- Of the 10 places on the list, Miami-Dade County is Florida’s most expensive urban area.
- Insider analyzed data from the Social and Economic Research Council.
- Half of the 10 Florida cities on the list had higher cost-of-living indexes than the national average.
It’s Florida Fastest growing state in America And popular Retirees – It can be very expensive.
Insider looked to the Council for Social and Economic Research to find out how some of the biggest cities in the popular Sunshine State stack up. Cost of Living Index to various urban areas in the United States.
“The cost of living index measures regional differences in the price of consumer goods and services for high-income professional and managerial households, excluding taxes and non-consumer spending,” a Press release Said from C2ER.
“Covering 61 different commodities, prices are collected quarterly by chambers of commerce, economic development agencies and university applied economics centers in each city area,” the press release continued.
To see how expensive it is to live in various major urban areas in Florida, Insider looked at average prices from C2ER’s research and an overall composite index created based on six different categories, such as housing and transportation. Data from participating regions in the first quarter of 2023; Data are available for this quarter for 10 urban areas in Florida.
A composite index of 100 for a city means its cost of living is equal to the national average. While half of those 10 places in Florida scored above 100, the other five were below the national average.
Of the 10 places in Florida, Miami is the most expensive with a composite index of 118.9, but its cost of living is not as high as other places in the country. Based on C2ER’s indexes, none of the Florida cities listed appear in the top spots when ranking all 271 U.S. destinations with the indexes. Manhattan, New York had the highest composite index in the United States in the first quarter of 2023 with an index of 222.0.
Note that the researchers attempted to compare the participants’ offerings across the listed cities. to average Apartment rent, the researchers looked at 1-year leases for a 950-square-foot, two-bedroom apartment that yielded a 20% return in a complex suitable for a childless couple. Physician visits tend to measure prices for the average fee charged to an uninsured and established patient. 2,400 square feet of living area and some criteria are required to determine the price of a newly constructed home.
Below is a look at how much it costs to live in 10 urban areas in the Sunshine State. We’ve also included some of the average prices of goods and services for the first quarter of this year.
Have you moved to any of these Florida locations for cost of living or decided to move out of Florida? Reach out to this reporter to share your story [email protected].
Update — August 27, 2023: Due to data limitations, this article has been updated to clarify that the list includes major cities in Florida.
