What is the cost of living in Florida?
From housing to healthcare, this guide tells you everything you need to know about the average cost of living in Florida.
Whether you're looking to relocate with the whole family, move for a job opportunity, or retire to the Sunshine State, you'll first need to develop a keen understanding of the true cost of living in Florida as of 2023.
Summary
According to the Bureau of Economic Analysis, the average cost of living per person in Florida is around $50,689 annually.
Property prices range from city to city, with the priciest homes found in the city of Hollywood, where the average cost is $788,000.
Utility bills are some of our biggest monthly expenses. In Florida, you can expect to pay upwards of $300 a month for your water, gas, electricity, and cable.
While Florida's cost of living is high, grocery prices are much the same as elsewhere in the US.
Florida has one of the lowest overall tax burdens of any US state, making it a good option if you’re hoping to reduce your tax liability.
What is the average cost of living in Florida?
According to the Bureau of Economic Analysis, the average cost of living per year in Florida is around $50,689 per person. The cost of living in Florida per month equates to approximately $4,224 per person.
It's also worth noting that in terms of Personal Consumption Expenditure (PCE), Florida saw the third-largest increase between 2021 and 2022.
Here is a breakdown of where things stand.
How much does housing cost in Florida?
Rental prices in Florida vary from city to city but are generally on the increase compared to last year's figures. Miami rent prices, for instance, have risen 8.7 percent.
If you're buying your own home, it's wise to get a summary of the housing market in the state and which areas are more desirable and expensive than others. The table below explores the average property purchase cost in Florida's 20 most popular cities:
| Area of Florida | Average home cost | Area of Florida | Average home cost |
|---|---|---|---|
| Jacksonville | $297,000 | Miami | $565,000 |
| Tampa | $410,000 | Orlando | $360,000 |
| St. Petersburg | $385,000 | Hialeah | $450,000 |
| Port St. Lucie | $379,900 | Tallahassee | $250,000 |
| Cape Coral | $399,900 | Fort Lauderdale | $515,000 |
| Pembroke Pines | $410,000 | Hollywood | $788,000 |
| Gainesville | $257,000 | Miramar | $480,000 |
| Coral Springs | $560,000 | Lehigh Acres | $330,000 |
| Palm Bay | $325,548 | Clearwater | $375,000 |
| West Palm Beach | $406,500 | Brandon | $349,950 |
In addition, understanding these costs in relation to the average salary in Florida is crucial for realistic budgeting.
How can I manage the cost of living in Florida?
Between paying the right amount of tax, saving for retirement, and putting money away for your children's future, managing your day-to-day finances can be a delicate balancing act. How much do you put into your 401(k) or IRA? Are your investments performing as they should be?
A financial advisor can help you gain control of your finances. They work with you to create a unique plan based on your needs and goals. They can also help you find ways to improve your investment portfolio, making your money work harder for you.
Finding a financial advisor is simple. By answering just a few questions, we'll connect you to an SEC-regulated financial advisor. Get matched with an advisor here.
How much are utility costs in Florida?
Utility bills are some of our biggest monthly expenses. In Florida, you can expect to pay upwards of $300 a month for your utility bills.
The table below breaks down the average utility costs across your water, gas, electricity, and cable bills:
| Utility | Average amount | Utility | Average amount |
|---|---|---|---|
| Water | $33 monthly | Electricity | $129 monthly |
| Gas | $105 monthly | Cable and Internet | $70 monthly |
What are the average grocery and food costs in Florida?
According to 2021 data from the Bureau of Labor Statistics, the average spending on food at home is about $438 per month.
This will vary depending on how many people are in your household and where in Florida you live, bringing you above or below the average Florida cost of living.
In Florida, a single adult should expect to pay $284 a month, while a family of four could pay up to $820 a month.
Here is a breakdown of some food items and how much they cost across four different cities:
| Food item | Average cost in Jacksonville | Average cost in Miami | Average cost in Tampa | Average cost in Orlando |
|---|---|---|---|---|
| Milk (1l) | $1.01 | $1.06 | $1.18 | $1.12 |
| Bread | $2.40 | $3.22 | $3.17 | $3.29 |
| Bag of apples (2 lb) | $3.71 | $5.01 | $3.57 | $5.51 |
| Bag of potatoes (2 lb) | $2.11 | $2.75 | $2.23 | $2.91 |
| 12 eggs | $4.77 | $7 | $5.70 | $6 |
| Can of beer (0.5l) | $3.66 | $2.93 | $2.36 | $2.91 |
| Soda (2l) | $2.66 | $3.14 | $2.59 | $2.64 |
*These prices are correct as of September 2023.
What are the average transportation costs in Florida?
