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Do you want to invest in transportation stocks or a transportation ETF? Here’s everything you need to know to get started investing in transportation.

A decent salary — one that allows for necessities — might start around $46,645 for a single, childless person in Florida and $63,567 for a couple. Add one child to the equation for two working people, and the figure can rise to $75,959, based on the MIT Living Wage Calculator.

However, these figures may represent the lower end of a “good salary,” as they don’t allow much room for “fun” spending or savings. You might need to earn more to qualify as having a good salary. As a point of comparison, the median income for a one-person household in Florida was $62,973.

Of course, your actual cost of living will depend on the city, size of your household, and your spending needs and habits. Read on for a breakdown of what it may take to say you earn a good annual salary in Florida.

Is It Expensive to Live in Florida?

Florida is the second fastest-growing state in the U.S. in 2024 after Texas, the Census Bureau says, and it’s easy to see the draw.

It’s a state with no income tax, moderate property taxes, lots of sunshine, and plenty to do and explore. Corporate and sales taxes are lower than those of most other states.

Despite those perks, it isn’t the cheapest state to live in. Florida had the 34th lowest cost of living in the U.S. in the 3rd quarter of 2024, according to data gathered by the Missouri Economic Research Information Center (MERIC). That means 28 states had a lower cost of living, with Oklahoma the cheapest place to live.

Some cities are as sizzling as the summers. If you’re Miami-bound and plan to rent or buy, for example, that’s when you’ll especially need to check your finances. Miami-Dade is the second-least affordable place in the U.S. to live, according to the April 2024 RealtyHop Housing Affordability Index.


💡 Quick Tip: Online tools make tracking your spending a breeze: You can easily set up budgets, then get instant updates on your progress, spot upcoming bills, analyze your spending habits, and more.

What Is the Average Annual Salary in Florida?

Whether a salary can be considered “good” or not in Florida can depend on several factors, including where you choose to live. Proximity to a big city or beach can draw residents who are willing and able to pay more. So can living in an area known for high-end amenities (like shopping, nightlife, and cultural attractions) and luxurious homes.

The median household income among Floridians is $62,973, according to the latest data from the U.S. Census. That means, of course, that half of the state’s households bring in more than that, and half bring in less.

That figure compares with the median household income in upscale Collier County (which includes Naples and Marco Island) of $88,173. In Monroe County (Key West), it was $88,870. In Palm Beach County (Palm Beach, Wellington, Boca Raton), it was $84,921. And in St. Johns County (St. Augustine, Ponte Vedra), it was $106,281.

On the other hand, the median household incomes in landlocked and lesser-known Glades and Hendry counties in the south, and Hamilton County on the Georgia border, were $38,905, $49,259, and $47,668, respectively.

So what is a good salary in Florida, if you’re talking about one that goes beyond basic needs and allows for “wants” and savings?

A registered nurse pulls in an average base salary of nearly $75,000, according to Indeed. That’s a good income for a single person with no children in most parts of Florida as viewed through the 50/30/20 budget lens.

As noted above, one Floridian with no children needs to net $46,645 to cover necessities like groceries, a modest rental, health care, and transportation, the MIT Living Wage Calculator shows. Doubling that provides room for discretionary spending (30%) and savings (20%).

Recommended: What Is Competitive Pay?

What Can Affect Affordability in Florida?

As you can imagine, one of the biggest factors affecting how far your salary will go in Florida is housing. Housing costs can vary widely, depending on where you decide to settle and on whether you buy a house or condo. But home and rent prices across the entire state have risen sharply over the past few years.

The cost of insurance coverage — homeowners, health, and auto — also is generally higher than in many other states. Many home and condo owners also must pay for federal flood insurance, which is on the rise. In general, homeowners insurance is very pricey in Florida, in part because of the threat of flooding and storms impacting the area.

Still, owners of primary homes may get a property tax break with the homestead exemption, which decreases the property’s taxable value by as much as $50,000.

That doesn’t mean that everyone who lives in the Sunshine State is living large. The state’s median household income in 2022 (the Census Bureau’s most recent number) was just over $67,000 — while the median U.S. household income was closer to $74,580.

As of January 1, 2025, the state’s minimum wage is $14, and Florida is one of the states impacted most by inflation, according to the U.S. Congress Joint Economic Committee.

