Florida has rapidly risen into the top 10 most expensive states to live in, with some studies citing it as ranking third or ninth due to soaring insurance, housing, and cost-of-living increases. The housing market remains expensive, with a median sale price for a single-family home between $410,000 and $420,000. The cost of living is 1.4% above the national average.
These higher expenses have created challenges for the labor market, particularly in coastal metro areas. A young family would need a net income of $97,386 to live “comfortably” in Florida, nearly $32,000 more than the state’s median earnings of $65,801. Florida boasts the nation’s top-ranked economy, but job opportunities remain concentrated in low-paying jobs. Increasing workforce affordable housing and investing in high-wage jobs in technology and aerospace will help Florida become more affordable.
According to recent data, Florida attracts a net migration of 67,630 residents, with 573,876 moving to Florida and 506,246 leaving the state in 2024. Most newcomers are wealthy individuals with a net income of more than $200,000. The state’s climate and lack of a state income tax attract newcomers. The “Save Our Homes” program utilizes the homestead exemption for up to $50,000 off the assessed home value, with a cap on annual property assessment increases of 3%. There is a bill, SB 918, that would lift restrictions on the number of hours a 14- to 17-year-old might work.
Locally, residents in Hernando, Pasco, and Citrus counties are feeling the pinch of rising costs. As the economy continues to grow, finding a balance between affordability and economic growth will be crucial for the well-being of residents in Brooksville, Spring Hill, Dade City, Hudson, Weeki Wachee, Zephyrhills, New Port Richey, Inverness, and Crystal River.
Originally reported by Citrus County Chronicle – Crystal River
