FLORIDA – The cost of living in Florida has accelerated at practically 5 instances its earlier pace over the past decade, pushed largely by housing, insurance coverage and lease will increase which can be outstripping wages and forcing some residents to think about leaving the state.
A brand new report from Florida TaxWatch exhibits that whereas prices rose modestly by the 2010s, the speed of improve has surged within the 2020s. The state’s regional worth development averaged about 1.3% yearly within the earlier decade however has jumped to roughly 5.8% per yr lately, a virtually fivefold improve.
That speedy acceleration is being felt throughout practically each family expense, from lease and groceries to little one care and utilities, with housing prices main the spike.
Nearly 90% of Floridians surveyed in 2025 mentioned they have been involved about inflation, and about half reported contemplating shifting out of the state as a result of of rising prices.
Housing prices dominate affordability disaster
The report identifies housing as the first driver of Florida’s affordability challenges.
Homeowners are dealing with some of the very best insurance coverage prices within the nation. Average annual property insurance coverage premiums reached $2,794 by 2025, up 63% since 2020. Combined with rising property taxes, annual housing-related prices can exceed $10,000 for a lot of owners.
Renters are additionally beneath stress. Florida’s common lease climbed from $1,194 in 2015 to $2,208 in 2025 an 85% improve over the last decade. During that point, the state jumped from the 14th most costly rental market within the nation to the sixth.
The report notes that lease development accelerated sharply after 2020, mirroring broader inflation developments however rising quicker than a lot of the southern United States.
Everyday necessities rising, too
Beyond housing, important items and companies have additionally seen vital worth will increase:
Eggs have surged 135% over the previous decade.
Rice prices are up 46%, and bread has elevated 30%.
Child care prices have climbed steadily, reaching greater than $42 per hour in 2025.
Even utilities like electrical energy and fuel have trended upward, including to month-to-month family bills.
The report notes that whereas these will increase are usually in step with nationwide developments, wage development has not saved pace, leaving many residents financially strained.
Economic development vs. affordability
Florida’s economic system stays one of the biggest on this planet, rating fourth in U.S. GDP and third in inhabitants. But the report emphasizes that financial development doesn’t essentially translate to affordability for residents.
An inflow of new residents has helped gas demand for housing, whereas long-term residents more and more really feel priced out.
While inflation has cooled considerably since peaking round 2022, prices stay considerably larger than pre-pandemic ranges.
The report warns that future affordability will rely closely on each federal financial coverage and state-level motion, significantly round housing, insurance coverage and tax coverage.
Without intervention, researchers say, the hole between revenue and the cost of living may proceed to widen, reshaping who can afford to dwell in Florida.
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