The cost of living in Florida is generally lower than the national average. This is one of the main reasons people move to Florida from other parts of the country. In some cases, a person’s income will actually go up due to the drastic difference in cost of living. However, Florida’s low cost of living comes with many tradeoffs that may not be worth it for everyone. Here are a few things to consider when thinking about moving to Florida and how it might affect your standard of living.
Housing Cost in Florida
One thing you’ve probably thought of when you’re considering moving from Florida could be the expense cost of living in Florida in housing. Although some people imagine huge, mansions or expensive beach homes in Florida however, there is more there is.
You’ll be pleased to learn that the median home prices are $355,000 (as of July 2021 as per to Florida Realtors association) and the national median is $363,300 (as as of June 2021, as per the the WSJ). This signifies that the median home price that are being sold in Florida are actually around 22% less that the median national average!
In terms of cost, the price of purchasing a home in Florida is a bit less that those in the US average. However, you must be sure to compare it with the area you’re shifting from. If you’re shifting from a city that is expensive like San Francisco, the prices in Florida might seem cheap However, if you’re relocation from a place like Ohio or Oklahoma and you are spending more money in Florida to buy a house.
Rental Cost in Florida
Cost of living in Florida -If you are planning to go to Florida on vacation then it is a must for you to book your hotel and rental cars before your departure. Booking all these three things in advance will help you to save much of your hard-earned money. When you book all these three things together, you will get the best deals. Nowadays, getting good rental rates in Florida is not at all a difficult task.
Booking your cheap hotel and rental car in Florida is not at all a tough task anymore. You can even use this extra time for traveling in Florida at an affordable rental car cost. Searching the internet can be useful for you in this regard. Getting the best affordable rental car rate from any travel agent will be quite tough for you.
Nowadays, the competition is quite high in this field. This has been a result of growing demand in this field. The best thing about the online service provided by the companies is that they have a free rental estimate for various types of rentals. You just need to book your hotel and rental car online. In this way, you can save your valuable time which would be otherwise used for booking these three things separately.
Cost of living in Florida -Most of the travel companies have websites of their own. You can simply log in and fill in your details like your destination, date of travel, number of days required, etc. For getting the best rate, there are certain things that need to be kept in mind. First of all, you should have a fixed budget that tells you how much you want to spend on your travel. Secondly, you should also mention your travel purpose and details of the facilities that you want to avail.
Rental car prices vary from place to place. This is because the rental car companies charge based on the distance traveled as well as on the car you are taking with you. If you want to save money on your travel, it is advised that you avoid flying to a distant place and drive your rental car to the closest point from where you are landing. This way, you can save a lot of money on your rental car.
You can also book your rental car online. There are many companies that provide you with online booking facilities for your rental cars. This saves your precious time which would otherwise have been spent in searching for good company. So, if you too want to enjoy the cheap travel to Florida, make use of online rental options to book your rental car in Florida.
Healthcare Cost in Florida
Florida has a cost average of in healthcare is around 3percent lower that what is the US standard. But , as with all healthcare costs, it can differ widely from state to states of Florida. For instance, the average costs for healthcare are 16% less that the average national cost in Jacksonville while it is 11% more expensive in Vero Beach.
The cost of healthcare in Florida will vary dependent on the location you choose to reside as well as the health insurance coverage provided through your company (if you are covered by it) in addition to your own health status. Everyone is unique in regards to health care therefore it’s hard to arrive at an exact figure.
If you’re thinking of moving to Florida or cost of living in Florida or if you already have a job, it will be ideal to find the details of their health insurance to look for and look at. Florida has no own health insurance exchange however, you can utilize an exchange run by the Federal government to purchase insurance from the marketplace at healthcare.gov.
This is an excellent alternative for those who do not get health insurance from the company they work for or are self-employed. You can browse the market to see the types of plans offered and whether you be eligible for any subsidy to help offset the expense.
Costs out of pocket and insurance premiums for health insurance (assuming that you have a minimum level of insurance coverage for health -are comparable to the national average for Florida. Health care costs for an individual in the State is $4,213 per year.
This is compared with the average national figure of $4,266. For four members of a family the average annual health expenses total $12,763 — $187 less than the standard for the national population of 12,950.
Which Areas in Florida are Considered Affordable?
Are you looking for a place with a high quality of life as well as an affordable cost of living in Florida? You have landed on the right page. Everybody wants to live in a community where they can feel safe, where unemployment is not an issue, where they can have easy access to grocery stores, restaurants, entertainment, recreation, medical facilities, and more.
Keeping the above points in mind I have sorted out the list of 10 cheapest places to live in Florida where you can enjoy warm weather, stunning landscapes, and gorgeous beaches without breaking your bank. Whether you are a digital nomad, an expat, a retiree or just moving to Florida to start a new life, you will find plenty of affordable.
Cap Coral: Cheapest Places to live in Florida
Located in the southwest part of Florida close to Fort Myers, Cape Coral ranks high on our list of the top 10 cities to reside in Florida. With its 400 miles of canals The city is known as a ‘ Waterfront Wonderland‘. Cape Coral is home to Cape Coral is about 175,000. The low crime rate makes it one of the most safe areas to reside in Florida.
The cost of housing, utility costs as well as healthcare costs for healthcare in Cape Coral are lower than the national average. But, transport and food may be more expensive however, they are less expensive than the nearby Fort Myers.
There’s no have to pay any tax on taxes on income and estate tax or inheritance tax if you reside within Cape Coral which is also great news for those with fixed incomes. In all likelihood, Cape Coral is one of the cheapest locations to reside in Florida.
