How Much You Need To Live Comfortably in 20 Florida Cities

Overall, Florida isn’t known as one of America’s most expensive states. However, depending on where exactly you live, some cities in the Sunshine State can be much more costly than others.

To determine their affordability, GOBankingRates sourced data regarding the cost of groceries, utilities, transportation, healthcare, rent and mortgage payments in Florida’s 20 biggest cities. Annual expenditures were then compared with median incomes.

To determine the cost to live comfortably, GOBankingRates used the 50-30-20 rule, which assumes that 50% of income should go toward necessities, 30% toward discretionary spending and 20% toward savings.

Data was provided by Sperling’s Best Places, the Bureau of Labor Statistics’ 2021 Consumer Expenditure Survey, Zillow, the Federal Reserve Bank of St. Louis and the Census Bureau’s 2021 American Community Survey. Results of the affordability study are presented below, in no particular order.

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• Median Household Income: $58,263
• ‘Live Comfortably’ Income Needed If Paying Mortgage: $84,601
• ‘Live Comfortably’ Income Needed If Paying Rent: $81,178

Jacksonville is one of the few big cities in Florida where you can either own a home or rent comfortably on an income of less than $85,000.

• Median Household Income: $47,860
• ‘Live Comfortably’ Income Needed If Paying Mortgage: $131,776
• ‘Live Comfortably’ Income Needed If Paying Rent: $122,642

A relatively low median household income and high expenses in Miami means that the city ranks as the most unaffordable in Florida, in terms of the difference between median salary and average annual expenditures.

• Median Household Income: $59,893
• ‘Live Comfortably’ Income Needed If Paying Mortgage: $99,235
• ‘Live Comfortably’ Income Needed If Paying Rent: $94,726

You’ll need to add about $35,000 to the median household income to live comfortably in Tampa.

• Median Household Income: $58,968
• ‘Live Comfortably’ Income Needed If Paying Mortgage: $98,189
• ‘Live Comfortably’ Income Needed If Paying Rent: $91,102

For such a popular, globally known destination, Orlando remains relatively affordable.

• Median Household Income: $64,375
• ‘Live Comfortably’ Income Needed If Paying Mortgage: $94,661
• ‘Live Comfortably’ Income Needed If Paying Rent: $90,114

The oldest city in America remains relatively affordable, particularly for renters.

• Median Household Income: $49,077
• ‘Live Comfortably’ Income Needed If Paying Mortgage: $79,854
• ‘Live Comfortably’ Income Needed If Paying Rent: $75,045

Tallahassee’s the place to be if you want to live in Florida on a lower income. You can live comfortably there on the lowest income of any of the 20 biggest cities in Florida.

• Median Household Income: $66,994
• ‘Live Comfortably’ Income Needed If Paying Mortgage: $127,932
• ‘Live Comfortably’ Income Needed If Paying Rent: $109,624

The gap between the cost of a mortgage and the average rent is quite high in Ft. Lauderdale, making it much more affordable for renters than owners.

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• Median Household Income: $43,181
• ‘Live Comfortably’ Income Needed If Paying Mortgage: $116,091
• ‘Live Comfortably’ Income Needed If Paying Rent: $112,713

The median income is quite low in Hialeah and not enough to easily support a comfortable lifestyle in the city.

• Median Household Income: $65,282
• ‘Live Comfortably’ Income Needed If Paying Mortgage: $98,852
• ‘Live Comfortably’ Income Needed If Paying Rent: $99,342

Rents are high in Cape Coral, making it one of the few cities on the list that are more unaffordable for renters than homeowners.

• Median Household Income: $68,647
• ‘Live Comfortably’ Income Needed If Paying Mortgage: $96,210
• ‘Live Comfortably’ Income Needed If Paying Rent: $98,661

Port St. Lucie is one of the few Florida cities where it costs more to live comfortably as a renter than as a homeowner.

• Median Household Income: $73,024
• ‘Live Comfortably’ Income Needed If Paying Mortgage: $122,035
• ‘Live Comfortably’ Income Needed If Paying Rent: $107,396

Pembroke Pines has quite high home prices, making it more unaffordable for homeowners than renters.

