Here Is the Cost of Living for Each Generation in Florida

iStock / iStock.com

Commitment to Our Readers

GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.

20 Years
Helping You Live Richer

Reviewed
by Experts

Trusted by
Millions of Readers

Although Florida cities like Miami, Tampa and Orlando are expensive compared with the national average, the Sunshine State as a whole lands near the middle of the pack in overall cost of living. Sixteen states are ranked as more expensive than Florida, according to the Missouri Economic Research and Information Center. Florida is also less expensive than Puerto Rico and Washington, D.C.

The Sunshine State had a cost-of-living index score of 102.4 as of the 2024 third quarter, which means it’s only slightly more expensive than the U.S. mean of 100. Even so, some Florida residents spend a whole lot more money than others. Average living costs can vary widely depending on where you live — and how old you are.

Read on for more details about the cost of living for each generation in Florida.

Also see the average monthly expenses for Gen Z in every state — and what they spend the most money on.

A Generational Divide

Gen Xers have the highest living costs in Florida by a fairly wide margin, according to a GOBankingRates study. Expenditures for Gen Xers in the Sunshine State average $46,284 a year — 86% higher than what Gen Z residents spend and 17% above millennials’ spending.

For the study, GOBankingRates analyzed each state to find the average monthly expenses and the highest expenditure cost for different generations. Researchers looked at data from the Missouri Economic Research Information Center, the U.S. Census Bureau, the Bureau of Labor Statistics and the Federal Reserve. Spending categories included groceries, healthcare, housing, utilities, transportation and miscellaneous expenses.

Gen Xers in Florida outspend other age groups in nearly every category. The one exception is healthcare, where baby boomers have the highest costs.

The Florida numbers align with the country as a whole. In every state, Gen Xers have the highest annual living costs. This is perhaps not surprising because many Gen Xers are in their prime earning years — and prime spending years. They have reached an age when they tend to move into bigger houses, buy pricier cars and have more family members to support.

In contrast, many Gen Zers are still in school, while most boomers are retired. As for millennials, onely the oldest have reached an age when they are entering their prime earning and spending years.

Here’s a deeper look at the average annual expenditures in some key categories for each generation in Florida.

Gen Z

• Grocery: $3,513
• Healthcare: $1,685
• Housing: $12,061
• Utilities: $2,598
• Transportation: $5,058

Millennials

• Grocery: $6,125
• Healthcare: $4,488
• Housing: $16,278
• Utilities: $4,168
• Transportation: $7,523

Gen X

• Grocery: $7,138
• Healthcare: $6,882
• Housing: $17,075
• Utilities: $5,250
• Transportation: $8,839

Baby Boomers

• Grocery: $5,796
• Healthcare: $7,685
• Housing: $12,555
• Utilities: $4,488
• Transportation: $6,422

Methodology: For this study, GOBankingRates analyzed each U.S. state to find the average monthly expenses and the highest expenditure cost for different generations. First, GOBankingRates found information on each state, including total population, population ages 65 and over, total households, and household median income, all sourced from the U.S. Census American Community Survey. The cost-of-living indexes for each state as sourced from Missouri Economic Research Information Center. For each cost-of-living index, the average expenditure cost can be calculated using the Bureau of Labor Statistics Consumer Expenditure Survey 2602 for different generations. The generations are defined as Gen Z, born in 1997 or later; millennials, born between 1981 and 1997; Gen X, born between 1965 and 1980; and boomers, born between 1946 and 1964. This calculation gives the average expenditure cost of living for each generation in each state. Using the average home value as sourced from Zillow Home Value Index for August 2024, assuming a 10% down payment, and using the national average 30-year fixed mortgage rate as sourced from the Federal Reserve Economic Data, the average mortgage cost can be calculated. Using the average mortgage and expenditure costs, the total cost of living can be calculated for each state and for each generation. The highest expenditure index and average monthly cost were also shown to find the highest expenditure cost for each state. The states were sorted to show the cheapest to most expensive total cost of living. The data was collected on and is up to date as of Aug. 24, 2024.

Share This Article: