Think the cost of living is going up in Florida? It definitely is.
The average amount for monthly rent in the area around Miami is at $2,930 and is on par with San Francisco and Los Angeles.
The amount is also double the level considered affordable for people in the region given the amount of local incomes.
In addition, the rest of Florida is seeing major price increases for rent as well. Let's look at a few examples for how much it is to rent an apartment currently in various parts of Florida:
- Fort Lauderdale rent prices have increased by 3% over the past month. According to year-over-year comparisons, rent prices have increased by 41% compared to last year at the same time.
- Tampa's rent prices stayed flat over the past month, but the overall amount is up 27.6% when compared to last year.
- Orlando has experienced a 28.9% increase compared to last year's rates. Currently, the median rent price for a one-bedroom apartment sits at $1,527.
But rent is just one part of the equation. What about the costs in other areas?
Other Costs Living In Florida
According to MIT's living wage calculator, a single adult resident of Florida can expect to pay approximately $5,113 in transportation costs annually. For a family of four, with two adults and two children, they can expect to pay $13,896 in transportation costs annually. These costs include the number of vehicles used, gas, vehicle insurance, maintenance costs, and public transportation costs.
The monthly recommended minimum amount of money for food per person in Orlando is $345.06 according to Numbeo. This means the cost of food for a family of four is approximately $1,400 per month. Miami is even higher at an average of $423 per person.
Here's a short video sharing even more information with you from NewsNation.
Has this been your experience in Florida? Do you agree or disagree? Please feel free to share your thoughts in the comments.
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Disclaimer: Please note that this article is only for educational and informational purposes.