As an expert in the field of retirement and relocation, I am often asked about the cost of living in Florida. While there are many factors to consider when deciding where to live, the cost of living is certainly an important one. It can greatly impact your budget and lifestyle, so it's crucial to have a good understanding of the expenses you can expect in different areas of the state. When discussing the cost of living, we often refer to the cost of living index. This index takes into account various expenses such as housing, utilities, healthcare, entertainment, transportation, food, child care, and taxes.
It compares these costs to the national average, with a score of 100 representing the average. A score above 100 indicates a higher cost of living, while a score below 100 indicates a lower cost of living. Based on my research and experience, I have compiled a list of the most expensive cities in Florida to live in. Keep in mind that this list is based on cities and places that I have deemed as some of the best places to retire. While there may be cheaper options available, they may not necessarily be as desirable for retirement.
The Most Affordable Places to Retire
At the top of our list is On Top of the World, located in Ocala.This community for those aged 55 and over offers affordable housing options and a range of amenities. Another affordable option is Babcock Ranch, which is too new to be included in data from BestPlaces. However, I have used the cost of living index for nearby Punta Gorda as a reference point. Melbourne is another popular location for retirees, with its proximity to Florida's east coast and the planned community of Viera. This community is consistently one of the best-selling in the state.
These are just a few examples of the many affordable places to retire in Florida.
The Most Expensive Places to Live
On the other end of the spectrum, we have some of the most expensive places to live in Florida. While these may not be the most budget-friendly options, they still offer many desirable qualities for retirees.Key West
It's no surprise that Key West makes this list. This popular destination is known for its beautiful beaches and vibrant culture, but it comes with a high cost of living. Other popular areas in the Florida Keys, such as Marathon, Islamorada, and Key Largo, also have a high cost of living.Delray Beach
Located in Palm Beach County, Delray Beach is known for its upscale lifestyle and beautiful beaches.However, this comes at a price, as it is one of the most expensive parts of the state to live in. Nearby cities like Boca Raton and Boynton Beach also have a similar cost of living.
Naples
Known for its luxury homes and high-end shopping, Naples is often associated with wealth and extravagance. While it is still considered one of the most expensive places to live in Florida, it may not be as unattainable as some may think.St. Augustine
Surprisingly, St.Augustine makes this list despite having some of the most affordable housing options for those aged 55 and over. The high cost of living can be attributed to its proximity to popular theme parks and expensive cities like Windermere.
Winter Garden
Rounding out our list is Winter Garden, which has a slightly higher cost of living compared to the state average. This can be attributed to its location near theme parks and expensive cities like Windermere.The Main Factor: Housing Costs
After examining the data, it became clear that the main factor in determining the cost of living in a particular area is housing costs. This includes both buying and renting prices.Other expenses, such as food and utilities, do not vary significantly across the state and do not have as much of an impact on the overall cost of living. For those interested in living in The Villages, one of the most popular retirement spots in Florida, I have included a breakdown of the costs associated with living there. Overall, I have found that most places in Florida have a reasonable cost of living, with the state being only 2.8% higher than the national average.
My Personal Experience
As someone who lives in Babcock Ranch, I can attest to the fact that Florida can be an expensive place to live. Coming from the Midwest, I have noticed a significant increase in expenses such as food and dining out. However, I believe that the benefits of living in this beautiful state far outweigh any additional costs. I have also had the opportunity to visit many of the cities on this list and have found them to be worth the investment.While they may not be the most budget-friendly options, they offer a high quality of life and desirable amenities for retirees.
