Tampa Bay, FL – Courtesy: Shutterstock – Image by Sean Pavone
Florida is the state with the highest population growth in the US, and is a favorite among retirees, but it can also be fairly pricey.
Insider looked at The Council for Community and Economic Research’s Cost of Living Index for various major regions in the US to see how some of the largest cities in the well-known Sunshine State compare.
“The Cost of Living Index measures regional differences in the cost of consumer goods and services, excluding taxes and non-consumer expenditures, for professional and managerial households in the top income quintile,” a press release from C2ER said.
“Covering 61 different items, prices are collected quarterly by chambers of commerce, economic development organizations, and university-applied economic centers in each participating urban area,” the press release continued.
To determine how expensive it is to live in several large urban locations in Florida, Insider looked at average costs from C2ER’s research and the overall composite index, which is based on six distinct categories like housing and transportation. There were 10 urban areas in Florida with data available for the first quarter of 2023; the statistics are from participating regions.
If a city’s composite index is 100, then indicates that its cost of living is on par with the national average. While five of those ten Florida locations fell below the national average, half of them got scores above 100.
Miami has the highest cost of living among the 10 Florida locations, with a composite index of 118.9, but it is not as expensive as other regions of the nation. When ranking all 271 US locations with indices, none of the mentioned Florida cities can be found in the top positions. In the first quarter of 2023, Manhattan, New York, had the highest composite index in the US, at 222.0.
It should be noted that researchers made an effort to compare comparable contributions from participants in the cities indicated. Researchers examined 1-year leases for 950-square-foot, two-bedroom apartments in complexes that met a number of requirements, including being appropriate for a childless couple earning in the top 20 percent of the area’s income. Doctor’s appointments frequently serve as a gauge for the typical cost to an established, uninsured patient. A property must also meet specific requirements in order to be valued, such as having a 2,400-square-foot living space and being brand new.
The cost of living in 10 major cities in the Sunshine State is listed below. We also included some of the first quarter’s average pricing for products and services.
10. Ocala, Florida
Composite index: 91.1
Home price: $357,154
Apartment rent: $1,588.25
Total energy bills: $149
Doctor visit: $120.5
Beauty salon visit: $41.25
9. Vero Beach-Indian River, Florida
Composite index: 93.4
Home price: $355,167
Apartment rent: $1,518.2
Total energy bills: $208.89
Doctor visit: $112
Beauty salon visit: $51.5
8. Tallahassee, Florida
Composite index: 94.0
Home price: $400,450
Apartment rent: $1,387.8
Total energy bills: $143.05
Doctor visit: $142.2
Beauty salon visit: $56.5
7. Jacksonville, Florida
Composite index: 94.6
Home price: $389,590
Apartment rent: $1,848.9
Total energy bills: $201.86
Doctor visit: $96
Beauty salon visit: $68
6. Tampa, Florida
Composite index: 98.6
Home price: $453,276
Apartment rent: $1,590.5
Total energy bills: $188.22
Doctor visit: $115
Beauty salon visit: $35.6
5. Orlando, Florida
Composite index: 101.7
Home price: $475,000
Apartment rent: $1,989.3
Total energy bills: $163.88
Doctor visit: $123.4
Beauty salon visit: $64.33
4. Sarasota, Florida
Composite index: 106.0
Home price: $534,280
Apartment rent: $2,085.3
Total energy bills: $188.96
Doctor visit: $126.17
Beauty salon visit: $55.4
3. Cape Coral-Fort Myers, Florida
Composite index: 106.8
Home price: $516,160
Apartment rent: $1,936.3
Total energy bills: $174.42
Doctor visit: $143.33
Beauty salon visit: $54
2. Fort Lauderdale, Florida
Composite index: 117.8
Home price: $697,381
Apartment rent: $2,619.6
Total energy bills: $202.57
Doctor visit: $119
Beauty salon visit: $79.29
- Miami Dade County, Florida
Composite index: 118.9
Home price: $634,375
Apartment rent: $3,002.5
Total energy bills: $202.57
Doctor visit: $128.75
Beauty salon visit: $87.33
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Melissa’s career in writing started more than 20 years ago. Today, she lives in South Florida with her husband and two boys.
