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A recent article in Yahoo! Finance exposed the 10 cheapest cities in Florida to live.
With many people leaving Orlando do move to Palm Bay and other areas, we wondered which are the top 10 locations for those who want to leave the hectic cities without leaving the state. Florida is renowned for its warm climate, stunning beaches, and vibrant entertainment scene. Yet, one of its biggest attractions is the affordability it offers compared to other U.S. states (or it used to be as it now has some of the most expensive cities as well like Miami).
Whether you're planning to relocate, retire, or invest, knowing where you can stretch your dollar the farthest is crucial. Based on a study by GOBankingRates, sourced from Yahoo Finance and GoBankingRates, here are the ten most affordable cities to live in Florida.
The list of the Top 10 Cheapest Cities to Live
Here is the cheapest cities to live in Florida according to the article.
10. Palm Bay
Population: 118,709
Median Household Income: $55,963
Annual Expenditures: $31,164.89 Despite being the largest city on this list, Palm Bay offers housing costs that are 22.5% lower than the national average.
9. Port Charlotte
Population: 62,531
Median Household Income: $54,956
Annual Expenditures: $30,777.64 Transportation and housing are notably affordable, making Port Charlotte a great option for budget-conscious residents.
8. Winter Haven
Population: 48,707
Median Household Income: $50,842
Annual Expenditures: $30,716.90 This city stands out for its 28% lower-than-average housing costs, although utility costs are slightly higher.
7. Lakeland
Population: 110,401
Median Household Income: $52,972
Annual Expenditures: $30,686.92 While grocery and utility costs are above the national average, housing and transportation expenses are more economical.
6. Titusville
Population: 48,158
Median Household Income: $50,383
Annual Expenditures: $30,168.30 Titusville offers generally low costs across the board, with particularly low housing expenses.
5. Fort Pierce
Population: 46,409
Median Household Income: $40,323
Annual Expenditures: $30,149.71 While groceries and healthcare are expensive, other costs are lower than average, balancing the overall affordability.
4. Daytona Beach
Population: 71,041
Median Household Income: $42,392
Annual Expenditures: $29,573.74 Daytona Beach offers extremely reasonable housing costs despite slightly higher healthcare expenses.
3. Pensacola
Population: 53,845
Median Household Income: $59,119
Annual Expenditures: $29,286.82 Pensacola has higher utility costs but compensates with significantly cheaper housing.
2. Ocala
Population: 62,351
Median Household Income: $46,841
Annual Expenditures: $28,821.85 Ocala features slightly higher utility and grocery costs but offers lower expenditures in other categories.
1. University, Hillsborough County
Population: 48,367
Median Household Income: $30,945
Annual Expenditures: $27,231.23 Despite several costs being above the national average, University boasts the lowest housing costs on this list, making it the most affordable city in Florida.
How this research was done according to Yahoo Finance
You may see the original article here. The rankings were determined by evaluating the top 100 most populated cities in Florida. Data on expenditures across various categories was sourced from Sperling's Best Places and the Bureau of Labor Statistics’ Consumer Expenditure Survey. This method ensured an accurate depiction of where in Florida your money could go the furthest.
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