How Expensive Is It to Live in Florida? A Breakdown by Generation

Whether it’s really expensive to live in Florida depends largely on where you are in life. The Sunshine State sits right in the middle when compared to the rest of America — not particularly cheap, but far from the costliest place to call home. With a cost-of-living index of 102.4 in 2024, Florida is barely above the national average of 100. That said, what you actually pay depends enormously on your age. Different generations shoulder vastly different financial burdens, with some age groups spending nearly double what others do annually.

Florida’s Cost of Living in Context

While cities like Miami, Tampa, and Orlando definitely make headlines for their high prices, the overall picture is more balanced. Sixteen states rank higher than Florida in terms of expenses, and the state remains more affordable than both Puerto Rico and Washington, D.C. This middle-ground positioning matters — it means some Floridians face genuine affordability challenges, while others find the state manageable compared to coastal powerhouses.

However, this state-level average masks a critical reality: age dramatically reshapes what living in Florida actually costs you. A study examining expenditure patterns across generations reveals striking disparities in how much money flows out of different households each year.

The Gen X Spending Surge

Generation X residents carry by far the heaviest financial load. These middle-aged workers spend an average of $46,284 annually in Florida — a figure that towers above other age groups. Gen X expenses run 86% higher than Gen Z spending and 17% above what millennials typically spend. This generational gap isn’t random; it reflects where Gen Xers stand in their life cycle.

Most Gen Xers are in their peak earning and peak spending years. They’ve moved into larger homes, purchased more expensive vehicles, and often support both children and aging parents. Meanwhile, many Gen Z members are still in school, and most baby boomers have already retired and reduced their spending.

Millennials occupy a middle position. The oldest among them have recently entered their prime earning years, which explains why their expenses exceed Gen Z but fall short of Gen X levels.

Breaking Down the Numbers: Where Your Money Goes

To understand these differences, examine how each generation allocates their spending across key categories.

Gen Z Annual Expenses:

• Grocery: $3,513
• Healthcare: $1,685
• Housing: $12,061
• Utilities: $2,598
• Transportation: $5,058

Millennials Annual Expenses:

• Grocery: $6,125
• Healthcare: $4,488
• Housing: $16,278
• Utilities: $4,168
• Transportation: $7,523

Gen X Annual Expenses:

• Grocery: $7,138
• Healthcare: $6,882
• Housing: $17,075
• Utilities: $5,250
• Transportation: $8,839

Baby Boomers Annual Expenses:

• Grocery: $5,796
• Healthcare: $7,685
• Housing: $12,555
• Utilities: $4,488
• Transportation: $6,422

Why Gen X Leads in Living Costs

Gen Xers outspend every other generation across nearly every expense category. Housing costs run highest for Gen X, followed closely by transportation and grocery expenses. The one notable exception is healthcare, where baby boomers face the steepest bills — a reflection of retirement-age health needs.

This spending pattern mirrors what researchers observe nationwide. In every state across America, Gen X households carry the highest total living costs. It’s a predictable consequence of life stage economics: your thirties and forties typically bring marriage, children, larger homes, and vehicles suited to family needs. Your earnings are strong, but so are your obligations.

In contrast, Gen Z remains in an earlier life stage, often sharing housing costs or living with family. Baby boomers have already purchased their homes (paid off or nearly so) and have likely downsized. Millennials are transitioning between these stages, gradually taking on the expenses that define Gen X life.

The Bottom Line: Age Shapes Your Florida Budget

Is Florida expensive to live in? The answer hinges on your generation. For Gen X workers, the Sunshine State demands substantial resources. For Gen Z, it’s far more manageable. Baby boomers find themselves spending moderately on housing but heavily on health services.

Understanding these generational patterns helps explain why two people can have radically different experiences of the same state. Your age, life stage, and household structure matter far more than state averages suggest. Before deciding whether Florida fits your budget, consider where you fall on the generational spectrum — that’s the real measure of whether the state is expensive for you specifically.

Data sourced from GOBankingRates analysis of U.S. Census Bureau figures, Bureau of Labor Statistics Consumer Expenditure Survey data, Missouri Economic Research and Information Center cost-of-living indexes, and Federal Reserve mortgage data, collected in 2024.