Your dream of moving to Florida is finally coming true. The inviting white sand beaches, outdoor activities, and nightlife are enthralling, but so is the cost of living in Florida.
Cost of Living in Florida over the Years
Initially, Florida was a hot destination for people looking to retire and live their retirement lives. When compared to other States, the cost of living is comparatively less. People used to sell off their current homes and go to live peaceful lives in Florida.
Nowadays, the scenario is a bit different. In addition to purchasing homes, you also need to take into consideration the real estate taxes you might be paying. To cover these, you might need insurances to cover the cost of replacement.
This is the reason you need to deal with real estate agent experts such as Wendy Morris Realty located in Orlando, Florida who even deal with listings from Lakeland Luxury Homes when it comes to properties. If you are looking for properties in Amanda Oaks Lakeland FL, you just need to state your requirements, and they will find the best homes for you.
You might notice a subtle difference in the cost of living across various sectors when compared to data shared in 2019 on Florida:
- Transportation costs have come down
- Healthcare costs have dropped
- Housing costs have also come down
- Utility costs have shot up slightly
- Grocery costs have also gone up
- Miscellaneous expenses costs have also shown a significant increase
The cost of living in Florida varies from city to city. If you plan to live in Miami, then the cost of living will be higher than most of the other cities in Florida.
Factors that Contribute to Cost of Living in Florida
When you are doing your homework on which Florida city to move to, you might want to consider the below factors:
- Property Tax
- Insurance and Settlement Costs
- House Selling Costs
- Homeowners Association Fees
- Sales and Income Tax
When compared to the other US States, the property tax in Florida is 0.98%. This can be a major relief for you if you are already paying a high property tax in your current place.
The settlement costs in Florida are between 2.15% to 3.23%, on the total purchase price. In addition to this Florida is prone to floods. So, you might also need to invest in flood insurance.
The cost of selling your current home can also affect your decision on purchasing a home in Florida. If you have any repairs to be made or renovating your home to add to the market value and other miscellaneous expenses will all add up to the selling costs.
You might also need to pay Homeowners Association Fees (HOA) for the maintenance of property maintenance and other amenities offered by the community.
Finally, you need to think about the Sales and Income Tax. There is no state income tax, which is a major relief for residents, but you might have to pay 5.5% on state corporate tax and 6% on sales tax.
Ensure that you start planning and saving in advance if you are planning to move to Florida. You can even consider checking out Florida to get a taste of what it is like to live there.