What Are Some Average Annual Expenses in Florida?

How should you expect to divvy up your income if you live in Florida? Here are some costs you may want to plug into a money tracker app:

Housing

Whether you rent or buy a home, a major portion of your paycheck will likely go toward putting a roof over your head.

A couple of Florida cities appear on this price-to-rent ratio list. The ratios can be useful when considering whether to rent, buy, or invest.

Also useful if you haven’t owned a principal residence in the past three years or you’re a veteran: first-time homebuyer programs in Florida.

If you’re buying …

Florida’s housing market continues to be red hot, with prices in January 2024 up 4.5% compared with the same period last year, according to Redfin.

Here’s a look at median sale prices in cities across the state for that same period.

Cocoa: $258,000

Daytona Beach: $325,370

Marco Island: $1.2 million

Miami: $660,000

Ocala: $267,675

Orlando: $391,400

Palm Beach: $4.2 million

Stuart: $257,500

Tampa: $462,000

If you’re renting …

Rents are all over the place in Florida, as you can see from the list below. Here are some recent median monthly rents, according to Zillow.

Cocoa: $1,800

Daytona Beach: $1,750

Marco Island: $7,000

Miami: $3,000

Ocala: $1,725

Orlando: $2,000

Palm Beach: $10,000

Stuart: $2,700

Tampa: $2,040

Groceries

The U.S. Census Household Pulse Survey Family Budget Calculator ranked Florida 5th highest for food costs in the U.S. in 2024.

Here are the monthly costs for some Florida counties, based on a family of four (two adults and two children in a household where most food is purchased at a grocery store and prepared at home), according to the Economic Policy Institute Family Budget Calculator.

Brevard County: $1,092

Collier County: $1,185

Hamilton County: $970

Hillsborough County: $1,081

Miami-Dade County: $1,155

Monroe County: $1,318

Palm Beach County: $1,196

Washington County: $861

Utilities

Florida ranks 4th in the U.S. for energy costs, according to MarketWatch. Of course, utility costs can vary depending on whether you rely on natural gas or solar, the size and age of your home, your appliances, etc. But electrical costs came in at $168 per month in a late 2024 study.

According to USAToday, internet costs start at an average of almost $43 per month, and water costs can be $33 and up per month, depending on where you live.

Gasoline

According to GasBuddy’s interactive gas price map, Florida’s gas prices are about average compared with other states. But again, the cost can vary depending on where you live.

Here are GasBuddy numbers for some Florida in March 2024.

Bradenton-Sarasota-Venice: $3.54

Crestview-Fort Walton Beach: $3.27

Daytona Beach: $3.54

Fort Lauderdale: $3.60

Fort-Myers-Cape Coral: $3.55

Gainesville: $3.57

Jacksonville: $3.51

Lakeland-Winter Haven: $3.56

Melbourne-Titusville: $3.55

Miami: $3.56

Child Care

The cost of child care can depend on how old your kids are and if you choose an at-home or classroom setting. According to CostofChildCare.org, the average cost per month in Florida is $989 per child for home-based family care, $1,364 for an infant classroom, $790 for a toddler classroom, and $702 for a preschool classroom.

Recommended: What Is the Average Salary in the US?

Which City in Florida Has the Lowest Cost of Living?

According to NewHomeSource, the Florida city with the lowest overall cost of living is Titusville, followed by Winter Haven, Lauderdale Lakes, Daytona Beach, Sanford, Largo, Lakeland, Deltona, Jacksonville, and Pinellas Park.

A few of those, as well as more affluent cities, have a sizable retiree population. Yes, Florida is a senior magnet. (See: Winter Haven.) By 2030, the number of seniors in Florida is expected to account for 25.5% of the population vs. 21% in 2020.

How Much Money Do You Need to Live Comfortably in Florida?

“Comfort” is a subjective term in any context, as we all have different wants and needs when it comes to our lifestyle.

If you plan to spend more time outside doing things that are inexpensive or free, you may find it’s easier to embrace financial minimalism by living in the Sunshine State.

If, on the other hand, you long to reside in one of Florida’s bigger cities or near the beach, you may have to ask for a bigger salary than you’d need in a less expensive location. That’s especially true if you’ll be living on a single income.

