How Far Your Money Will Go

Last Updated: December 27, 2025

Floridians might get to take advantage of no state tax, but the state ranks 31st in cost of living compared to the rest of the nation.¹ Using Silvur’s Cost of Living calculator and with a base profile, we determined that Florida ranks 35th in total costs from healthcare, spending, and taxes. 

Retirement Scores by State

Using an average Silvur profile, we took a couple with a combined annual salary of $120,000 who’s planning to retire at age 62 and draw Social Security at 67. Their current net worth is $1,100,000 which includes savings and assets. We took their current spending of $6,500 and compared a few locations to see how far their Retirement Score will go.²

As you can see, the money they’ve saved will last until they turn 88 years, 7 months old if they were to move to Florida, but their money will go further in Ohio. Although Ohio has a 3.99% state tax compared to Florida’s 0%, Florida’s total cost of living and Medicare costs are higher than Ohio’s which helps to extend your savings.

Average Monthly Spend 

By living in Florida, you would spend an average of $6,173 per month compared to a baseline spending of $6,500 per month. You can use the Silvur Cost of Living calculator to compare your cost of living in Florida to where you live now. Your cost of living comes down to your needs and wants. For instance, if you want to be by the beach, you might pay more compared to someone who lives more inland. And like other states, rural areas tend to have a lower cost of living compared to urban and suburban areas. The median home sale price in Palm Bay—along central Florida’s Space Coast—is $269,900.³ In South Florida’s Boca Raton, the median home sale price is $578,750.⁴

Flood Insurance

One thing you’ll always pay more for as a Florida resident is insurance. Even the best home insurance policies don’t have flood insurance. While it’s not required for every home in the state to have this, flood insurance is highly recommended. About 20% of flood insurance claims come from low-to-moderate risk areas. Hurricane season is six months—June 1 to November 30—which means you’ll need to plan accordingly to make sure your home is covered sufficiently.⁵

SOURCES

1. “Cost of Living Data Series, 2025 Quarter 3.” Missouri Economic Research and Information Center, https://meric.mo.gov/data/cost-living-data-series. Accessed 27 December 2025.

2. Silvur Services LLC. (2023) Cost Of Living Calculator. Unpublished internal company document.

3. “Palm Bay FL Real Estate Market.” Realtor.com, https://www.realtor.com/realestateandhomes-search/Palm-Bay_FL/overview. Accessed 27 December 2025.

4. “Boca Raton, FL Real Estate Market.” Realtor.com, https://www.realtor.com/realestateandhomes-search/Boca-Raton_FL/overview. Accessed 27 December 2025.

5. “Common Questions About Flood Insurance.” Florida Flood Insurance, https://floridafloodinsurance.org/faqs. Accessed 27 December 2025.