Average Cost of Living in South Florida | Team 22 Realty

Dated: September 1 2021

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Are you curious what the Cost of Living is in South Florida? It’s not the cheapest place to live but it's not the most expensive either. If you're looking for more affordable housing options with less traffic congestion and access to nature trails, then Broward County might be better for you!

Florida was ranked the 29th most affordable state in the US regarding the cost of living and in this blog we’re going to talk about the housing costs, utility costs and much, much more. 

Keep reading to know more if you can afford the cost of living is in South Florida before making a big decision or you can check out this VIDEO where we talk about it as well!

 

The cost of living varies a lot in South Florida, from the super high-end expensive to the very reasonably priced. The area that you choose to live in is really going to play a huge part on how much it cost you to live. 

 

Because South Florida is a popular destination for celebrities, retirees, and families chasing warmth and sunshine, housing is in extremely high demand. Although the price of groceries, utilities, and general expenses are comparable to the United States average, Florida is more expensive in the cost of housing—the average home in Palm Beach County costs $500,000. In contrast, the median price for a US home is about $250,000. However, keep in mind that these prices may vary depending on which county you decide to live in. 

 

How much should you earn to comfortably live in South Florida?  

 

Of course, the exact answer to that question depends on a few different factors like the type of lifestyle you have, whether you're single, married, or have kids, which part of South Florida you want to live in, and more. Are you renting or buying? Why type of job do you have? All these factors play a role in your individual cost of living. 

 

The South Florida cost of living index is 20% higher than the national average.  

 

Most things in South Florida are reasonably affordable. For instance, your utilities are 2% cheaper than the national median, and healthcare is right on par with the rest of the country. But, other things cost more in South Florida. Grocery prices have been slowly climbing lately and are about 6% more expensive than the national average. Public transportation is also more expensive than the rest of the US. An Uber cost about $1.05 per mile while the national average is about $0.90 per mile. South Florida is steadily getting slightly more expensive each year by about ¾’s of a %. 

 

Knowing the expenses of goods and services you'll be paying for on a daily can help you consider whether the cost of living in South Florida is affordable for you. That's why I a general price list of the goods and services you’ll likely be paying for daily: 

 

Steak (Ribeye, 1lb.) - $9.89 

 

Milk (regular 1 gallon) - $5 

 

Eggs (1 Dozen) - $1.46 

 

Potatoes (5 lb bag) - $3.88 

 

Bread (1 loaf) - $3.36 

 

Beer (Heineken's six-pack) - $9.65 

 

Average Cell Phone Bill - $183.83 

 

Average Cost of Gasoline (per gallon) - $2.29 

 

Average Cost of Utilities (per month) - $171.70 

 

McDonald's Burger (1/4 Pounder) - $4.55 

 

Large Pizza - $9.87 

 

Movie Ticket (1st run) - $12.34 

 

So, what about housing? The housing costs in South Florida are roughly 10% higher than the national average. Right now, the housing market is considered to be highly competitive with demand out doing supply by a long shot making it the definition of a sellers market. Homes are typically on the market for 3-4 weeks, and they usually get about 99% of the list price. The price appreciation has been real good lately and are rising up to more than 20%. 

 

Since it's a place where many people vacation and rent out homes, the homeownership rate in South Florida is about half of the population.  

 

The average rent in South Florida is about $2,100 per month for a 2 bedroom. The rent trends are going up slightly by just 3% each year and the affordability level of rentals keeps going down.  

 

What about the average salary & household income? 

 

The average salary in South Florida is $61,000, with the average hourly wage being around $17. Some of the most popular South Florida jobs are Project managers, Office managers, paralegals, nurses, and medical assistants. Medical assistants can make an average of $15 an hour, while a project manager will earn around $72,000 a year. Since South Florida is slightly more expensive than other cities, it's imperative to know just how much you'd be making in your career. 

 

Overall, the median household income in South Florida is just $49,054, and almost 1/5 of the population live in poverty, which is pretty high. 

 

Another crucial factor we must cover is income, sales, & property Taxes in South Florida. 

 

Between income, sales, and property taxes, you have to pay a portion of your salary to the government. However, some people are still not aware that Income Tax Rate in Florida is 0%! You won't have to pay anything for your income tax while residing here. 

 

The sales tax rate in South Florida is 7%. It includes 6% Florida state sales tax and 1% for the counties. 

 

Property taxes are highly favorable down here, especially if you’re from states like New York or California. When you purchase a property down here and if you homestead your taxes, you can expect to pay an average of about 2% in taxes. 

   

If you want to live in the happiest state, with some of the best weather and most beautiful water on earth, then South Florida might be for you. The cost of living here is a little more expensive than other states but not as much as places like California or New York. It’s all about knowing your budget and what kind of lifestyle you want down here in SoFlo!  Some people think they can't afford to move close enough to the beach when really it just depends on how far from the shoreline you're willing to go.

Do you still have questions? We want to know what you think about this topic, so please leave a comment below with your thoughts and opinions on the matter! Check out our YouTube channel where we share videos that will shed light on everything there is know about this glorious place we call paradise!

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Alain Brodeur

A realtor, a chef, and a traveler all walk into a bar, and that’s just the first guy! Actually, it’s me, Alain Brodeur. I’m a 3rd generation realtor from the beautiful area of South Florida, whe....

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