Transportation costs in Florida largely depend on how you wish to make your journeys – whether by car, bus, or train – and the size of your family.
Florida bus services are often the best bet if you're looking for affordable transportation in the state, according to Visit Florida.
To budget for everyday travel costs over a year, MIT's Living Wage Calculator can provide ballpark estimates:
| Scenario | Annual transportation expenses |
|---|---|
| One adult, no children | $5,477 |
| One adult, one child | $9,851 |
| One adult, two children | $12,045 |
| Two adults (one working), no children | $9,851 |
| Two adults (one working), one child | $12,045 |
| Two adults (one working), two children | $14,484 |
| Two adults (two working), no children | $9,851 |
| Two adults (two working), one child | $12,045 |
| Two adults (two working), two children | $14,484 |
How much does healthcare cost in Florida?
Florida healthcare costs will vary greatly depending on various personal factors, including your health insurance plan, your area, and your physical health condition.
They will also vary based on how many people are in your family and require coverage. For example, if you have a bigger family, you will pay more. This will impact your cost of living.
MIT’s figures provide an overview of the average costs based on different makeups:
| Scenario | Annual healthcare expenses |
|---|---|
| One adult, no children | $3,184 |
| One adult, one child | $9,190 |
| One adult, two children | $9,200 |
| Two adults (one working), no children | $6,832 |
| Two adults (one working), one child | $9,200 |
| Two adults (one working), two children | $9,126 |
| Two adults (two working), no children | $6,832 |
| Two adults (two working), one child | $9,200 |
| Two adults (two working), two children | $9,126 |
What is the average childcare cost in Florida?
Childcare costs can be among the biggest expenses families face and can really impact the cost of living in Florida.
The Economic Policy Institute found that infant care is 107 percent more expensive than in-state tuition for four-year public college. In fact, Florida is one of 33 states where infant care is more expensive than college.
In Florida, the average annual cost of infant care is $9,239 or $770 a month, while the average childcare cost of a 4-year-old is $7,282, $607 a month.
The table below breaks down the average cost of annual childcare expenses based on different family scenarios:
| Scenario | Annual childcare expenses |
|---|---|
| One adult, one child | $9,656 |
| One adult, two children | $19,311 |
| Two adults (one working), no children | $28,967 |
| Two adults (two working), one child | $9,656 |
| Two adults (two working), two children | $19,311 |
| Two adults (two working), three children | $28,967 |
How much will I pay in taxes in Florida?
Florida has one of the lowest overall tax burdens of any US state, which impacts the Florida cost of living.
In Florida, there is no state income tax. They do charge a 5.5 percent corporate income tax. When purchasing goods and services, a six percent sales tax and varying local sales taxes are charged up to two percent (with an average combined state and local sales tax rate of 7.02 percent).
If you’re living in the Sunshine State, you will still need to abide by federal income tax laws set by the IRS. As of 2023, there are a total of seven income tax brackets. The rate your income is taxed at is determined by the bracket you fall into:
| Federal Income Tax Rate | Single Person or Married Person/Registered Domestic Partner Filing Separately | Married Person/Registered Domestic Partner Filing Jointly or Qualifying Widower | Head of Household |
|---|---|---|---|
| 10 percent | $0 to $11,000 | $0 to $22,000 | $0 to $15,700 |
| 12 percent | $11,001 to $44,725 | $22,001 to $89,450 | $15,701 to $59,850 |
| 22 percent | $44,726 to $95,375 | $89,451 to $190,750 | $59,851 to $95,350 |
| 24 percent | $95,376 to $182,100 | $190,751 to $364,200 | $95,351 to $182,100 |
| 32 percent | $182,101 to $231,250 | $364,201 to $462,500 | $182,101 to $231,250 |
| 35 percent | $231,251 to $578,125 | $462,501 to $693,750 | $231,251 to $578,100 |
| 37 percent | $578,126 or more for single people, $346,876 or more for married people/domestic partners filing separately | $693,751 or more | $578,101 or more |
How much does it cost to live in Florida?
The cost of living in Florida is higher than the national average, with research putting Florida 15th highest across US states.
According to the Bureau of Economic Analysis, the average cost of living per person in Florida is around $4,224 per person monthly.
If it's something you feel you can afford, accounting for market fluctuations and things like the potential future growth of your family, it's now a possibility you can happily consider with a grounded understanding of the facts and figures.
Visit Unbiased to learn more about the cost of living and for expert financial advice on how you can make your money work for you. Let us match you with the best financial advisor for your needs.
Senior Content Writer
Rachel is a Senior Content Writer at Unbiased. She has nearly a decade of experience writing and producing content across a range of different sectors.