Cost of Living in Florida (2022) | SoFi (2022)

(Last Updated – 12/2021)

There’s a reason Florida is called the Sunshine State. Along with really fresh orange juice, Florida residents enjoy an average of 237 sunny days every year, compared with the U.S. average of 205.

You also don’t have to worry about any snowy days, because Florida averages zero inches of snow per year, whereas the nationwide average is 28 inches.

All of those beach days are appealing, but how much does it cost to live in the boating and fishing capital of the world? Let’s take a closer look at the numbers to see what the cost of living in Florida is so you can decide if living in Florida makes sense for your wallet.

What’s the Average Cost of Living in Florida?

Average Cost of Living in Florida: $43,615 per year

If you dream of days spent on sandy Florida beaches, your wallet is in luck. Florida residents enjoy the 32nd-lowest cost of living in the United States, per MERIC data gathered in the third quarter of 2021. While 32nd place may not seem like much to brag about, when you compare what it would cost you to enjoy California’s beaches as a resident, your monthly budget is getting a break. California has the third-highest cost of living in the country.

Rankings give a look at the bigger picture, but what is the cost of living in Florida? Using 2020 data, the Bureau of Economic Analysis found that the average total personal consumption cost in Florida is $43,615 per year. Here’s how that breaks down.

Category

Average Annual Per-Capita Cost in Florida

Housing and Utilities

$9,255

Health Care

$6,675

Food and Beverages (non-restaurant)

$3,693

Gas and Energy Goods

$580

All Other Personal Expenditures

$23,412

That translates to about $3,635 per person, per month.

Housing Costs in Florida

Average Housing Costs in Florida: $1,040 to $1,700 per month

No matter where you live, one of your largest ongoing expenses will be paying for housing. Florida has nearly 10 million housing units, according to the 2019 census, so there’s an array of housing options throughout the state. How much do those housing options cost? Zillow listed the typical value of Florida homes at about $328,600 in late 2021, which was below the U.S. median existing-home sale price.

Here’s what monthly housing prices can look like in Florida, according to the latest census data:

Median monthly mortgage cost: $1,503

Median studio rent: $1,002

Median one-bedroom rent: $1,040

Median two-bedroom rent: $1,240

Median three-bedroom rent: $1,423

Median four-bedroom rent: $1,700

Median gross rent: $1,238

Housing prices vary throughout the state, so let’s examine the typical home values for 20 major Florida cities, per Zillow, in September 2021.

Florida City

Typical Home Price

Miami-Fort Lauderdale

$375,082

Tampa

$310,378

Orlando

$321,666

Jacksonville

$301,415

North Port-Sarasota-Bradenton

$377,672

Fort Meyers

$327,172

Lakeland

​​$253,711

Daytona Beach

$290,919

Melbourne

$94,248

Pensacola

$246,710

Port St. Lucie

$321,514

Tallahassee

$219,473

Ocala

$207,964

Naples

$458,330

Gainesville

$245,068

Crestview-Fort Walton Beach-Destin

$368,233

Panama City

$288,103

Punta Gorda

$308,537

Homosassa Springs

$227,445

Vero Beach

$299,735

Utility Costs in Florida

Average Utility Costs in Florida: $413 per month

Utility costs can vary a lot, depending on your state, whether you rely on natural gas, the size and age of your home, and age of appliances. Here’s what you can expect to spend in Florida.

Utility

Average Florida Bill

Electricity

$129

Gas

$136

Cable & Internet

$115

Water

$33

Sources: U.S. Energy Information Administration, Electric Sales, Revenue, and Average Price, 2021; Inspirecleanenergy.com; DoxoInsights, U.S. Cable & Internet Market Size and Household Spending Report 2021; and Rentcafe.com, What Is the Average Water Bill?

Groceries & Food

Average Grocery & Food Costs in Florida: $308 per person, per month

One ongoing expense is groceries and eating out. Where you live can affect how much you’ll spend on food.

The Bureau of Economic Analysis estimates that the average Floridian’s annual non-restaurant food cost is $3,693, so that’s about $308 per month. A family of four can expect to spend $1,231 per month on groceries, more or less.

The Council for Community and Economic Research, , which ranks the food costs in major American cities, ranked Florida cities’ grocery costs for the second quarter of 2021 from lowest to highest.

