Florida’s cost-of-living nearly quintupled over past decade

TAMPA, Fla. (WFLA) — A new report is shining a light on Florida’s cost-of-living growth over the past five years.

Florida TaxWatch revealed the state’s cost of living is “outpacing both its own historical trend and the broader Southern region.”

According to the mid-decade cost of living check-in, Florida ranks as the 18th most expensive state in the nation and the fourth most expensive state in the American South.

The report said the annual cost of living growth nearly quintupled compared to the previous decade.

“What makes the picture especially striking is the pace of change: cost-of-living growth that averaged just 1.3 percent annually during the 2010s surged to 5.8 percent per year in the 2020s, a nearly fivefold acceleration,” the report said. “Price increases in both the Miami and Tampa metropolitan areas outpace the broader Southern region.”

Housing was the dominant driver of the cost of living.

“Insurance premiums, rising property taxes, and skyrocketing rents have made Florida one of the most expensive places to live in the South — for both owners and renters,” Florida TaxWatch said.

In the past 10 years, rent prices have nearly doubled. In 2015, the average rent price was $1,194. In 2025, the average price was $2,208.

“These price increases across the board show us one thing: costs have been going up at a rate far beyond that of the 2010s and have begun to reach astronomical levels, even in goods typically more resistant to universal price increases,” the report said.

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

Originally posted at wfla.com by Katlyn Fernandez