Coast, sits within the center vary amongst Florida cities, with well being care prices practically 2% decrease than the nationwide common—not too shabby.14
Right here’s a breakdown of how Tampa well being care prices evaluate to the typical metropolis within the nation:
Well being Care Kind
Tampa, FL Price
Common U.S. Metropolis Price
Are you able to guess how a lot earnings tax Florida expenses? Zilch, zip, nada, nothing!16 That’s proper, people, the Sunshine State doesn’t take any of the hard-earned cash out of your paycheck or retirement earnings—one of many many perks that makes Florida such a well-liked place to retire.
Bear in mind, Florida nonetheless has a state gross sales tax fee of 6%—or 7.08% when you embrace its common native tax fee.17 That’s not too dangerous, although, contemplating the share solely ranks Florida because the twenty second highest within the nation for complete gross sales tax.18
However the draw back is that Florida has one of many highest taxes within the nation on cellphone use and gasoline—together with another particular taxes.19 If all this tax discuss makes you’re feeling dizzy, don’t fear. Yow will discover out precisely how transferring to Florida will influence your taxes by connecting with one in all our trusted tax advisors.
Miscellaneous Items and Companies
Miscellaneous prices check with a variety of products and companies together with issues like frequent restaurant meals, clothes, leisure, actions and private care. In Florida, these prices vary from 8% decrease than the nationwide common in Palm Coast, to eight% greater in Fort Myers.20
Gainesville represents most Florida cities for miscellaneous prices, that are 3% lower than the nationwide common. In Gainesville, the everyday “Florida Man” can order a pizza for $9, get a haircut for $22, and purchase a brand new shirt for $24. For reference, these costs are $11, $19 and $31 for the typical U.S. metropolis.21
How A lot Do You Have to Dwell Comfortably in Florida?
In Florida, the median family earnings is $55,660.22 However when you make that a lot, it doesn’t mechanically imply you’ll be able to afford to dwell wherever in Florida—no less than not comfortably.
If you wish to dwell comfortably within the Sunshine State, first ensure you can afford your greatest bills—specifically, your housing prices.
Whether or not you resolve to hire or purchase in your new metropolis, follow the 25% rule—by no means transfer into a house that comes with a month-to-month cost that’s greater than 25% of your month-to-month take-home pay.
For dwelling patrons who’re getting a mortgage, that 25% restrict consists of principal, curiosity, property taxes, dwelling insurance coverage and personal mortgage insurance coverage (PMI)—and don’t neglect to contemplate householders affiliation (HOA) charges. Use our mortgage calculator to enter your down cost quantity and check out totally different dwelling costs inside your price range.
For a mortgage you’ll be able to repay quick, discuss to our mates at Churchill Mortgage about getting a 15-year fixed-rate typical mortgage. Every other kind of mortgage will price you further in curiosity and costs and preserve you in debt for many years.
Belief us, following the 25% rule will provide you with sufficient room in your price range to stability housing prices and your different residing bills with ease.
Examine the Price of Residing in Florida With Your Present Metropolis
Now you understand the price of residing in Florida—however are you able to afford it? If you wish to make certain, strive our free Price of Residing Calculator to find out how a lot roughly costly it might be so that you can dwell within the Florida metropolis that’s calling your identify.
If Florida has a better price of residing than you’ll be able to at present afford, not all hope is misplaced. Strive one in all these concepts:
Alter your way of life
Attempt to bump up your wage if you discover a new job
Transfer to an reasonably priced zip code that’s inside vary of your required metropolis
Able to Transfer to Florida?
For those who’re in a position to afford residing in Florida, congrats! The subsequent step in your relocation journey is to deal with your housing. For an immediate method to discover actual property brokers we belief in Florida and your present metropolis, strive our Endorsed Native Suppliers (ELP) program. We solely suggest prime brokers who’re on a mission that will help you crush your relocation objectives.
Discover a Florida actual property agent we belief!
The place Did We Get Our Knowledge?
The information that drives most of those numbers and our Price of Residing Calculator comes from the Price of Residing Index printed by the Council for Neighborhood and Financial Analysis (C2ER). Since the price of residing in any space is continually altering, you’ll be able to all the time test our calculator to seek out the latest information. If you wish to study extra about C2ER, get the inside track here.