Is Florida actually cheaper than other states? Yes and no (2024)

FAQs

Is it really cheaper to live in Florida? ›

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.

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. "A property that you would buy here for $500,000 might cost $4 million in New York City," Cantway said.

For starters, the cost of living is drastically cheaper in Florida. California ranks as the second most expensive place to live in the country so those who move from California will find real estate prices much more affordable in Florida. Not only is Florida more affordable, but there are more jobs to be had.

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

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.

Can You Afford the Average Cost of Living 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.

You may find it challenging, especially when it comes to finding a place to live. But if you share a home and other expenses, find affordable health care, and budget carefully, $30,000 a year could be enough to get by on in Florida.

Study: California Ranks as 4th Happiest State — Well Ahead of Texas and Florida.

Florida is one of the most expensive states for housing, and Miami is the least affordable city in the country, according to a report.

What are the pros and cons of moving to 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.

The other reasons that people leave the state after moving here are varied: “A nearly 14,000-member Facebook group for people moving out of Florida has cited severe weather, low wages, crowded beaches, changing politics, and steep housing prices as reasons people left.”

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.

$11.87 is the 25th percentile. Wages below this are outliers. $23.94 is the 75th percentile.

With few exceptions, employers in these states must pay each employee a minimum of $7.25 per hour.

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).

Can you live on $15 an hour in Florida? ›

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.

Basic Minimum Rate (per hour): $11.00

The minimum wage is adjusted annually based on a set formula. The Florida minimum wage is scheduled to increase to $12.00 on September 30, 2023.

Unfortunately, living in Florida has its share of risks. Hurricanes, storms, and floods can cause major damage to homes and property – and even lead to fatalities.

More high-earners moved to Florida than to any other state between 2019 and 2020, per an analysis by SmartAsset of IRS data. It found that Florida saw a net influx of 20,263 households earning over $200,000 a year—nearly four times how many high-earners decamped to Texas, the second-most popular destination.

24 after more than 60 metrics across seven broad quality-of-life categories were put into consideration. Florida ranked 31st in health care, 29th in education, 37th in crime and corrections, 11th in infrastructure, 43rd in opportunity, seventh in economy and ninth in government.

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.

The safest place to live in Florida is Satellite Beach. You'll feel safe living in this quaint city on Florida's space coast, which is home to just over 11,000 people. In 2021, there were only six violent crimes in Satellite Beach, easily making it the safest place to live in Florida.

Dade City is possibly the most affordable place to live in Florida. The median cost in Dade City is about $179,500, which falls well below Florida and the national average. You can expect to pay about $1,372 for a one-bedroom apartment in the city. It's a spacious and safe place to live.

Cities across the United States vary greatly in their environment, income, citizens' overall well-being and community. For 2023, California dominated the list of the happiest cities in America, while Fremont, California, topped the list for the second year in a row.

What is the happiest state? ›

Finland has been the happiest country on Earth for the past six years, according to the World Happiness Survey.

Florida is expensive because of its popularity among retirees and tourists. Retirees often have disposable income and spend it on activities like golfing, fishing, and boating. Additionally, housing, food, and healthcare costs are higher in Florida compared to other states.

According to several studies on cost of living, Hawaii is the most expensive U.S. state to live in. Prices are typically double in Hawaii compared to those on the mainland, and the continued rise in inflation is making costs ranging from housing to health care much more expensive.

Hawaii and California are the LEAST affordable places to live in the U.S as incomes fail to keep up with soaring property prices.

Number one reason New Yorkers are moving to Florida every year is probably because of the better weather. But income tax also helps a lot. Florida residents do not pay state income tax. Taxes are charged mainly on consumption (you pay when you buy or sell a product or service).

Naples. This smaller metro area on the Gulf Coast is the No. 1 spot out of the 150 most populous metro areas in the U.S. for its low rates of property crime, violent crime and murder. Naples also ranks sixth for desirability, making it the most desirable Florida metro area for 2022-2023.

Floridians are some of the nicest people you will ever meet in the South. It is not uncommon to have a 20-minute conversation with your waiter or bartender before you've even ordered. They go out of their way to help a stranger in need, tell you their life story, and even play tour guide for you.

Utah takes No. 1 in rankings that measure health care, education and economy. WASHINGTON, May 2, 2023 /PRNewswire/ -- Utah is the Best State in the country, according to the 2023 Best States rankings.

What is the most successful state to live in? ›

In its report, Niche also ranked the cheapest places to live in the U.S. At the top of the list this year is Brownsville, Texas. Brownsville has been steadily rising in Niche's Lowest Cost of Living ranking over the past few years, placing number six in 2021, number three in 2022 and finally, number one in 2023.

Albuquerque, New Mexico, ranks as the most affordable city in the country for single renters. Studio apartments in Albuquerque go for a median price of $700, and the average single person would only need to spend 15.33% of their income to afford one.

Cheapest vs most expensive state

The cost of living in America varies dramatically between each state. From Mississippi being the cheapest state to live in with a median household income of $46,511 to Hawaii being the most expensive state with a median household income of $83,173.

According to Norada Real Estate Investments, Florida home values have risen by an eye-popping 80% over the last five years — and GOBankingRates spoke with several experts who expect the upward trend to continue for at least another half-decade.

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 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.

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.

Top states residents are leaving

The annual 2022 United Van Lines National Movers study is out! But it wasn't good news for New Jersey or New York. A similar report from United Van Lines showed New Jersey as the top outbound state, followed by Illinois, New York, Michigan, and Wyoming.

Is Florida becoming overcrowded? ›

Over 70 percent believe Florida's overcrowding and overpopulation is a major problem. Nearly 60 percent believe that adding another five million people to Florida's population is a serious problem. Forty percent say Florida has become a less comfortable place to live over the past five years.

Conversely, Hawaii tops the list of the most expensive states with an average house price of $636,400. As the only state not geographically based in North America, it's unsurprising that the cost of moving is significantly higher, from flights to shipping costs.