How Florida’s Cost of Living Stacks Up Against Texas’
Everything may be bigger in Texas, but fortunately for residents of the state, the cost of living is not. While the average total expenditures for living costs for the U.S. as a whole is $66,928, in Texas, it’s $61,975. On the other hand, the cost of living in Florida is higher than the national average, with the average total expenditures adding up to $69,940.
How Much Does It Cost To Live in Florida?
Here’s a look at the average annual costs to reside in the Sunshine State:
- Annual grocery costs: $5,596
- Annual housing costs: $14,875
- Annual transportation costs: $5,551
- Annual healthcare costs: $5,343
- Annual utility costs: $4,181
The average annual cost of living in Florida is $69,940, but if you add a 20% buffer for savings and flexibility, that adds up to a total of $87,425 per year to live comfortably.
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How Much Does It Cost To Live in Texas?
Here’s a look at how Texas’ living costs compare:
- Annual grocery costs: $4,786
- Annual housing costs: $11,243
- Annual transportation costs: $5,222
- Annual healthcare costs: $5,169
- Annual utility costs: $4,472
Although utility costs are higher in Texas than in Florida, every other living cost is lower in the Lone Star State. The total needed to cover annual living expenses is $61,975, or $77,469 if you add in that 20% buffer to live comfortably.
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Methodology: GOBankingRates used the Bureau of Labor Statistics 2021 Consumer Expenditure Survey and the Missouri Economic Research and Information Center 2022 3rd quarter cost of living indices to compare the cost of living expenses between Florida and Texas. Data is accurate as of Nov. 18, 2022.