• Median Household Income: $56,912
• ‘Live Comfortably’ Income Needed If Paying Mortgage: $112,752
• ‘Live Comfortably’ Income Needed If Paying Rent: $106,881

Costs are relatively high in Hollywood, and the mid-level median income isn’t enough to make for a comfortable lifestyle.

• Median Household Income: $40,937
• ‘Live Comfortably’ Income Needed If Paying Mortgage: $84,151
• ‘Live Comfortably’ Income Needed If Paying Rent: $79,586

Gainesville has the lowest median income of any of Florida’s 20 largest cities, but expenses are so low the city still remains affordable.

• Median Household Income: $54,182
• ‘Live Comfortably’ Income Needed If Paying Mortgage: $96,864
• ‘Live Comfortably’ Income Needed If Paying Rent: $90,264

Home prices in Clearwater are above the national average, helping contribute to a fairly large gap in affordability between homeowners and renters.

• Median Household Income: $56,549
• ‘Live Comfortably’ Income Needed If Paying Mortgage: $109,855
• ‘Live Comfortably’ Income Needed If Paying Rent: $102,545

The gap between expenses and incomes in West Palm Beach is fairly high, lowering the city’s affordability score.

• Median Household Income: $56,109
• ‘Live Comfortably’ Income Needed If Paying Mortgage: $103,759
• ‘Live Comfortably’ Income Needed If Paying Rent: $99,407

Homeowners in Pompano Beach require a relatively high income to live comfortably, but things are a bit easier on renters.

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• Median Household Income: $64,401
• ‘Live Comfortably’ Income Needed If Paying Mortgage: $93,129
• ‘Live Comfortably’ Income Needed If Paying Rent: $92,180

Brandon is one of the 14 cities in Florida that requires an income of less than $100,000 in which to live comfortably.

• Median Household Income: $55,573
• ‘Live Comfortably’ Income Needed If Paying Mortgage: $85,782
• ‘Live Comfortably’ Income Needed If Paying Rent: $90,992

You won’t need a huge income to live comfortably while paying a mortgage in Spring Hill. But if you’re a renter, the city is significantly more unaffordable.

• Median Household Income: $67,239
• ‘Live Comfortably’ Income Needed If Paying Mortgage: $98,063
• ‘Live Comfortably’ Income Needed If Paying Rent: $89,936

There’s a fairly small gap between the median salary and the annual expenditures in The Villages, making it a relatively affordable place to live.

• Median Household Income: $81,944
• ‘Live Comfortably’ Income Needed If Paying Mortgage: $130,213
• ‘Live Comfortably’ Income Needed If Paying Rent: $99,827

Coral Springs ranks as the most affordable in Florida in terms of the difference between median salary and income needed to cover annual expenses.

Methodology: GOBankingRates found the cost of living in Florida’s biggest cities (in terms of total households, according to the 2021 American Community Survey) by analyzing the following factors: (1) Cost of living index for groceries, utilities, transportation and healthcare sourced from Sperling’s Best Places. Each index was multiplied by the annual expenditure amount in each category from Bureau Labor of Statistics’ 2021 Consumer Expenditure Survey, which measures household annual mean expenditures to determine the annual mean spending for each category; (2) Rent costs were sourced from Zillow’s rental data for May 2023 and were multiplied by 12 to obtain an annualized yearly spending on rent; (3) Mortgage payments were based on a 30-year fixed-rate mortgage, using an average mortgage rate of 6.69%, which was the current average national rate at the time the study was conducted, according to the Federal Reserve Bank of St. Louis; the city’s median home value for a single-family residence, according to Zillow’s May 2023 home value index, and 20% down payment; (4) Median household income was sourced from Census Bureau’s 2021 American Community Survey (this is income prior to being taxed). Once all the data was found, the annual expenditure amount was calculated by adding together the annual spending for each category. GOBankingRates found the annual expenditures for both people paying a mortgage payment and for people who are paying rent separately and the median income was subtracted by annual expenditures for those paying a mortgage and those renting to see how much money was needed or left over for each city. GOBankingRates then used the 50-30-20 rule, which assumes that 50% of income should go toward necessities, 30% toward discretionary spending and 20% to savings. All data was collected and is up to date as of June 21, 2023.

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