Cost of Living in Sarasota, Florida
What is the cost of living in Sarasota, FL? This is a question I find myself answering quite often because the real estate market varies dramatically when it comes to the cost of living in each state and city across the US. Those looking to relocate to Sarasota want to know what their dollars can REALISTICALLY buy them down here in the Sunshine State. Of course I can’t tell you the exact cost of living in Sarasota, FL without knowing the exact home you have in mind, but I can guide you through some helpful resources and factors to consider.
Cost of Living in Sarasota, FL Calculator
A great resource to determine the cost of living in Sarasota is Bankrate. This gives a comparative cost of living from your current location to Sarasota. https://www.bankrate.com/calculators/savings/moving-cost-of-living-calculator.aspx
Type in the city you are currently living in, the city you are trying to relocate to (Northport-Sarasota-Bradenton FL Metro), and the income level at which you are trying to build a lifestyle on. It will then calculate a percentage; which will either be a higher percentage or a lower percentage to show the cost of living of your current city compared to the cost of living in Sarasota Florida.
It costs 28% more to live in Boston than it does Sarasota.
It costs 54% more to live in NY-Manhattan than it does Sarasota.
It costs 11% more to live in Chicago than it does Sarasota.
Now keep in mind, this is an ESTIMATE. Actual $ comes back to the particular home you’re looking to purchase and the particular area in which you are planning to reside in among Sarasota. BUT, that’s where I swoop in; to help you find the area and home that fits in your price point and lifestyle.
Cost of Owning a Home in Sarasota, Florida
Market Stats: Sarasota market statistics change every quarter and every year, just like every real estate market across the US. It's important to know what the real estate market is ACTIVELY doing in order for you to estimate the cost of living in Sarasota, FL. Every quarter, I put together a Sarasota market update that lays out the numbers on the median cost of homes/condos in each area of Sarasota. Download my free market PDF to see the latest market data.
Taxes: Florida is a homestead state. This means that if Florida is your primary residence, you will receive a $50K reduction off the assessed value of your home when it comes to taxes; if you apply for homestead exemption. This is going to save you over $600 per year in property taxes. Property taxes tend to fall around 1.3% of the purchase price of the home; this is a ballpark estimate that I give clients looking to relocate to Sarasota.
Insurance: The cost of insurance in Florida depends on the size and age of your home. A new construction home around 2,500 sqft. may only cost around $700 per YEAR to insure.
HOA fees: HOA fees is definitely something to factor into your budget in the purchase of a Sarasota home. There are many areas of Sarasota that do NOT have any HOA fees, however, a large portion of Sarasota’s real estate resides within deeded neighborhoods or condominium associations with HOA fees. These fees vary.
- Deeded neighborhoods with no amenities may cost around $300 per YEAR.
- Maintenance free neighborhoods with amenities such as a pool, fitness center, and sports courts, may cost around $350 per MONTH.
- Luxury properties, such as a downtown high-rise or a beach condo can range from around $400-$1,000 per month depending on the amenities offered.
Cost of a Sarasota Lifestyle
You’re in luck when it comes to the cost of a Sarasota lifestyle. This is because there are so many things to do in Sarasota that are absolutely FREE. Kayaking around the keys and islands, fishing off the pier, biking the Legacy Bike Trail, walking the Ringling Bridge, strolling through St. Armand’s Circle, enjoying the local farmers markets, and so much more. Sarasota is filled with great parks, trails, and waterfront views that are literally priceless.
But don’t get me wrong, there’s plenty of entertainment that’ll cost you a buck or two. Sarasota is home to some of the coolest attractions such as Big Cat Habitat, Mote Marine Laboratory and Aquarium, Sarasota Jungle Gardens, Selby Gardens, The Ringling Museum, Circus Sarasota, The Van Wezel, and more. And the dining options are endless, so make sure to budget some wiggle room when it comes to enjoying that Sarasota lifestyle.
Relocate with Matt
As a Sarasota realtor, my goal is to help make your relocation and transition to Sarasota as smooth as possible. In fact, I have a lot of helpful resources when it comes to Sarasota real estate and the Sarasota area. Click here to download my free PDF guide on relocating to Sarasota. And of course, always feel free to reach out directly with your questions or Sarasota relocation needs!