Cost of Living

FLORIDA KEYS AND MONROE COUNTY COST OF LIVING

The cost of living index is based on the composite price of groceries, housing, utilities, transportation, health care, clothing, and entertainment.

Cost of living indexes will generally be higher in areas that offer access to beaches, culture, arts, and recreation. In addition, areas that offer a wider variety of services such as health and education will run higher due to higher wages, and increased quality of living.

Cost of living indexing explanation/h3>

A figure of 100 points is used as an average both for the USA and Florida. For example:

• New York, NY – 169.0
• Long Beach, CA – 141.0
• Palo Alto, CA – 310.0
• Boston, MA – 149.0
• Malibu, CA – 331.0

 

Statewide

Florida cities come in from a low of 88 and up.

One way to compare Florida areas to salary requirements:

For example if you were relocating from Portland Oregon (whose rate is 116.0) to Orlando, and you currently make $50,000 per year, the formula is as follows:

Take the destination index, in this case Orlando-91.0 and divide by Portland’s index-116, then multiply by a salary of $50,000. This will give you a figure of $39,224.00, which you would be required to make in Orlando and have the same quality of life.

The Keys and Monroe County top out the state at an average Cost of Living of 140 plus. This is mostly due to the cost of housing, whether you’re buying or renting. We only have so much land and the building permits in the Keys are heavily regulated. IT’S A GREAT TIME TO BUY IN PARADISE! We’re currently experiencing a buyers’ market, prices are down and there are many excellent opportunities to buy before the market takes off again.

Compared to other areas nationally and given the amenities of the Keys, the Florida Keys are a wonderful place to live, work and play.

Population Weighted-State Average = 100

2011-2012 stats Source: http://www.bestplaces.net/col