Yahoo Finance 15 Places To Live in Florida With High Salaries and a Low Cost of Living
There’s good news for those considering moving to Florida. You have at least 15 places to choose from if you want to live in an area where the wages are high and the cost of living is low.
To determine which Florida cities have high salaries and a low cost of living, GOBankingRates found data for each city, including the city’s total population, number of households, household median income and household mean income. Additional factors sourced include the cost-of-living index and the national average cost of expenditures to calculate each city’s average expenditure costs. The average mortgage cost and expenditures were calculated to determine the total monthly and annual cost of living, with the total monthly cost of living doubled to find the income needed to live comfortably.
Ranked in reverse order from 15th place to No. 1, here are the results for places with high salaries and a low cost of living to consider in Florida.
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15. Lakeland
Population total: 114,404
Household total: 44,323
Average single family home value (May 2024): $327,621
Median household income: $58,290
Average household income: $81,137
Average monthly expenditures cost: $1,909
Average monthly mortgage cost: $1,952
Total monthly CoL: $3,861
Total annual CoL: $46,331
Amount needed to live comfortably: $92,661
Livability: 77
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14. Port Orange
Population total: 62,849
Household total: 27,857
Average single family home value (May 2024): $369,931
Median household income: $65,026
Average household income: $78,474
Average monthly expenditures cost: $1,949
Average monthly mortgage cost: $2,204
Total monthly CoL: $4,153
Total annual CoL: $49,840
Amount needed to live comfortably: $99,679
Livability: 83
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13. Cape Canaveral
Population total: 9,980
Household total: 5,776
Average single family home value (May 2024): $392,626
Median household income: $68,495
Average household income: $85,617
Average monthly expenditures cost: $1,924
Average monthly mortgage cost: $2,339
Total monthly CoL: $4,263
Total annual CoL: $51,154
Amount needed to live comfortably: $102,308
Livability: 83
12. Apalachicola
Population total: 2,504
Household total: 1,149
Average single family home value (May 2024): $313,941
Median household income: $61,322
Average household income: $75,221
Average monthly expenditures cost: $1,934
Average monthly mortgage cost: $1,870
Total monthly CoL: $3,804
Total annual CoL: $45,647
Amount needed to live comfortably: $91,294
Livability: 80
11. West Melbourne
Population total: 26,762
Household total: 9,980
Average single family home value (May 2024): $419,426
Median household income: $86,398
Average household income: $99,475
Average monthly expenditures cost: $1,889
Average monthly mortgage cost: $2,499
Total monthly CoL: $4,388
Total annual CoL: $52,658
Amount needed to live comfortably: $105,317
Livability: 82
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10. Mary Esther
Population total: 4,018
Household total: 1,504
Average single family home value (May 2024): $334,674
Median household income: $75,167
Average household income: $122,660
Average monthly expenditures cost: $2,021
Average monthly mortgage cost: $1,994
Total monthly CoL: $4,015
Total annual CoL: $48,177
Amount needed to live comfortably: $96,353
Livability: 89
9. Lake Panasoffkee
Population total: 4,173
Household total: 1,921
Average single family home value (May 2024): $212,716
Median household income: $45,222
Average household income: $57,821
Average monthly expenditures cost: $1,908
Average monthly mortgage cost: $1,267
Total monthly CoL: $3,175
Total annual CoL: $38,097
Amount needed to live comfortably: $76,195
Livability: 73
8. Gainesville
Population total: 142,414
Household total: 55,193
Average single family home value (May 2024): $326,415
Median household income: $43,783
Average household income: $66,377
Average monthly expenditures cost: $1,956
Average monthly mortgage cost: $1,945
Total monthly CoL: $3,901
Total annual CoL: $46,807
Amount needed to live comfortably: $93,614
Livability: 84
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7. South Daytona
Population total: 13,132
Household total: 5,930
Average single family home value (May 2024): $286,607
Median household income: $54,898
Average household income: $67,154
Average monthly expenditures cost: $1,955
Average monthly mortgage cost: $1,707
