Is Florida a cheap state to live in?
Though the state has long had a reputation for being an inexpensive place to live, housing costs are high (and getting higher). The median sale price for a single-family home in Florida is $407,000. However, the overall cost of living in the state is only about 1 percent higher than the national average.
Despite being one of the most popular vacation and retirement destinations in the U.S., Florida can be affordable. In fact, the average cost of living in Florida is not even 1% higher than the national average, according to a Cost of Living Index.
One of the first reasons that the median property prices for Florida houses are cheaper than in other states is because, in some areas, the insurance and property taxes are very high. Florida is known to experience unstable weather conditions throughout the year.
The state is also prone to tornadoes and sinkholes. Florida has the highest number of sinkholes per square mile than any other state in the U.S. While extreme weather and natural disasters are a downside to living in Florida, the state has several programs and resources to help residents recover from these events.
Mississippi
Coming in as the cheapest state to live in in the United States is Mississippi with a cost of living index score of 83.3. It also has the lowest average housing costs in the nation at 33.7% below the national average.
Every day, the Sunshine State attracts hundreds of newcomers to its sandy shores – and it's not hard to see why. No state income tax, sunny weather, its diverse population, delectable food and exciting attractions make it a particularly interesting place to live.
Indeed, some of the gloomier aspects of living in the Sunshine State are driving out residents. Reasons cited by members of a 11,000-person Facebook group for people moving out of Florida include oppressive weather, low wages, crowded beaches, changing politics, and unaffordable rents and home prices.
In Florida, MIT says on average a single person needs to make a minimum of $30,825 a year before taxes in order to make a livable wage.
| 1 ADULT | 2 ADULTS (1 WORKING) | |
|---|---|---|
| 0 Children | 2 Children | |
| Required annual income after taxes | $30,856 | $66,667 |
| Annual taxes | $5,002 | $10,808 |
| Required annual income before taxes | $35,858 | $77,475 |
A new study from WalletHub shows that Florida couldn't even make the list of the top 20 happiest states in America. WalletHub's “happiness research” includes all the things that allegedly make us happy, such as positive economic, emotional, social and physical health.
What is the minimum salary to live comfortably in Florida?
The current minimum wage in Florida is $8.56, slightly higher than the federal minimum wage of $7.25. Economists estimate that Floridians need to earn at least $15.60 per hour to enjoy a living wage and comfortable lifestyle. This is an average salary of $32,448 per year.
- Taxes are lower. ...
- Watch out for wildlife. ...
- Real estate is affordable. ...
- The cost of living in Florida is higher. ...
- You'll have your pick of coasts. ...
- You may thrive living near the beach, but your house may not. ...
- Watch out for hurricanes and tropical storms.
- Jacksonville.
- Cape Coral.
- Gainesville.
- Dade City.
- Dunedin.
- Kissimmee.
- Bartow.
- Homosassa Springs.
Our list of the best places to live in Florida in 2023 is topped by Sarasota and Fort Myers, two cities along the state's western coastline south of Tampa. They're not as high-profile as Miami, but they're also much less expensive, with no shortage of culture and things to do and see.
- Florida is full of people. ...
- There is a lot of traffic. ...
- Home prices have risen significantly. ...
- It's really hot and humid in the summer. ...
- Florida has natural disasters like hurricanes. ...
- It's home to many dangerous animals. ...
- Florida has irritating insects.
And, sure, while the Sunshine State may be home to some interesting characters, that doesn't mean it's more dangerous than other heavily-populated states. The crime rate in Florida is only slightly higher than the national average of about 47.70 per 100,000 people.
Crime Rates
Specifically, there is a 10.5% higher violent crime rate in Texas vs Florida per 1,000 people. And 11.2% higher property crime rate. So, the statistics make this category straightforward. The edge goes to Florida as the safer state to live in.
| ▲ Overall Rank | State | Economy |
|---|---|---|
| 1 | Wyoming | 1 |
| 2 | Vermont | 27 |
| 3 | South Dakota | 17 |
| 4 | New Hampshire | 10 |
13 Cheapest States to Live in for 2023
Mississippi. Oklahoma. Kansas. Alabama.
- Mississippi. Mississippi is the cheapest state to live in, offering plenty of benefits to its residents. ...
- Arkansas. Arkansas has one of the lowest cost of living metrics in America. ...
- West Virginia. ...
- Ohio. ...
- Indiana. ...
- Kansas. ...
- Kentucky. ...
- Michigan.
Why is Florida tax friendly?
Florida is a tax friendly state because its government generates its tax revenue primarily from consumption taxes like the sales tax and property tax. And the taxes it collects are not very high.
- Retail sales of new mobile homes - 3%
- Amusement machine receipts - 4%
- Rental, lease, or license of commercial real property - 5.5%
- Electricity - 6.95%
| 1 ADULT | 2 ADULTS (1 WORKING) | |
|---|---|---|
| 0 Children | 2 Children | |
| Required annual income after taxes | $30,856 | $66,667 |
| Annual taxes | $5,002 | $10,808 |
| Required annual income before taxes | $35,858 | $77,475 |
To live comfortably in Florida, you should earn at or above the average salary of $53,857 per year. This will cover all basic expenses and any additional expenses you might incur. It is important to earn a living wage that pays for all your fixed expenditures and allows you to save.
There is no personal income tax in Florida.
Florida Sales Tax: Florida sales tax rate is 6%. Florida State Tax: Florida does not have a state income tax. Florida Corporate Income Tax: Corporations that do business and earn income in Florida must file a corporate income tax return (unless they are exempt).
Average Annual Per-Capita Cost in Florida
That translates to about $3,635 per person, per month.
Economists estimate that Floridians need to earn at least $15.60 per hour to enjoy a living wage and comfortable lifestyle. This is an average salary of $32,448 per year. These calculations are based on the expenses of a single adult, which increase as you add dependents like older relatives and children.
...
1. Affordability: Living Wage and Cost of Living.
| Category | Texas Cost of Living Index | Florida Cost of Living Index |
|---|---|---|
| Overall | 92.3 | 100.7 |
| Housing | 83.5 | 99.6 |
| Utilities | 103.3 | 103.1 |
And their findings revealed Florida came in at #10 on the happiest states list, jumping into that spot from traditionally low or middle rankings. "Florida residents report a higher well-being in the purpose, community, social relationships, and physical health elements than a majority of states," they write.
There are currently 127,489 homes for sale in Florida. The median list price in Florida is $449,900 and the average price per square foot is $224.
Why is rent so high in Florida?
“We're seeing this huge pent-up demand and supply unable to keep pace with that,” said Trinity Kutschinski, the director of public affairs for the Apartment Association of Greater Orlando. Kutschinski said one reason for the rise in rent is more people moving to Central Florida and not enough units.
Effective September 30, 2022, the Florida minimum wage will be $11.00 per hour, with a minimum wage of at least $7.98 per hour for tipped employees, in addition to tips, through September 29, 2023.