My husband and I have money meetings every Saturday morning to discuss our savings goals, plans for the year, etc. Mostly we dream about the day my husband retires. Today, instead of reflecting on the stock market losses, we started reflecting on our monthly expenses and how they would change if we moved to Florida.
We found this site that compares locations economically. Here is how it came out.
– Overall, Northern Virginia is 48.0% more expensive than Sarasota, Florida
– Median Home Cost is the biggest factor in the cost of living difference.
– Median Home Cost is 108% more expensive in Northern Virginia.
|Cost of Living Indexes||Northern Virginia||Florida||Difference|
|Overall Index: Homeowner||152||102.7||48.0% less|
|Food & Groceries||114.1||106.5||7.1% less|
|Housing (Homeowner)||238.4||114.4||108.4% less|
|Income Taxes* (number reflective of what we will live on)||$6,500||$0.00||$6,500 less|
|Home Price Average||$515,000||$228,300||$286,700 (108.4% less)|
|Sunny Days||199||257||58 more|
|Personal Property Tax||4.13 per $100 in value||N/A||100% less|
|Miscellaneous – clothing, entertainment, etc.||114.2||101||13.1% less|
100 = US Average. (Below 100 means cheaper than the US average. Above 100 means more expensive.)
Although Sarasota, FL is higher than the US average in most categories, it is lower than where we are living now.
Of course there are other factors that go into a move, but financially it appears that moving to Florida would help our wallet. (The extra 58 days of sunshine doesn’t hurt either! 😉 )
And that’s a good thing.