The Cost of Living on Florida’s Pristine Coasts: Is It Worth It?

Aerial View of the South Florida Coastline

Florida’s coastlines are renowned for their beauty and allure, but living in this paradise comes with a price. For those contemplating a move to the Sunshine State’s shores, understanding the cost of living is crucial. Is the expense of coastal living in Florida justified by the lifestyle it offers? Let’s examine the financial aspects and lifestyle benefits to find out.

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Housing Costs Are a Significant Consideration

In areas like Miami-Miami Beach-Kendall, the average mortgage rate was 2.88%, with principal and interest payments averaging $1,269 in Q3 2020, according to Forbes. Rental prices in the same period averaged $2,265 — and prices have surely surged since. This indicates a substantial investment for prospective homeowners and renters along the coast.

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Healthcare Costs a Key Factor

Healthcare expenses are crucial for many. In the Miami-Miami Beach-Kendall area, visiting a dentist costs about $110, an optometrist $113.40, and a doctor $120, hovering around national medians, as reported by Forbes. These figures are important for those prioritizing healthcare accessibility and affordability.

Grocery Prices in Florida

Grocery costs can impact the weekly budget. In Miami, items like fried chicken, peaches, and eggs are priced higher than the national median, which could affect overall grocery spending.

No Income Tax: A Financial Relief

Florida’s lack of state income tax is a significant financial benefit, as noted by the Miami Herald. This can offset some of the higher costs of living in coastal areas, making it more appealing financially.

“If you hate paying taxes (and most people do), Florida is a great place to reside. With no income tax and a sales tax of only 6%, Florida is usually ranked as the first to the fifth best state to live in for those seeking to lower their tax bill,” the Miami Herald’s James F. Trumm wrote.

Quality of Life as an Intangible Benefit

The quality of life on Florida’s coasts, with their natural beauty and recreational opportunities, is a major draw. This intangible benefit often plays a significant role in the decision to bear the higher costs of living.

Living on Florida’s coasts offers a unique lifestyle that many find irresistible. While the cost of living can be higher than the national average, factors like the absence of state income tax and the high quality of life can make it a worthwhile investment for many. For those who prioritize living in a beautiful, vibrant environment, Florida’s coasts might be the perfect fit, despite the higher cost of living.

Editor's note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates' editorial team.

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This article originally appeared on GOBankingRates.com: The Cost of Living on Florida’s Pristine Coasts: Is It Worth It?