How the Cost of Living in Florida Compares to the Nation – 24/7 Wall St. (2024)

FAQs

How the Cost of Living in Florida Compares to the Nation – 24/7 Wall St.? ›

Living in Florida is about as expensive as it is on average across the U.S. as a whole. According to data from the Bureau of Economic Analysis, goods and services in the state cost just 0.6% more than they do on average nationwide. Compared with all other states, Florida has the 15th highest overall cost of living.

Florida's overall cost of living is just about equal to the national average, according to data from RentCafe, but its most famous draw, Miami, is notoriously expensive when compared to other Southeastern U.S. hubs.

Average Cost of Living in Florida: $50,689 per year

Florida residents enjoy the 32nd-lowest cost of living in the United States, per MERIC data gathered in 2022.

The cost of living in Florida is 1% higher than the national average. Housing is 4% higher than the national average, while utilities are 1% higher. When it comes to basic necessities such as food and clothing, groceries are around 2% lower than in the rest of the country, while clothing costs 2% lower.

The cost of living in Orlando, FL is -41.2% lower than in New York, NY. You would have to earn a salary of $35,309 to maintain your current standard of living. Employers in Orlando, FL typically pay -19.2% less than employers in New York, NY.

The Takeaway

Florida can be an expensive place, mostly because the cost of renting or owning a home has gone up so much. But with a good salary — by one definition at least $60,000 for a single, childless person — and a solid spending plan, you can enjoy the laid-back Florida lifestyle.

Cape Coral

Known as the “Waterfront Wonderland,” this charming town is not only one of Florida's most affordable places but it is also one of the safest. Located in the southwestern part of the state near Fort Meyers, Cape Coral has an intricate system of canals which allow its residents to always be near the water.

If you are looking for a place to spend your golden years, look no further. Florida was ranked the second-best state to retire to in 2022, due primarily to low taxes and great weather.

Is $50,000 enough to live in Florida? ›

Yes, you can afford the average cost of living in Florida. If you receive a salary in excess of $50,000 per year, you will have enough to cover your expenses. The biggest companies in Florida all have high-paying jobs.

While Florida is often considered a popular retirement destination due to its warm climate and lack of state income tax, it isn't the absolute cheapest state to spend your golden years in.

No state income tax in Florida, cheaper real estate and the weather are the top reasons broker Melissa Cantway said people are still moving here.

Florida is one of nine states that doesn't levy an income tax. The other eight are: Alaska. Nevada.

During the coronavirus pandemic, many New Yorkers who could work remotely and were looking for warmer climes and more affordable housing options left the city in droves.

Perhaps not surprisingly given its much higher crime rates, Florida's incarceration rate in 2019 was more than twice that of New York's (870 versus 420 per 100,000 adults) (BJS, 2021 ).

Low income describes a family at or below 80% of area median income. Moderate income describes a family at or be- low 120% of area median income (at or below 100% of median income for federal programs).

In Florida, MIT says on average a single person needs to make a minimum of $30,825 a year before taxes in order to make a livable wage.

The current minimum wage in Florida is $8.56, slightly higher than the federal minimum wage of $7.25. Economists estimate that Floridians need to earn at least $15.60 per hour to enjoy a living wage and comfortable lifestyle. This is an average salary of $32,448 per year.

As a state, Florida's middle-class income ranged from $42,252 to $126,124, with a median household income of $63,062. Here is how that compares to other states nearby: Georgia: $44,595 - $133,118; medium household income, $66,559.

How much is the average house price in Florida? ›

The average home value in Florida is around $377,000 as of 2023. This is an increase of 11.8% compared to the previous year. The average home price can vary widely depending on the location within the state, with some areas being significantly more expensive than others.

And their findings revealed Florida came in at #10 on the happiest states list, jumping into that spot from traditionally low or middle rankings. "Florida residents report a higher well-being in the purpose, community, social relationships, and physical health elements than a majority of states," they write.

1. Crystal River. Crystal River takes the number one spot on the list by having the lowest overall expenditures, the lowest monthly rent, and a decently high livability score of 81.

Despite ranking ninth in affordability, Florida came in at No. 4 for quality of life. Residents of the Sunshine State bear the sixth-lowest tax burden in the country, according to WalletHub, but Florida's cost of living has steadily risen over the past few years.

Think the cost of living is going up in Florida? It definitely is. In fact, US News & World Report designated Miami as America as the second least affordable place to live only behind Los Angeles.

The state's now home to the least affordable places to live in the U.S., according to multiple studies covering rental costs, home prices and income. Rent.com reported Tampa's average rent for a one-bedroom apartment was $1,682, up 32.4% since the year before. In St. Petersburg, it's $1,890 or 19.6% higher than 2021.