Total monthly CoL: $3,662
Total annual CoL: $43,947
Amount needed to live comfortably: $87,893
Livability: 82
6. Okeechobee
Population total: 5,319
Household total: 1,960
Average single family home value (May 2024): $278,130
Median household income: $44,922
Average household income: $60,394
Average monthly expenditures cost: $1,897
Average monthly mortgage cost: $1,657
Total monthly CoL: $3,554
Total annual CoL: $42,651
Amount needed to live comfortably: $85,302
Livability: 77
5. Daytona Beach
Population total: 73,329
Household total: 32,216
Average single family home value (May 2024): $299,041
Median household income: $47,608
Average household income: $64,442
Average monthly expenditures cost: $1,919
Average monthly mortgage cost: $1,782
Total monthly CoL: $3,701
Total annual CoL: $44,409
Amount needed to live comfortably: $88,818
Livability: 80
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4. Melbourne
Population total: 84,982
Household total: 35,438
Average single family home value (May 2024): $395,928
Median household income: $60,917
Average household income: $77,652
Average monthly expenditures cost: $1,904
Average monthly mortgage cost: $2,359
Total monthly CoL: $4,262
Total annual CoL: $51,147
Amount needed to live comfortably: $102,294
Livability: 85
3. Pensacola
Population total: 54,059
Household total: 24,771
Average single family home value (May 2024): $263,540
Median household income: $67,722
Average household income: $95,450
Average monthly expenditures cost: $1,938
Average monthly mortgage cost: $1,570
Total monthly CoL: $3,509
Total annual CoL: $42,102
Amount needed to live comfortably: $84,204
Livability: 83
2. Melbourne Village
Population total: 785
Household total: 326
Average single family home value (May 2024): $425,350
Median household income: $92,292
Average household income: $106,473
Average monthly expenditures cost: $1,903
Average monthly mortgage cost: $2,534
Total monthly CoL: $4,437
Total annual CoL: $53,248
Amount needed to live comfortably: $106,497
Livability: 89
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1. Titusville
Population total: 48,595
Household total: 19,883
Average single family home value (May 2024): $293,752
Median household income: $56,700
Average household income: $74,331
Average monthly expenditures cost: $1,915
Average monthly mortgage cost: $1,750
Total monthly CoL: $3,665
Total annual CoL: $43,984
Amount needed to live comfortably: $87,968
Livability: 84
Photo disclaimer: Photos are for illustrative purposes only. In many cases, the closest major city outside of the city/county mentioned in the article was used.
Methodology: For this study, GOBankingRates analyzed cities in Florida to find the most affordable cities with high salaries. First, GOBankingRates found data for each city including total population, total households, household median income and household mean income, all sourced from the U.S. Census American Community Survey. For each city, the cost-of-living indexes were sourced from Sperling’s BestPlaces, and, using the national average cost of expenditures for all residents as sourced from the Bureau of Labor Statistics 2022 Consumer Expenditure Survey, the average expenditure costs for each city can be calculated. The average single family home value for May 2024 was sourced from the Zillow Home Value Index for each city, and, assuming a 10% down payment and using the National Average 30-Year Fixed Rate Mortgage, as sourced from the Federal Reserve Economic Data, the average mortgage cost for each city can be calculated. The mortgage and expenditures can be used to calculate the total monthly and annual cost of living. For each remaining city, the livability index was sourced from AreaVibes. Using the 50/30/20 financial rule that states that needs shouldn’t be more than 50% of monthly income, the monthly total cost of living was doubled to find the income needed to live comfortably. The monthly cost of expenditures was scored and weighted at 1.00, the monthly cost of mortgage was scored and weighted at 1.00, the livability index was scored and weighted at 1.00, and the household median income was scored and weighted at 1.00. All the scores were summed and sorted to show the most affordable places with high salaries in Florida. All data was collected on and is up to date as of June 28, 2024.
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This article originally appeared on GOBankingRates.com: 15 Places To Live in Florida With High Salaries and a Low Cost of Living