Either way, it may be useful to consider your priorities and whether your income will cover those costs. Can you be happy without owning a boat or being a member of a golf club? Do you tend to live below your means or overspend? Are annual passes to Disney a must?

The Takeaway

Florida can be an expensive place, mostly because the cost of renting or owning a home has gone up so much. But with a good salary — by one definition at least $69,000 for a single, childless person — and a solid spending plan, you can enjoy the laid-back Florida lifestyle.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

FAQ

What is a livable salary in Florida?

MIT’s Living Wage Calculator says a livable salary for a single person in Florida with no children is about $46,000 before taxes.

What job in Florida pays the most?

Cardiologists, ophthalmologists, and radiologists are among the highest earners in the state as of 2024.

Can you live on $30,000 a year in Florida?

You may find it challenging, especially when it comes to finding a place to live. But if you share a home and other expenses, find affordable health care, and budget carefully, $30,000 a year could be enough to live on in Florida.

Photo credit: iStock/Pgiam

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

This content is provided for informational and educational purposes only and should not be construed as financial advice.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

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When you’re shopping for car insurance in Arizona, it can help to know the average cost of coverage. That way, you can compare the figure to the quotes you’re receiving.

Of course, a number of factors can influence how much you pay for car insurance. Besides geography, insurers may consider your driving record, age, gender, credit score, car type, and level of coverage. Rates can also vary by insurance company, which is why it makes sense to shop around.

Here’s a look at the average cost of car insurance in Arizona and how different factors may impact how much drivers there pay for protection.

How Much Does Car Insurance Cost in Arizona?

Drivers in Arizona pay an average of $1,626 per year for car insurance coverage, according to a 2025 U.S. News & World Report analysis of cheap car insurance companies. This is lower than the national average of $2,068 per year.

Average Car Insurance Cost in Arizona Per Month

The average monthly cost of car insurance in Arizona is $135.50. That’s lower than the national monthly average of $172.33. As the chart below shows, the amount you pay can vary by insurer.

Source: U.S. News & World Report

Average Car Insurance Cost in Arizona By City

Where you live can impact how much you’ll pay for car insurance. That’s because when determining how much to charge for coverage, insurers often take into account local rates of traffic, accidents and crime. As a general rule, people living in cities tend to pay more for car insurance than those living in small towns or rural areas. And as the chart below shows, that amount can also fluctuate depending on which city you call home. Here are estimates for five of the biggest cities in Arizona:

Recommended: Does Auto Insurance Roadside Assistance Cover Keys Locked in a Car?

Source: Insure.com

Recommended: Does Auto Insurance Roadside Assistance Cover Keys Locked in a Car?

Average Car Insurance Cost in Arizona By the Age and Gender of the Driver

Your age can impact premium prices. In general, younger, newer drivers tend to pay higher premiums because they tend to have more accidents than older, more experienced drivers. Gender can play a role in costs, too. Women often pay lower premiums than men because they tend to get into fewer severe accidents.

Source: U.S. News and World Report

Average Car Insurance Rates After an At-Fault Accident

Your driving record matters, and car insurance rates can go up after an accident or traffic violation. For example, drivers in Arizona with one accident on their record pay an average rate of $2,373 per year for coverage, or $747 more than the state average. One speeding ticket can boost a driver’s average annual rate to $2,035, or $409 higher than the state average. And one driving under the influence (DUI) offense may raise the average annual rate to $2,412, or $786 higher than the state average.

Average Car Insurance Costs for Good and Bad Credit

Some states prohibit insurance companies from pulling your credit report, but it’s allowed in Arizona — and the results could impact how much your coverage costs. Drivers with bad credit could end up paying hundreds more per year for car insurance. An analysis from LendingTree found that drivers with poor credit pay an average of $4,088 per year for full coverage insurance, while those with good credit pay around $2,096.

What Else Affects Your Car Insurance Cost?

Let’s look at other factors that can impact how much someone pays for car insurance.

Insurance History

Drivers who allow their coverage to lapse may be more likely to cancel their policy, so having a reliable history with one insurer may qualify you for a lower rate. In fact, it’s possible you’ll get a better quote when switching car insurance carriers than if you purchased insurance after going a few years without it.

