What’s the cost of living in Florida?
There are many reasons to consider living in Florida, from the soft sand beaches to the long, sunny days. But is this state the right financial fit? From housing and utilities to healthcare and rent, here’s everything you need to know if you want to make Florida your home.
The Cost of Living in Florida
The beauty of Florida combines perfectly with its diverse job market and high salaries to make this special east coast state an ideal location for many people.
Whether you're looking to relocate with the whole family, move for a job opportunity, or retire to the Sunshine State for your golden years, you'll first need to develop a keen understanding of the true cost of living in Florida as of 2023.
What's the Average Cost of Living in Florida Overall?
According to the Bureau of Economic Analysis, the average cost of living per person in Florida is around $50,689 annually. It's also worth noting that in terms of Personal Consumption Expenditure (PCE), Florida saw the third-largest increase between 2021 and 2022. As they are across the country, costs are rising in this state.
Housing Costs 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. The table below explores the average property purchase cost in Florida's 20 most popular cities. It should provide a good summary of the housing market in the state and which areas are more desirable and expensive than others:
| 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 |
Utility Costs in Florida
| Utility | Average Bill Amount in Florida | Utility | Average Bill Amount in Florida |
|---|---|---|---|
| Water | $33 monthly | Electricity | $129 monthly |
| Gas | $105 monthly | Cable and Internet | $70 monthly |
Groceries and Food Costs in Florida
When you’re shopping, you’ll find prices are much the same as elsewhere in the United States.
| Food Item | Average Cost in Jacksonville | Average Cost in Miami | Average Cost in Tampa | Average Cost in Orlando |
|---|---|---|---|---|
| Milk | $0.28 | $0.29 | $0.27 | $0.30 |
| Bread | $0.81 | $0.78 | $0.84 | $0.86 |
| Apples (0.3kg) | $1.50 | $1.98 | $1.46 | $1.51 |
| A Potato (0.2kg) | $0.72 | $0.73 | $0.63 | $0.63 |
| A Head of Lettuce | $0.39 | $0.35 | $0.55 | $0.44 |
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 Expenditure |
|---|---|
| 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 |
Healthcare costs in Florida
Florida healthcare costs will range greatly depending on your health insurance plan, the area where you live, and your physical health condition. MIT’s figures are as follows:
| Scenario | Annual Healthcare Expenditure |
|---|---|
| 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 |
Childcare costs in Florida
| Scenario | Annual Childcare Expenditure |
|---|---|
| One adult, no children | $0 |
| One adult, one child | $9,656 |
| One adult, two children | $19,311 |
| Two adults (one working), no children | $28,967 |
| Two adults (one working), one child | $0 |
| Two adults (one working), two children | $0 |
| Two adults (two working), no children | $0 |
| 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?
In Florida, there is no state income tax to account for. There is, however, a 5.5 percent corporate income tax, a six percent sales tax, and varying local sales taxes charged up to two percent (with an average combined state and a 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 will I pay in taxes in Florida?
You should now have a greater sense of how much it will cost, in your unique personal circumstances, to live comfortably and happily in Florida.
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.
For further financial guidance concerning your potential expenses in Florida (or any other state you might be considering), contact Unbiased. We'll connect you with a fully-qualified advisor in no time.
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.