Florida's Cost of Living Nearly Quintupled Over Past Decade: Report

A new report from Florida TaxWatch reveals the state's cost of living is 'outpacing both its own historical trend and the broader Southern region.'

Apr. 7, 2026 at 9:05am

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A geometric abstract illustration composed of bold primary-colored shapes and clean lines, conceptually representing the rapid rise in Florida's cost of living without any text or identifiable elements.A visual representation of the alarming acceleration in Florida's cost of living, captured through a minimalist Bauhaus-inspired design.Today in Tampa

A new report from Florida TaxWatch has found that Florida's cost of living has nearly quintupled over the past decade, with the state now ranking as the 18th most expensive in the nation and the fourth most expensive in the American South. The report cites housing as the dominant driver of the cost of living increase, with rent prices nearly doubling in the past 10 years.

Why it matters

The rapid rise in Florida's cost of living has significant implications for residents, businesses, and the state's overall economic competitiveness. High costs of living can price out lower-income families, strain household budgets, and make it difficult for employers to attract and retain talent. This trend also raises concerns about affordability and accessibility, especially for vulnerable populations.

The details

According to the report, Florida's annual cost of living growth averaged just 1.3% annually during the 2010s but surged to 5.8% per year in the 2020s, a nearly fivefold acceleration. Price increases in both the Miami and Tampa metropolitan areas outpaced the broader Southern region. The report cites housing as the dominant driver, with insurance premiums, rising property taxes, and skyrocketing rents making Florida one of the most expensive places to live in the South for both owners and renters.

  • In 2015, the average rent price was $1,194.
  • In 2025, the average rent price was $2,208.

The players

Florida TaxWatch

A nonpartisan, nonprofit research institute and government watchdog that provides independent research and analysis on issues of importance to Floridians.

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What’s next

Florida TaxWatch said there are signs of relief on the horizon as prices appeared to have peaked around 2022 and had continued to slow.

The takeaway

The rapid rise in Florida's cost of living has significant implications for residents, businesses, and the state's overall economic competitiveness. This trend raises concerns about affordability and accessibility, especially for vulnerable populations, and highlights the need for policymakers to address the underlying drivers of the cost of living increases.