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Cyndi Monaghan/Getty Images October 06, 2022 Mia Taylor is a contributor to Bankrate and an award-winning journalist who has two decades of experience and worked as a staff reporter or contributor for some of the nation's leading newspapers and websites including The Atlanta Journal-Constitution, the San Diego Union-Tribune, TheStreet, MSN and Credit.com. Michele Petry is a senior editor for Bankrate, leading the site’s real estate content. Bankrate logo The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. Bankrate logo The Bankrate promise
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You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. The Sunshine State’s beaches and warm climate are a powerful draw. Florida is attracting new residents in droves — it was the number one state that people moved to in 2021, according to a recent . And it’s no wonder: Two Florida cities appear on Bankrate’s newest rankings of the , and the state tops our list of . One of our is Tampa, a city that actually skews young, rather than retirement age, thanks in part to its numerous colleges and universities. Other top-rated cities include Jacksonville, Gainesville and Orlando, which all receive high marks for affordability and job offerings. For a long time, Florida had a reputation of being one of the more budget-friendly states in which to live. But that appears to be changing as the cost of housing trends ever upward. As of August 2022, median sale prices for homes in the state reached $407,000, according to . And Miami was labeled the least affordable city in the nation for renters by a issued earlier this year. What s the average cost of living in Florida
Housing is a big piece of the puzzle when it comes to overall cost of living — but it’s not the only piece. There’s also what you’ll need to pay for daily essentials like food and transportation. According to , a single adult with no children would need to earn a minimum of $35,858 to make ends meet. Here are some key costs to consider if you’re thinking of moving to Florida: Housing costs
Whether you’re seeking to rent or buy, there’s a great deal of competition for homes in Florida. The influx of people moving from pricier parts of the country is pushing up prices and squeezing many longtime residents out of the market, particularly those in lower-paying jobs. And be sure to look into the cost of , which may be high due to potential damage from hurricanes and other risks. The state is home to the top three cities in the Sun Belt where rents increased the most between 2021 and 2022, according to Realtor.com. In Miami, rents in February 2022 had soared 55.3 percent since the previous year, with the median monthly rent reaching $2,929. In Orlando, rents rose 35.4 percent to $1,843, and Tampa rents increased 32.3 percent to $2,098. On the buyer side, the $407,000 median sale price for single-family homes represents a 15 percent year-over-year increase, say Florida Realtors. And the median price for a condo or townhouse, $305,000, is an increase of more than 20 percent. However, there are signs that inventory is increasing, which may help ease prices. Utility costs
Utility costs in Florida are 3 percent higher than the national average, according to RentCafe. Average monthly utility bills in major cities run well over $100. In Orlando, home of Disney World, utilities cost a steep $185 per month on average, while in Miami, monthly bills are typically around $128. Grocery costs
Amid the inflation pressures sweeping the nation, have been rising. The cost of typical grocery items, like baked goods, meats and produce, rose 15 percent between 2020 and 2022. According to MIT’s living wage calculator, food costs in Florida run about $3,351 per year for a single adult with no children. For a family of four, two adults and two children, that figure rises to $9,856. Transportation costs
Unlike many other living costs in Florida, transportation is about 1 percent less expensive than the national average. MIT’s data puts annual transportation costs in the state at $5,509 for one adult. For a family of four, that cost ticks up to $15K. Taxes
The state of for individuals, according to the Tax Foundation. It does, however, charge a 6 percent sales tax. Property tax rates in Florida vary by county but average about 0.91 percent of a property’s value. That puts it right near the national median — it ranks 26th out of the 50 states in property taxes. Florida s job market
Florida offers a robust job market. is the Publix supermarket chain, which is headquartered in Lakeland, followed by — no surprise — Walt Disney Parks and Resorts. (Grocery chains and amusement parks loom large in Florida’s employment scene, as Winn-Dixie and Universal Orlando also rank among the state’s top employers.) The state’s unemployment rate as of August 2022 was just 2.7 percent, according to the . That’s 1.6% lower than it was in 2021, and it’s a full percentage point lower than the national unemployment rate of 3.7 percent. Ready to move to Florida
Before relocating anywhere, it’s a good idea to visit and explore the different areas where you might consider living. Daily expenses, job opportunities, healthcare offerings and entertainment options can vary significantly from place to place, even within the same state. Use to determine the differences from one Florida city to another — for example, the cost of living in Miami is more than 25 percent higher than it is in Jacksonville. If you’re looking to , be sure to work with an experienced local . An agent who knows the intricacies of the local market can make all the difference on your house hunt, especially if you’re . Ask friends and family in the area for referrals, and if you see a “for sale” or “sold” sign in a neighborhood you’re interested in, reach out to those agents as well. FAQs
Is it expensive to live in Florida
Though the state has long had a reputation for being an inexpensive place to live, housing costs are high (and getting higher). The median sale price for a single-family home in Florida is $407,000. However, the overall cost of living in the state is only about 1 percent higher than the national average.
What is the average home value in Florida
The median value of owner-occupied homes in Florida is $232,000, according to . However, current sale prices tell a different story. Florida Realtors’ most recent statistics show that the median sale price for single-family homes in the state was a much higher $407,000 as of August 2022. The median for condos and townhouses was $305,000.
How much does it cost to live comfortably in Florida
According to MIT’s living wage calculator, which estimates how much individuals must earn to support themselves across the nation, individuals in Florida who have no children must earn a living wage of at least $17.24 an hour to comfortably make ends meet. For an individual with one child, the adequate living wage increases to $33.90 an hour, and for an individual with two children, it’s $42 per hour. However, as with anyplace else, the cost of living in Florida varies significantly from city to city. SHARE: Mia Taylor is a contributor to Bankrate and an award-winning journalist who has two decades of experience and worked as a staff reporter or contributor for some of the nation's leading newspapers and websites including The Atlanta Journal-Constitution, the San Diego Union-Tribune, TheStreet, MSN and Credit.com. Michele Petry is a senior editor for Bankrate, leading the site’s real estate content. Related Articles