Yahoo Finance Living Paycheck to Paycheck: The Best and Worst Florida City For Your Finances
When it comes to managing your finances, where you live can have a significant impact, especially in the Sunshine State. Florida, with its sunny weather and lack of state income tax, is an attractive destination for retirees and tourists alike.
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However, not every Florida city is custom-designed for your finances, particularly when you factor in housing prices, income and general cost of living.
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Quick Take: Living Paycheck to Paycheck in Florida
GOBankingRates recently conducted a study to research and determine the best and worst city in Florida for your finances. The research shows which city you are most likely and least likely to live paycheck to paycheck based on the average cost of expenditures, mortgage payments, income and what money you will likely have leftover to save at the end of the day.
City You’re Most Likely To Live Paycheck To Paycheck: Wilton Manors
Wilton Manors, a small city located within the Miami metropolitan area, stands out as one of the cheaper Florida cities for your finances. However, the disparity between income and expenses makes it challenging for residents of this Florida city to save money and achieve financial security. Though it’s one of the more affordable cities to live in, it also has some of the lowest incomes on average. Here are some key takeaways:
Average annual cost of expenditures: $26,515
Average annual mortgage payments: $54,747
Total annual cost of living: $81,262
Household median income: $81,424
Leftover savings: $162
City You’re Least Likely To Live Paycheck To Paycheck: Gotha
Gotha is a suburb of Orlando in Orange County known for its high quality of life and affluent population. It boasts a thriving local economy driven by tourism, real estate and even healthcare. The city has a low unemployment rate and offers numerous high-paying job opportunities, but it is also filled with expensive real estate.
Average annual cost of expenditures: $25,659
Average annual mortgage payments: $36,055
Total annual cost of living: $61,714
Household median income: $174,750
Leftover savings: $113,036
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Wilton Manors vs. Gotha: Cost of Living and Income
While the cost of living in Wilton Manors is somewhat higher than the national average, the median household income is also higher, which helps residents manage their expenses. Yet, given the higher cost of mortgages and expenditures, the likelihood you’ll be living on the paycheck-to-paycheck cycle without being able to save is also on the higher side.
In contrast, Gotha, a small community near Orlando, is often cited as one of the worst Florida cities for your finances. Despite its picturesque surroundings and quiet, suburban charm, Gotha faces a high cost of living that can strain personal finances. Housing costs in Gotha are particularly steep, with median home prices being significant. However, the general income levels are much higher than the national average which helps pad an emergency fund.
It’s important to take into account what living in a cheaper or more expensive city will mean for you individually as your income will dictate whether or not you’ll have to live paycheck to paycheck. Knowing what to expect for the cost of living is the first step in successfully mapping out your monthly budget.
Quality of Life vs. Financial Challenges
Living paycheck to paycheck is a fact of life for many Florida residents, but if you are looking to move and be able to save more aim for a cheaper option if you can keep your same income. Wilton Manors is known for its lively cultural scene, including numerous parks, restaurants and entertainment venues. The city offers a high quality of life with excellent healthcare facilities, a low crime rate and good schools.
Gotha’s financial challenges are compounded by other factors such as high transportation costs, including fuel and insurance, and elevated property taxes. The community’s susceptibility to natural disasters like hurricanes also means higher insurance premiums and potential out-of-pocket expenses for repairs and rebuilding. While Gotha offers a peaceful lifestyle, the financial burden can be significant for many residents.
Final Take To GO
The bottom line is choosing the right city in Florida can make a substantial difference in your financial well-being. Whether you’re planning to move to Florida or are already a resident considering a change of scenery, it’s essential to weigh the financial implications of your chosen city. Doing so can ensure a more stable and prosperous future, without the notion of living paycheck to paycheck, for yourself and your family.
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This article originally appeared on GOBankingRates.com: Living Paycheck to Paycheck: The Best and Worst Florida City For Your Finances
