Miami Beach

Salary vs. Rent Comparison in Florida

Categories: CoronavirusReal Estate

Who could blame someone for wanting access to gorgeous beaches, over 300 days of sunshine per year, and weather that stays nice throughout the winter?

Although the occasional storm or traffic jam can spoil paradise, there is no denying that Florida delivers outstanding quality of life. When you can figure out what your budget needs to be before moving, it’ll be much easier to determine how comfortable you can be after moving here.

If you need any help with that move, Expo Movers can provide the assistance you need for a fair and competitive price! Our online calculator is a fantastic place to get started, or you can contact us at your convenience to discuss your circumstances.

What Is the Median Salary in Florida?

salary

The median household income in Florida was $55,660 in 2019. The figures from 2020 have too many variables to consider, ranging from unemployment checks to stimulus payments to bonuses for essential workers.

If you follow the 30% rule for renting, you’ll need to break down your annual salary into a monthly gross figure. That means the median monthly household income in Florida would be $4,638.

That means the most you would want to pay for an apartment, condo, or single-family home is $1,391.40 per month.

Although that amount is feasible in most cities, you’ll get limited to a one-bedroom apartment to stay within that financial window. Those circumstances could be challenging for a family with two or more children, which is why looking for a great housing deal or finding supplemental income is often a priority here.

What Are the Housing Costs in Florida?

housing in florida

After the pandemic year of 2020, rental costs took a tumble everywhere. You’ll find that they are recovering quickly throughout most of Florida.

Miami, Orlando, Tampa, and Fort Lauderdale have all experienced 2% increases or more since March 2020. The price in Tampa is 9% higher in 2021 compared to the previous year.

Although the rental increases have a high percentage, the rates are still reasonable compared to other major cities. If you want a two-bedroom apartment in Miami, you can expect to pay about $1,700 per month. A one-bedroom is only $1,300. You’ll pay twice that cost (if not more) to live in NYC.

In Fort Lauderdale, Tampa, and Orlando, the average cost of a two-bedroom apartment is $1,410.

That means people can take a pay cut from an NYC job, move to Florida, and experience a more luxurious lifestyle. When you add in the sand and sunshine, is it any wonder why this state is a popular destination today?

On the other hand, you’d need to make over $170,000 in NYC or Los Angeles to have the same economic power of a $100,000 salary in Florida.

What Are the Transportation Costs in Florida?

car in florida

If you live alone in Florida, you can expect to pay about $5,000 in transportation expenses each year. This rate applies to every city and community in the state, including homes in the more rural areas.

When you have a family of four, you can expect to pay an average of $14,000 in transportation costs each year. Those expenses include vehicle maintenance, insurance, fuel, public infrastructure, and car ownership.

If you budget smartly, it is possible to reduce your expenses in this area significantly. When you live in Miami, you can often use public transportation instead of needing a vehicle, reducing the cost to under $2,000.

What Are the Utility Costs in Florida?

utilities

Even though sunshine and warm weather are normal in Florida, utility expenses are often below average compared to the rest of the United States.

If you average the utility expense for every community in Florida, you’ll come to a median charge of $160 for water, gas, and electricity.

You’ll pay about 10% more on these expenses if you live in the Orlando or Tampa metro areas. It’s about 15% cheaper in Miami for the basic utilities.

Each community has different rates to consider for cable, cellular services, Internet access, trash collection, sewer, and other items often deemed necessary. It helps to shop around to find the best rate in those circumstances.

What Are the Healthcare Costs in Florida?

health care

The annual healthcare costs in Florida are slightly skewed because the state has several 55+ retirement communities that influence the figures.

The average person can expect to pay about $2,500 for the care they need. That rate applies to all age groups, which means a family of four would pay $10,000, while a family of six would need to budget for $15,000.

When you consider all these expenses, it is clear to see that Florida offers great deals while providing an excellent opportunity to change your life. What would be the first thing you would do after moving to this state?

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments