Florida’s population is growing by leaps and bounds. According to the U.S. Census Bureau’s population count, the state saw a 17.5% increase in year-round residents in the past decade. Once considered a haven for retirees and snowbirds, Florida is earning a well-deserved reputation for being a great place to live at any stage of life.
Cost of Living Index
Although unemployment rates have typically been higher in Florida than elsewhere in the country, they are now at their lowest point since June 2009. According to the Missouri Economic Research and Information Center, the Florida cost of living index is currently 97.78. This figure ranks Florida’s cost of living index 27th in the nation.
When determining the cost of living in any state, several factors are considered. The costs of housing, transportation, utilities, groceries and health care are all taken into account. Once determined, these factors can be mathematically translated into a composite index and then ranked nationwide.
For instance, Florida’s cost of living indicates that it is cheaper than 24 states, and more expensive than 26 states. Groceries, transportation and health care are slightly more expensive in Florida than the national average, while housing and utilities are cheaper. Home prices are down nearly 5% over the past five years, and the median home price is $150,000.
A Word About Taxes
Florida does not have a state income tax, and its resultant sales tax is 6%. Groceries and prescription medication are typically exempt from sales tax. The price of gas per gallon in Florida is ranked 28th in the nation, and is currently holding steady at an average of $3.26 per gallon.
As with any other state, the Florida cost of living varies by location. For example, the Orlando area is much more expensive than Florida as a whole, owing largely to its popularity as a tourist destination. Statistically, it is cheaper to live outside the larger cities, where housing is much more affordable.
For instance, Bartow, found 40 miles east of Tampa, is one of the cheapest places to live in the entire state. Homes can routinely be found for slightly over $100,000 and median family income here exceeds $38,000 a year.
The cost of living index in Bartow is 4% lower than the national average. Close enough to the big city to take advantage of the entertainment and culture opportunities, yet far enough away to save a fair bit of money, living slightly away from the action is a great way to save on the Florida cost of living.
When considering relocating to a new state, researching the cost of living is crucial to the decision making process. Knowing what expenditures to expect in advance ensures there will be no surprises later. The Florida cost of living is very reasonable considering the amazing amenities the state has to offer.
Unemployment rates are steadily improving, new jobs are flocking to the state and housing prices continue to fall. With miles of sandy beaches, a great climate and a stable economy, Florida is truly a wonderful place to call home.
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