You are headed to the Emerald Coast and you are curious about if you should rent or buy when you move here? Well, let us talk about it. What is going on, this is Andrew with the Emerald Group right
The Cost of Living in Destin Florida
Dated: July 24 2020
You are considering moving to Destin Florida, or you are headed our way soon and you want to know what the cost of living is here. Well in this video we are going to talk about the cost of living here via housing prices, renting, buying groceries, health insurance and we will even do some comparisons from across the country.
Honestly, we get so many phone calls, emails, and texts every single day of people moving to Destin and we absolutely love it! If you are thinking about moving or relocating, make sure you reach out to us, give us a call, send a text, shoot us an email, or throw us a paper plane with a note on it. However, you would like to get a hold of us, we have your back when moving to Destin!
So we came up with the most important cost of living items to look at when you are relocating here, so whether you plan to move here, just doing a little research, or you just got orders to move to one of our local bases, we have your back with everything you need to know. We are going to jump right into the cost of living here in Destin, but be sure to stick around until the end when we compare some of the countries biggest cities, and see how they stack up to our city.
· housing prices
o Median home price in Destin is $417500 as of 2020 Year to date
o According to the National Association of Realtors® (NAR), the national median sales price for existing single-family homes in February 2020 was $272,400, up 8.1% from the previous year; the national median existing condo price was $249,900. In California, the statewide median sales price for single-family existing homes in February was $579,770; in Massachusetts, it was $395,000; in Maryland, it was $295,000; and in New York, it was $301,000.
o rental prices are higher than buying per month
o 3 bedroom, average price in Destin is $1750
§ For reference, the National Average for a 3 Bedroom home for rent is $1,537
o 4 bedroom, average price in Destin is $2200
§ For reference, the National Average for a 3 Bedroom home for rent is $1,791
· Utilities, average overall
o For a 1600 sq foot home you can expect about 100 bucks per month for the cooler months and creeping up to 180 per month during may, June and July.
o Water and sewer can run about 40 to 60 bucks assuming you don’t have a pool, with a pool and sprinkler system, mine generally hits about a hundred bucks per month
o Internet average is about $60
o If you are fortunate to have gas you can expect it to stay fairly low, around 20 to 40 bucks
· Gas prices, averages, they may change but comment down below and ill tell you what it is, as of May 2020 they are $1.49, though we are mid COVID 19 as I shoot this video and prices have dropped from about $2.49 in January
· Meals – Going out to eat
o You can expect a lunch meal to be around 12 bucks per person, maybe about 15 bucks plus tip in most normal lunch spots in and around Destin. If you do dinner and add a few drinks and a friend or spouse, plus tip, most of our restaurants will cost you around 50 bucks for that good time
· Groceries, average compared to the rest of the country
o According to the folks at numbeo.com, you can expect to spend just shy of $300 bucks per person in groceries, assuming a western diet – compare that to the USA where the average is $341.55. That is $172 bucks cheaper for a family of four in groceries compared to the national average
· Sales tax? Do we have it, how much
o Here in Okaloosa County they are 6.5%
· Income tax? Do we have it, how much
o Florida is one of 9 states without state income tax, probably why it is such an attractive place for people to move to
· Health care, compare to the country, plus an average sort of idea of a healthcare plan
o According to valuepenguin the average healthcare cost in Florida is around $450 per month, or $5,304 per year
· Cost of living in comparison to other big cities
o Let us compare this to a few cities, assuming a nationwide average Household income for that particular city, according to bestplaces.net
o First with Florida’s capital, Tallahassee, Destin is about 20.9% MORE expensive to live in, home prices being the main factor.
o Atlanta, another great city near us is a mere 9.% LESS expensive overall than Destin
o When we look to Texas, we look at Austin, Texas which is SMALL 0.6% more expensive than Destin.
o Heading over into Los Angeles, in comparison to Destin it is 46% more expensive to live in LA, YIKES!
o And lastly, we cannot leave out New York City which is 57.8% more expensive to live in, over Destin, WOW!
o Now those last few don’t surprise me but what does surprise me but to be honest, for being a beachfront tourists town made me think it was going to be a bit closer to some of the major cities prices just to live in – we sure are glad that it’s not though!
Don’t forget that if you are wanting to move into the Destin or surrounding area’s to give us a call, shoot a text, send an email or even a little comment down below – however you would like to get a hold of us, we will be here. That is it, LET’S GO TO THE BEACH!
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