Florida is known as the Sunshine State for an excellent reason. With over 663 miles of beaches and home to major attractions like Disney World and Universal Studios, Florida's economy and things bring smiles to many faces! With over $1 trillion in the gross domestic product, about 21.5 million people call Florida home.
With a booming tourist economy and plenty of large businesses with open opportunities, Florida might be just the perfect place to boost your career, find your next home, and get the perfect tan.
The overall average cost of living in Florida is 2.8 percent higher than the rest of the country. Some parts of the state are much more expensive. For example, in Miami Beach, the overall cost is 26 percent higher, housing is 60 percent higher, and transportation is 32 percent more costly than the national average. Dade City is much more affordable, with an overall cost of living that's 13.3 percent below average.
The median home cost in Florida is $237,100, which is only slightly higher than the national average of $231,200. Tallahassee, the state's capital, has a median price tag of $184,500, which is slightly more than 20 percent below average, while centrally located Aventura has a median cost of $316,500. In those highly competitive markets, rent-to-own homes in Florida are an excellent option.
If you're interested in Florida rent-to-own homes, don't forget to consider important factors in addition to monthly living costs, such as average commute, taxes, crime rates, etc. The following are some common Florida statistics compared to the U.S. national average.
|Florida Averages||National Averages|
|One-Way Commute||27.0 minutes||26.4 minutes|
|Income Tax Rate||0%||4.6%|
|Median Household Income||$47,212||$53,482|
|Median Property Taxes||$1,770||$2,200|
|Median Home Cost||$237,100||$231,200|
|Median Home Age||28 years||40 years|
Miami Beach - Located between the Atlantic Ocean and Biscayne Bay, this resort town is a great destination for people who need to get away from everyday life while still living in a fully functioning city. Enjoy the beachfront hotels along Collins Avenue, or walk through the residential neighborhoods with orange Spanish-roofed homes and light-colored stucco siding. For nightlife, you can check out spots like the Fontainebleau Hotel, where there's always a party going on; visit South Beach and its many artsy shops, restaurants, and bars; or take a leisurely stroll down the boardwalk until you're ready to call it a night. It sounds more like a vacation spot than a place to call home, but that's the reality for people who live in Miami Beach.
Orlando - More than 285,000 residents call this city home. Although it's located a little more inland than the coastal towns of Florida, world-famous attractions such as Walt Disney World, Seaworld, Legoland, and Universal Studios attract more than 75 million visitors every year. Tourists keep the local economy alive by spending money at theme parks, local shops and restaurants, and hotels, as well as transportation, which stimulates the rest of the economy. The unemployment rate as of December 2019 was a low 2.5 percent, compared to the national average of 3.4 percent.
Jacksonville - Jacksonville is the most populous city in Florida, with more than 900,000 year-round residents. Residents of many ethnicities and nationalities occupy the city, which has urban, suburban, and beach-town living accommodations. The city also has an international airport for people who need to travel long distances, and it has a monorail, trolley, bus system, taxis, water taxis, and a skyway to help residents beat traffic around town.