New to America: What is the Average Monthly Cost of Living in Florida?
Florida has been a destination for immigrants for years, most famously for Cuban immigrants. People travel to come to sunny Florida, its largest centers for immigrants are Tampa, Orlando, and Miami. The U.S. is the home of more than 48 million immigrants, the most of any country in the world. Florida is home to 4.23 million immigrants, making up about 20.6% of the state’s total population. Florida's largest centers for immigrants are Tampa, Orlando, and Miami.
Because so many immigrants decide to settle in Florida, we thought it would be helpful to look at the average monthly cost of living in Florida.
Cost of living
Cost of living (COL) represents the amount of money needed to cover necessary expenses to maintain a certain standard of living in a particular place and time. Of course, not everyone has the same essential expenses, but generally, they include:
Housing
Utilities
Food
Transportation
Healthcare
Taxes
Education
Clothing
Entertainment
A simple way to measure how expensive or inexpensive a place is compared to another is through the COL index. A place with a COL index below 100 means it’s less expensive than the national average. If the COL index is above 100, it’s more expensive than the national average.
For 2022, Florida’s COL index is 100.3, making it slightly above the national average.
Common monthly expenses in Florida
The average monthly cost of living in Florida is $3,634, which is $43,615 per year. Here are some of the most common monthly expenses broken down:
Housing: $1,040-$1,700
Electricity: $129
Gas (for the home, not vehicles): $136
Cable and internet: $115
Water: $33
Groceries and food per person: $308
Transportation: $426-$1,158
Healthcare per person: $556
Childcare per child: $790-$1,364
One expense you won’t have in Florida is the individual income tax. Florida is one of nine states that doesn’t have them, a big reason some people choose to settle there.
Lowest cost of living cities in Florida
If you want to live in the Sunshine State but without the hefty price tag, these are the most affordable cities in Florida:
Jacksonville: COL Index of 93.7
Daytona Beach: COL Index of 94.2
Palm Coast: COL Index of 94.6
Upwardli can help
Each state has distinct things about it, its climate, food, and attitude, to name a few. But the rules of personal finance are the same everywhere in the U.S., even if the costs are very different. But depending on where you’re coming from, the American system may be very different from the one you’re used to.
That’s where Upwardli comes in! Upwardli was created to help new immigrants understand and set up their financial lives in America. We can help you learn how our financial system works and build a credit history, an essential aspect of American finance. Wherever you are, Upwardli is here for you!
