The 10 Cheapest Places to Live in Florida

Florida has emerged as the fastest-growing state in the nation according to the United States Census Bureau in 2022. With its attractive climate, diverse culture, and numerous employment opportunities, it’s no wonder that people are flocking to the Sunshine State. However, as the population grows, so does the cost of living in many areas. For those seeking affordability, it’s essential to identify the most cost-effective places to live. To assist in this endeavor, a comprehensive ranking has been compiled, detailing the 10 cheapest places left to live in Florida. This ranking takes into account various factors, including home value, rental costs, and annual expenses, to provide a holistic view of the affordability of each location.

Methodology

The ranking of the 10 cheapest places to live in Florida is based on a variety of factors, sourced from reputable sources such as Zillow, Sperling’s Best Places, and the Bureau of Labor Statistics. The factors considered include the value of single-family homes, condo/co-op values, rental home costs, and annual expenses for groceries, healthcare, utilities, transportation, and miscellaneous expenses. By incorporating these diverse elements, the ranking offers a comprehensive assessment of the affordability of each location.

In determining the affordability of each place, the methodology considered not only the upfront costs such as home values and rental prices but also the ongoing expenses that residents would incur. This approach provides a more accurate representation of the overall cost of living in each area. By including annual costs for groceries, healthcare, utilities, transportation, and miscellaneous expenses, the ranking offers a comprehensive view of the total monthly cost of living in each of the 10 cheapest places in Florida.

The use of multiple data sources ensures that the ranking is well-rounded and reliable. Zillow provides valuable insights into housing market trends, while Sperling’s Best Places offers comprehensive data on various aspects of living in different locations. Additionally, the Bureau of Labor Statistics provides crucial information on annual expenses, allowing for a thorough analysis of the affordability of each place.

The 10 Cheapest Places to Live in Florida

1. South Daytona

South Daytona emerges as one of the most affordable places to live in Florida, with a single-family home value of $278,086.36 and a condo/co-op value of $158,532.35. The rental home cost is $1,682.64, contributing to the overall affordability of the area. When considering the annual costs for groceries, healthcare, utilities, transportation, and miscellaneous expenses, the total monthly cost of living in South Daytona is $1,756.90. This makes it an attractive option for those seeking a cost-effective living arrangement in Florida.

2. Jasper

Jasper offers a compelling proposition for those seeking affordable living in Florida. With a single-family home value of $207,414.39 and a condo/co-op value of $228,098.50, the area provides affordable housing options. The rental home cost is $844.00, further enhancing its appeal. When factoring in the annual costs for various expenses, the total monthly cost of living in Jasper is $1,819.07. This makes it a noteworthy inclusion in the ranking of the 10 cheapest places to live in Florida.

3. Jacksonville

Jacksonville stands out as an affordable place to live, with a single-family home value of $233,747.75 and a condo/co-op value of $154,578.93. The rental home cost is $1,228.02, adding to its affordability. When considering the annual costs for groceries, healthcare, utilities, transportation, and miscellaneous expenses, the total monthly cost of living in Jacksonville is $1,817.01. This solidifies its position as one of the most cost-effective places in Florida.

4. Springfield

Springfield offers an attractive option for those seeking affordable living arrangements in Florida. With a single-family home value of $223,690.20 and a condo/co-op value of $194,019.28, the area presents affordable housing options. The rental home cost is $1,211.02, contributing to its overall affordability. When factoring in the annual costs for various expenses, the total monthly cost of living in Springfield is $1,755.11. This cements its status as one of the 10 cheapest places to live in Florida.

5. Lake Wales

Lake Wales is a standout option for those seeking affordability in Florida. With a single-family home value of $250,543.15 and a condo/co-op value of $136,540.59, the area provides cost-effective housing options. The rental home cost is $1,508.33, further enhancing its appeal. When considering the annual costs for groceries, healthcare, utilities, transportation, and miscellaneous expenses, the total monthly cost of living in Lake Wales is $1,761.82. This solidifies its place as one of the most affordable locations in Florida.

6. Inverness

Inverness emerges as a compelling option for affordable living in Florida. With a single-family home value of $246,074.40 and a condo/co-op value of $163,755.85, the area presents affordable housing options. The rental home cost is $1,495.83, adding to its overall affordability. When factoring in the annual costs for various expenses, the total monthly cost of living in Inverness is $1,726.66. This makes it a noteworthy inclusion in the ranking of the 10 cheapest places to live in Florida.

7. Titusville

Titusville offers an attractive proposition for those seeking affordable living arrangements in Florida. With a single-family home value of $98,269.84 and a condo/co-op value of $190,534.33, the area provides cost-effective housing options. The rental home cost is $1,591.70, contributing to its overall affordability. When considering the annual costs for groceries, healthcare, utilities, transportation, and miscellaneous expenses, the total monthly cost of living in Titusville is $1,725.17. This cements its status as one of the 10 cheapest places to live in Florida.

8. Ocala

Ocala stands out as an affordable place to live, with a single-family home value of $273,338.60 and a condo/co-op value of $141,328.58. The rental home cost is $1,635.67, adding to its affordability. When factoring in the annual costs for various expenses, the total monthly cost of living in Ocala is $1,693.62. This solidifies its position as one of the most cost-effective places in Florida.

9. Lake Placid

Lake Placid is a standout option for those seeking affordability in Florida. With a single-family home value of $265,298.86 and a condo/co-op value of $135,534.57, the area provides cost-effective housing options. The rental home cost is $1,285.83, further enhancing its appeal. When considering the annual costs for groceries, healthcare, utilities, transportation, and miscellaneous expenses, the total monthly cost of living in Lake Placid is $1,743.32. This solidifies its place as one of the most affordable locations in Florida.

10. Sebring

Sebring emerges as a compelling option for affordable living in Florida. With a single-family home value of $96,471.14 and a condo/co-op value of $153,029.91, the area presents affordable housing options. The rental home cost is $1,466.85, adding to its overall affordability. When factoring in the annual costs for various expenses, the total monthly cost of living in Sebring is $1,696.32. This makes it a noteworthy inclusion in the ranking of the 10 cheapest places to live in Florida.

Conclusion

In conclusion, the ranking of the 10 cheapest places to live in Florida provides valuable insights for individuals and families seeking affordable living arrangements in the state. By considering a wide array of factors, including housing values, rental costs, and annual expenses, the ranking offers a comprehensive view of the affordability of each location. Whether one is looking for a single-family home, a condo, or a rental property, these affordable options in Florida present compelling opportunities for those looking to manage their living expenses effectively. As the population continues to grow in Florida, these affordable places offer attractive prospects for individuals and families looking to make the Sunshine State their home without breaking the bank.

The information provided in this article is for general informational purposes only and should not be considered as financial advice.