Cape Coral is surprisingly an affordable location located in Florida where homes for families are available for rent at less than $1200 per month and a one-bedroom home could be rented at the equivalent of $900 per month (or lesser). The median cost of a home is about $225,000. In light of all the above factors the average person would be capable of living comfortably on a budget of between $1800 and 2000 dollars per month.
Cost of Living in Edgewater
What are the best cities to reside in Florida? It is worth considering Edgewater If you’re looking to live close to the beach. The town is situated in between Daytona Beach and Cape Canaveral Edgewater is a tiny town located on the eastern shores of Florida. It is a tranquil and safe area with low-cost homes, excellent schools, and excellent opportunities for employment. In addition, the violent crime rate is minimal compared to other large towns in Florida. These additional things also comes under cost of living in Florida
The city has an incredible property valuation to revenue ratio(2.8) If you’re seeking the most affordable town to reside in Florida. There are numerous jobs and an efficient transportation system that connects residents and employees to the major cities across the state at an affordable price.
Cost of Living in Jacksonville
Cost of living for residents in Jacksonville is less than the average for all of the country. The rent for one-bedroom apartments in a 1 bedroom studio in a normal location is approximately $900. Food, groceries and services are extremely affordable. If you cook your own meals it can save you some money. If you spend a month on $1800, you will enjoy an enjoyable life, with all the essential facilities.
Cost of Living in Quincy
Quincy is a small town located in northern Florida which is located within Gadsden County. The moderate average home value($145,000) and a lower crime rate makes it the most desirable and affordable area to reside in Florida.
Cost of Transportation in Florida
According to the living wage calculator at MIT A single adult resident in Florida is expected to pay $5,113 for transportation expenses per year. Four members of a household consisting of 2 adults as well as two kids could expect to shell out $13,896 for transportation expenses annually.
The formula for these costs comprises the number of cars utilized, gas, vehicle insurance, maintenance expenses and the cost of public transportation. However, based on the route you travel to and whether you rely on public transportation or your information regarding your car’s ownership (owned by you, leased from you or finance) and your personal preferences, you could get a completely different figure.
Florida is not well-known for its comprehensive public transportation services. However, the major metropolitan areas have effective public transportation systems that allow residents to travel about.
However, if you decide to not own an automobile in a city of major importance, such as Miami you can expect to pay $1,740 per year to have access all year round to trains and buses –Cost of living in Florida
Cost of Utilities in Florida
Given the notoriously warm Florida conditions, it’s crucial to be aware of what to be expecting to be in cost of living in Florida when you receive your very first bills for utilities. The positive side is that a lot of Florida metropolitan areas have utilities for renters that are less than the national average.
The monthly average utility bill throughout the U.S. is $157 for essential utilities such as water, electricity, and gas. This is a breakdown of the costs for the most basic utility services in Orlando, Tampa, and Miami.
- Orlando: $178.09
- Tampa: $159.74
- Miami: $140.99
Remember that these rates represent the typical cost of basic services. You’ll need to look up your local municipal regulations and prices for garbage collection, which is the final public utility.
Many households have started to think about the cost of cell phone service as well as cables (or streaming providers) as well as internet service as part of their monthly bills. These are all things that the majority of people will consider essential.
The prices vary between different providers. Also, they are determined by your individual situation which makes it difficult to determine an accurate figure.
Make sure you look into the best providers in your area prior to making your decision and choosing an option, so you have an accurate line item to add to your budget.
Tax rates in Florida
Tax rates in Florida 2021
- If we talk about cost of living in Florida then taxes are also included in it. By 2021, the state of Florida will be implementing new tax rates for nearly all filing statuses. While many lower income individuals may see their taxes decrease, most higher earners can expect to pay more. Taxes rates in Florida 2021
- First, here is how the current system works: there are seven brackets to which different tax rates apply. The first bracket applies to taxable income below $8,700; it includes all income up to that threshold but only pays 0% on anything above that limit.
- The second bracket runs from $8,700 to $17,400 and imposes a rate of 1% on any taxable income above the previous limit (so if your taxable income is $17,400 exactly this will cover you until $17,401). The third bracket runs from $17,400 to $20,800 and imposes a rate of 2% on any taxable income above the previous limit. Taxes rates in Florida 2021
- And so forth: for Brackets 4 through 7, each bracket applies one percentage point higher than the previous and covers an additional $1,500 in taxable income. Taxes rates in Florida 2021
- The following chart shows these brackets: Taxes rates in Florida 2021
- For those already below the tax threshold – individuals earning less than $9500 per year or families earning less than $19,000 per year – taxes will be reduced as follows: Taxes rates in Florida 2021
- – For individuals earning up to $8,700 annually (the first bracket), their taxes will be reduced by 0.75%; Taxes rates in Florida 2021
- – For individuals earning between $8,700 and $17,400 annually (the second bracket), their taxes will be reduced by 1%. Taxes rates in Florida 2021
- – For individuals earning between $17,400 and $20,800 annually (the third bracket), their taxes will be reduced by 1.25%. Taxes rates in Florida 2021
- For families already below the tax threshold – those earning less than $19,000 per year – the tax reductions are calculated based on whether they are single or married: Taxes rates in Florida 2021
- – Married couples’ taxes will be reduced by 2%; Taxes rates in Florida 2021- Single filers with taxable income less than $10,700 annually will have their taxes reduced by 1%. Taxes rates in Florida 2021
- – Single filers with taxable income between $10,700 and $20,800 annually will have their taxes reduced by 2%. Taxes rates in Florida 2021.
- Hope this article would help you to get a basic idea about the cost of living in Florida . Good Luck and have a Safest Journey.