Located south of Greater Tampa, Sarasota is a coastal gem known for its endless blue skies, stunning beaches, and breathtaking outdoors. The town is a great place to live if you enjoy warm weather, being outside, a high quality of life, and a rich arts and culture scene. If you are considering moving here, you may wonder if you can afford it. Here is an in-depth look at the cost of living in Sarasota, FL.

Overall Costs and Average Salary

The overall cost of living in Sarasota is 6 percent higher than the national average. This is indicative of the high quality of life and services in the city. And while things may cost more in Sarasota, the average salary is high at $77,213, so many families can easily afford a comfortable life. The employment rate is also low at 3 percent, indicating favorable employment and economic conditions. Even better, Sarasota residents enjoy Florida’s no state income tax policy, which has ranked 6th among states with the lowest tax burden in the country.

Housing Costs

Housing costs in Sarasota contribute significantly to the high cost of living. At $950,000, the median home sale price is more than double the national and state averages of $412,000 and $402,000. This sizable deviation indicates an appetite for luxury homes in Sarasota. In fact, many residents who move here, especially to buy a vacation home, gravitate more toward waterfront homes for sale in Sarasota than traditional single-family units. This appetite keeps the housing market hot and competitive. According to recent statistics, 40.6 percent of homes listed in Sarasota in 2023 sold above the list price. This is a clear sign that buyers are willing to pay a premium for luxury and access.

Food and Utilities

Groceries here cost about 1 percent higher than the national average, making them affordable for many households. In terms of utilities, the average resident gets a $174.17 power bill every month, which translates to 16.19 cents per kilowatt-hour and is 5 percent lower than the national average.

 Healthcare

Healthcare costs in Sarasota are 5 percent higher than the national average. Like the cost of living, the high costs indicate a robust healthcare system with top-notch services. A typical visit to the dentist may cost you $113.16, and a trip to the doctor’s office costs $131.16. If you own a pet, a veterinary appointment may set you back $58.36.

Transportation Costs

Getting around Sarasota will cost you nearly as much as the national average. Sarasota is highly accessible, and there are several public transportation options. But if you prefer to drive, gasoline prices average $3.57 per gallon.

Explore Homes for Sale in Sarasota, FL, with Kim Ogilvie

Sarasota offers a unique charm and unrivaled beauty that has seen it named one of the best places to live. While high, the cost of living is a testament to the high quality of life and luxury of this town, as well as the many opportunities for growth, investment, and entertainment. If you are ready to explore the Sarasota real estate market, contact local expert Kim Ogilvie today to discuss your needs.