Make and Model of the Car

When setting a rate, insurance companies often consider how expensive it would be to repair or replace the driver’s car. The higher these costs are, the more the driver will likely pay for coverage. However, if you have a newer car that’s equipped with more safety features, you may be eligible for a lower rate.

Marital Status

Married drivers may qualify for more discounts than single drivers, since insurers often place them in a different risk category.

Amount of Coverage

How much car insurance do you need? The answer depends on a number of factors, including your state’s minimum car insurance requirements, your budget, and your lifestyle. As a rule of thumb, the more coverage you have, the more expensive your policy will likely be.

Recommended: How to Get Car Insurance

How to Get Affordable Car Insurance

The cost of coverage varies by insurer. To find affordable coverage, it’s a good idea to shop around and compare quotes from various online insurance companies.

But first, you’ll want to figure out how much car insurance you need. Keep in mind your state’s minimum car insurance requirements as well as additional coverage you may need.

Looking to lower your car insurance? There are several strategies to consider. You may want to explore different policy options; look for bundling opportunities, such as getting your home and auto insurance from the same company; ask about possible discounts: and consider whether a policy with a higher deductible makes sense for you.

Recommended: Cheapest Car Insurance Companies: Find the Cheapest Car Insurance for You

The Takeaway

Drivers in Arizona pay an average of $1,626 per year for car insurance, which is lower than the national average of $2,068 per year. But as in most states, the amount you pay in Arizona can depend on a wide range of factors, such as your age, gender, driving record, credit score, and even where you live. You can search online insurance companies and compare multiple car insurance rates.

When the unexpected happens, it’s good to know you have a plan to protect your loved ones and your finances. SoFi has teamed up with some of the best insurance companies in the industry to provide members with fast, easy, and reliable insurance.

Find affordable auto, life, homeowners, and renters insurance with SoFi Protect.

FAQ

How much is full coverage car insurance in Arizona?

The average cost of car insurance is $1,626 annually, which breaks down to $135.50 monthly. Your costs may be different, depending on your age, gender, driving record, credit scores, the city or town you live in, and more.

Is $300 per month a lot for car insurance in Arizona?

In many cases, the average monthly cost for coverage is below $300. But premium amounts vary based on a number of factors. A 17-year-old male driver, for example, could very well pay more than $300 per month because of his age and lack of driving experience.

How much car insurance should I have in Arizona?

Arizona requires the following minimum coverage limits: $25,000 for one person who sustains injury or death in an accident; $50,000 for two or more people sustaining injury or death; and $15,000 for property damage (other people’s). You can have more than that amount but not less.

Photo credit: iStock/twildlife

Auto Insurance: Must have a valid driver’s license. Not available in all states.
Home and Renters Insurance: Insurance not available in all states.
Experian is a registered trademark of Experian.
SoFi Insurance Agency, LLC. (“”SoFi””) is compensated by Experian for each customer who purchases a policy through the SoFi-Experian partnership.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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If you drive a car in Texas, you’ll need to make room in your budget for car insurance. The state requires it. The amount you’ll pay for protection depends on a number of factors, such as your driving record, age, car type, and insurer. Understanding the cost of coverage in your area can help as you’re comparing quotes. Keep reading to learn more about the average cost of car insurance in Texas.

How Much Does Car Insurance Cost in Texas?

The average cost of car insurance in Texas is $1,716 per year, according to a 2025 U.S. News & World Report analysis of cheap car insurance companies. By comparison, the national average is $2,068 per year.

Average Car Insurance Cost in Texas per Month

The average cost of car insurance in Texas is $143 per month, which is $29.33 less than the national monthly average of $172.33. But as the chart below shows, prices can vary greatly among the state’s insurers.

Source: U.S. News & World Report

Average Car Insurance Cost in Texas by City

Where you live can also impact how much you spend on car insurance. The rate of theft, vandalism, and accidents in your area can help online car insurance providers estimate how likely you are to file a claim, which can raise insurance costs. In the chart below, notice how rates vary even among 10 major cities in Texas.

Recommended: A Comprehensive Guide to Car Insurance

Source: Insure.com

Average Car Insurance Cost in Texas by Age and Gender of the Driver

Usually, teen drivers (aka new drivers) can expect to spend more on car insurance than older drivers. Gender is another consideration. Because women statistically get in fewer car accidents and have fewer DUI incidents, they tend to spend less on car insurance. Here’s a look at average annual premiums by different age groups.

