What is the cost of living in Florida? Key expenses and taxes explained
Curious about the cost of living in Florida? Here's a breakdown of housing, utilities, groceries, healthcare, and taxes to help you plan your move or budget effectively.
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 average Florida home value standing at $399,807.
Utility bills are some of our biggest monthly expenses. In Florida, you can expect to pay upwards of $400 a month for your water, gas, electricity, and internet.
While Florida's cost of living is high, grocery prices are similar to those 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, reaching $55,516.
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%.
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 average home value in Florida is $399,807, up 3.4% over the last year, according to real estate company Zillow.
The table below shows the average home value in some of Florida’s most well-known cities:
| Area of Florida | Average home value | Area of Florida | Average home value |
|---|---|---|---|
| Area of Florida | Average home value | Area of Florida | Average home value |
| Jacksonville | $302,071 | Miami | $575,859 |
| Tampa | $385,082 | Orlando | $386,917 |
| St. Petersburg | $381,107 | Naples | $609,044 |
| Palm Beach | $2,175,876 | Fort Lauderdale | $530,859 |
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 into your 401(k) or IRA, and putting money away for your children's future, managing your day-to-day finances can be a delicate balancing act.
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 $400 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 |
| Gas | $105 monthly |
| Electricity | $144 monthly |
| Streaming & internet | $76 monthly |
What are the average grocery and food costs in Florida?
According to data collected in October 2023 by the U.S. Census Bureau, the average American household spends $270.21 per week on groceries, and $109.21 on food outside the house, such as restaurants or fast food.
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.
Florida has the fifth highest spending on groceries per week, with a household spending on average $287.27. California is the highest at $297.72.
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 |
|---|---|
| Scenario | Annual transportation expenses |
| One adult, no children | $9,168 |
| One adult, one child | $10,610 |
| One adult, two children | $13,364 |
| Two adults (one working), no children | $10,610 |
| Two adults (one working), one child | $13,364 |
| Two adults (one working), two children | $15,378 |
| Two adults (two working), no children | $10,610 |
| Two adults (two working), one child | $13,364 |
| Two adults (two working), two children | $15,378 |
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.
It 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.
According to Forbes, Florida has the highest average premium for residents with family health insurance coverage through an employer, costing an average of $7,258 annually.
MIT’s figures provide an overview of the average medical costs based on different makeups:
| Scenario | Annual medical expenses |
|---|---|
| Scenario | Annual medical expenses |
| One adult, no children | $2,640 |
| One adult, one child | $8,602 |
| One adult, two children | $8,488 |
| Two adults (one working), no children | $6,296 |
| Two adults (one working), one child | $8,488 |
| Two adults (one working), two children | $8,960 |
| Two adults (two working), no children | $6,296 |
| Two adults (two working), one child | $8,488 |
| Two adults (two working), two children | $8,960 |
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% 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, with the average annual cost of infant care coming in at $9,239 or $770 a month.
For older children, the average childcare cost of a 4-year-old is $7,282 annually or $607 a month.
The table below breaks down the average cost of annual childcare expenses based on different family scenarios:
| Scenario | Annual childcare expenses |
|---|---|
| Scenario | Annual childcare expenses |
| One child | $9,256 |
| Two children | $17,467 |
| Three children | $24,399 |
How much will I pay in taxes in Florida?
Florida has one of the lowest overall tax burdens of any US state, which impacts Florida's cost of living.
In Florida, there is no state income tax.
When purchasing goods and services, Florida imposes a 6% sales tax. However, there are also varying local sales taxes, which charge up to an additional 2%, meaning you could pay up to 8% sales tax depending on your location. The average combined state and local sales tax rate in Florida is 7.02%.
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 2024, 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 tax rate | Single filers | Married couples filing jointly | Married couples filing separately | Head of household |
|---|---|---|---|---|
| Federal tax rate | Single filers | Married couples filing jointly | Married couples filing separately | Head of household |
| 10% | $0 to $11,600 | $0 to $23,200 | $0 to $11,600 | $0 to $16,550 |
| 12% | $11,601 to $47,150 | $23,201 to $94,300 | $11,601 to $47,150 | $16,551 to $63,100 |
| 22% | $47,151 to $100,525 | $94,301 to $201,050 | $47,151 to $100,525 | $63,101 to $100,500 |
| 24% | $100,526 to $191,950 | $201,051 to $383,900 | $100,526 to $191,150 | $100,501 to $191,150 |
| 32% | $191,951 to $243,725 | $383,901 to $487,450 | $191,151 to $243,725 | $191,151 to $243,700 |
| 35% | $243,726 to $609,350 | $487,451 to $731,200 | $243,276 to $365,600 | $243,701 to $609,350 |
| 37% | $609,351 or more | $731,201 or more | $365,601 or more | $690,351 or more |
How much does it cost to live in Florida?
The cost of living in Florida is slightly higher than the national average, with research from World Population Review putting Florida 22nd 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.
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.
Unbiased can connect you with expert financial advice on how you can make your money work for you. Let us match you with the best financial advisor to meet 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.