Living in Florida is many people’s dream. The number of people moving to Florida has increased even more in the last few years. According to a report by the State’s Office of Economic and Demographic Research,the new number of residents in the Sunshine State from April 2020 to April 2021 is 329.717.
People come to Florida from every part of America and Florida was the No. 1 destination for relocating Americans in 2020, reports Move.org, which used internal metrics, U.S. Census Bureau data, and a Pollfish survey of 700 U.S. adults to determine each state’s popularity.
Moving to Florida: expenses to pay for every person that wants to buy a house
Whoever decides to buy a house needs to know that the average value of an estate in Florida equals $348,732 (from the latest figures from Zillow), with a 28% increase from last year. In this case, it’s also worth distinguishing eacharea from the other. In Palm Beach, for example, the usual value of a house is almost $1,25 million.
Taxes in Florida
Florida can claim a very low and flat rate. This means that it is not a gradual rate that will charge higher prices to people who earns more. In contrast to other States, such as New Jersey, that has a tax rate of 10,5%, Florida’s tax rate of 4,45% is relatively convenient for companies.
Tax benefits do not end here. Residents, buyers, and estate owners pay less than 1% on property taxes. Residents of other States in America pay a lot more, almost 2%. You should only think that New Jersey has the highest rate of all, 2,45%.
The lack of an income tax is a big draw for many folks, but you need to remember the benefit is not instant. If you move midway through the year, for instance, any income you earned in your previous state before the move, is still likely to be subject to that state’s tax code.
Tax Rates for Florida
– The Sales Tax Rate for Florida is 6.8%. The US average is 7.3%.
– The Income Tax Rate for Florida is 0.0%. The US average is 4.6%.
Cost of Living in Florida
Another reason why living in Florida is beneficial is the average cost of living, which is only 2,8% higher than the national average, according to Cost of Living Index.1. You must also keep in mind the low cost of groceries, public services, and transportation. As reported by Best Places’ Cost of Living index, these three are much more convenient in Southern States. For example, let’s consider that, on a scale where the national average living cost is 100, Florida has 102,8 points, while California has 139,9 and New York almost 120,5.Texas collects 93,9 points.
COST OF LIVING | FLORIDA | UNITED STATES |
|---|---|---|
Overall* | 102.8 | 100 |
Grocery | 102.8 | 100 |
Health | 98 | 100 |
Housing | 102.6 | 100 |
Median Home Cost | $ 294,900 | $ 291,700 |
Utilities | 101.3 | 100 |
Transportation | 112.6 | 100 |
Miscellaneous | 96.9 | 100 |
Source: bestplaces.net
Overall= The total of all the cost of living categories weighted subjectively as follows: housing (30%), food and groceries (15%), transportation (10%), utilities (6%), health care (7%), and miscellaneous expenses such as clothing, services, and entertainment (32%). State and local taxes are not included in any category. Updated: 09/19
100 = National Avarage
Health Care Florida
There are also remarkable advantages to health care, in contrast to other USA States. In Florida health costs are much lower than the national average.
Let’s make some examples. If your family doctor in Tampa costs on average 99$, in other American States the price is 116$, 14% higher. If the dentist in Tampa costs 106$, in other States costs 100$. The same process is for other specialists, such as the ophthalmologist or buying prescription medicine.
Health Cost Index
The annual BestPlaces Health Cost Index for the Florida area is 97.8 (lower=better). The US average is 100. Example: 110 = 10% more expensive than national average.
Source: bestplaces.net
Physicians per Capita
There are 206 physicians per 100,000 population in Florida. The US average is 210 per 100,000 people.
Source: bestplaces.net
Living in Florida: a popular State always growing
Florida’s popularity is always growing, and it doesn’t look like it will stop or decrease. State projections say that the State will gain an average of 845 new residents per day within 2025!
The advice is to control every pro and con of a probable move and start to pack. Florida can offer you many great opportunities of life, work, and investments.