Source: U.S. News & World Report

Average Car Insurance Rates After an At-Fault Accident

Your driving record plays a big role in the auto insurance rates you’re offered. In general, the better someone’s record is, the less they’ll spend on insurance. This table compares how much someone can generally expect to spend on car insurance in Texas when they have a clean record and after just one at-fault accident.

Source: U.S. News & World Report

Average Car Insurance Costs for Good and Bad Credit

Some insurance companies examine applicant credit scores when determining rates, as certain credit behaviors can indicate how likely someone is to file a claim. Rates can increase for drivers with lower credit scores. See how the average cost of full coverage car insurance in Texas differs between drivers with good and bad credit scores.

Source: LendingTree

What Else Affects Car Insurance Costs?

Other factors that can affect car insurance costs include:

How Much You Drive

The more someone drives, the more likely they are to get in an accident simply because they are on the road more often. As a result, driving more miles can lead to higher insurance prices.

Recommended: Does Auto Insurance Roadside Assistance Cover Keys Locked in a Car?

Make and Model of Your Car

When setting a rate, insurance companies often consider how expensive it would be to repair or replace the driver’s car. The higher these costs are, the more the driver will likely pay for coverage.

Amount of Coverage

How much car insurance do you need? The amount may be based on your personal preference or your state’s minimum car insurance requirements. But in general, the more coverage you have, the more expensive your policy will likely be.

Related: Car Insurance Terms, Explained

How to Get Affordable Car Insurance

Looking to lower your car insurance costs? Consider these tips and tricks for finding a more affordable car insurance policy.

Compare Quotes From Different Insurers

There’s no need to accept the first quote you’re offered. Instead, shop around with a few different auto insurance issuers to see which can offer the most coverage for the best price.

Recommended: How to Get Car Insurance

Choose a New Car Carefully

If you’re shopping for a new car, you may want to factor in the cost of insurance. The Insurance Institute for Highway Safety shares helpful information on its website, iihs.org, about the cost of insuring different makes and models of cars.

Consider Whether a Higher Deductible Is Right for You

Choosing a higher deductible often means spending less on monthly premiums. However, it’s important to select a deductible you’ll be able to pay if you ever do need to file a claim.

Ask for Discounts

From taking a defensive driving course to earning good grades as a college student, there are many different ways you may qualify for a discount on your car insurance. If you’re looking to lower your monthly bill — and who isn’t? — then it can’t hurt to ask your insurer if you qualify for any discounts.

Recommended: Cheapest Car Insurance Companies: Find the Cheapest Car Insurance for You

The Takeaway

The average cost of car insurance in Texas is $1,716 per year, or $143 per month. The amount you’ll spend on car insurance depends on several factors, including your driving record, age, gender, location, credit score, and insurer.

When the unexpected happens, it’s good to know you have a plan to protect your loved ones and your finances. SoFi has teamed up with some of the best insurance companies in the industry to provide members with fast, easy, and reliable insurance.

Find affordable auto, life, homeowners, and renters insurance with SoFi Protect.

FAQ

How much is car insurance in Texas per month?

The average cost of car insurance in Texas is $1,716 annually. This breaks down to $143 per month.

Is car insurance expensive in Texas?

According to U.S. News & World Report, the average price of car insurance in Texas is higher than all but 12 other states in its 2025 study.

Is $300 a lot for car insurance?

In many cases, the average monthly cost for coverage in Texas is well below $300. But remember, the amount you pay depends on a number of different factors. A 17-year-old woman, for example, could very well pay more than $300 per month largely because of her age and lack of driving experience.

About the author

Jacqueline DeMarco

Jacqueline DeMarco is a freelance writer who specializes in financial topics. Her first job out of college was in the financial industry, and it was there she gained a passion for helping others understand tricky financial topics. Read full bio.

Auto Insurance: Must have a valid driver’s license. Not available in all states.
Home and Renters Insurance: Insurance not available in all states.
Experian is a registered trademark of Experian.
SoFi Insurance Agency, LLC. (“”SoFi””) is compensated by Experian for each customer who purchases a policy through the SoFi-Experian partnership.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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