Florida City

Grocery Items Index

Daytona Beach

93.7

Ocala

95.6

Pensacola

97.0

Palm Coast

99.1

Tampa

101.4

Vero Beach-Indian River

102.1

Jacksonville

103.4

Orlando

105.0

Cape Coral-Fort Myers

106.1

Tallahassee

108.2

Miami

116.6

Fort Lauderdale

118.2

Transportation

Average Transportation Costs in Florida: $5,113 to $13,896 per year

No matter where you live in the country, transportation costs can add up. Throw kids into the mix, and costs rise.

Here’s what transportation can cost in Florida, according to MIT’s Living Wage Calculator .

Family Makeup

Average Annual Transportation Cost

One adult, no children

$5,113

Two working adults, no children

$9,378

Two working adults, two children

$13,896

Health Care

Average Health Care Costs in Florida: $6,675 per person, per year

The average annual per-capita cost of health care in Florida is $6,675, the 2020 Bureau of Economic Analysis Personal Consumption Expenditures by State report found.

It’s worth noting that how much you spend on health care will depend on your unique medical needs and health insurance coverage.

Child Care

Average Child Care Costs in Florida: $790 to $1,364 or more per child, per month

Many parents know the struggle of budgeting for child care. Where you live and the type of care you choose can have an effect on how much you spend.

In Florida if you need care for an infant, you’ll find that home-based family child care is much less expensive than an infant classroom. But once your child gets a little bit older, you’ll save by choosing the toddler classroom route.Let’s take a look at average child care costs in Florida, per 2021 data from
costofchildcare.org .

Type of Child Care

Average Cost Per Month, Per Child

Infant Classroom

$1,364/p>

Toddler Classroom

$790

Home-based Family Child Care

$989

Taxes

Highest Marginal Tax Rate in Florida: N/A

Ready for some good news? Florida residents aren’t charged any state income tax, as noted by the Tax Foundation’s State Individual Income Tax Rates and Brackets for 2021 .

If you like the idea of getting away from state income taxes, then you’ll appreciate that the following states also don’t charge state income tax: Alaska, Nevada, South Dakota, Tennessee, Texas, Washington, and Wyoming.

Miscellaneous Costs

Now that you have a general idea of what the essentials will cost you, let’s chat about some of the non-essentials that make life fun.

If personal expenditures average $23,412 per person, per year in Florida, this is where Floridians may be spending some of that money (costs are accurate as of Nov. 1, 2021):

Walt Disney World annual passes start at $399 per year, per person and go as high as $1,299.

A day at the Miami Zoo is a much more affordable way to enjoy some family time: Free to $22.95, depending on age.

•To get up close and personal with the alligators Florida is famous for, Gatorland tickets start at $22.99.A day spent on one of Florida’s beaches won’t set you back anything, aside from parking and snacks.

Recommended: What are the Average Monthly Expenses for One Person?

How Much Money Do You Need to Live Comfortably in Florida?

While your definition of what it means to live comfortably will be unique to you and your needs, we all have a basic standard of living we hope to meet without having to feel excess financial pressure. If you have your heart set on moving to Florida, you may or may not find it hard to live comfortably.

According to U.S. News & World Report’s Affordability Rankings , Florida is 31 out of 50. That finding falls close to the MERIC data that ranked Florida the 32nd most expensive state.

What City Has the Lowest Cost of Living in Florida?

These three Florida cities have the lowest cost of living, according to the Council for Community and Economic Research’s Cost of Living Index for the second quarter of 2021.

Jacksonville

You don’t need to give up big-city life for an affordable lifestyle in Florida. Jacksonville, with almost 1 million residents, as of the latest census data, is the city with the lowest cost of living in the Sunshine State, with a cost-of-living index of 93.7.

Daytona Beach

Daytona Beach is another affordable city in Florida, with a cost-of-living index of 94.2. That’s a pretty sweet deal when you consider the fact that Daytona Beach really is a beach town. Affordable ocean views? Yes, please. This city also hosts tons of fun events year-round and is home to lots of great restaurants.

Palm Coast

Here’s another coastal city with a low cost-of-living index (94.6). If you like a smaller- town feel than Jacksonville, you’ll appreciate that Palm Coast has just under 90,000 residents, as of the latest census data. Sounds pretty charming.

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