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 percent above the national average.
These higher expenses have created challenges for the labor market, leading to a shift of younger workers leaving the state. Florida attracts a net migration of 67,630 residents, with 573,876 moving to Florida and 506,246 leaving Florida in 2024. Most newcomers are wealthy individuals with a net income of more than $200,000. In 2025, it was estimated that 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. Better transit systems in metro areas will help attract younger workers. Revisiting homeowners insurance to drive down costs will help attract young homeowners.
Florida’s climate and lack of a state income tax attract newcomers. The state’s “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 percent. There is a bill, SB 918, that would lift restrictions on the number of homeowners who can benefit from the program.
Originally reported by Citrus County Chronicle – Crystal River
