A-
14%
Overall NAT. AVG.
0%
Goods & Services NAT. AVG.
48%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Sarasota Florida National
Cost of living11498100
Goods & Services10098100
Groceries10199100
Health care10396100
Housing14896100
Transportation9799100
Utilities10097100

An Overview of Cost of Living in Sarasota, FL

Understanding the cost of living in Sarasota can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Sarasota cost of living index is 114, which is 14% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.

Housing costs are a very significant part of the Sarasota cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 47.7% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.

What Do Locals Say About the Cost of Living in Sarasota?

When it comes to knowing a city, its residents are the experts. We conducted a survey with 19 locals to understand their opinions on the cost of living in Sarasota. The results indicated that 37% found it reasonably priced with decreasing prices of goods and services, while 63% viewed it as quite expensive, with increasing prices.

Is Sarasota Affordable?

Is Sarasota affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Sarasota, the median home price is 57.8% higher than the national average and monthly rent prices are 24% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Sarasota boasting a median household income of $56,093, 1.4% higher than the national average.

What Factors can Influence the Cost of Living in Sarasota?

Taxes: Cities that enforce higher taxes, covering both sales taxes and income taxes, can be a factor contributing to a higher cost of living. Paying more in taxes for everyday essentials like clothing and food inevitably leads to higher expenses. A higher income tax rate can further contribute to an overall elevated cost of living. In Sarasota, the baseline sales tax rate begins at 6%, and income tax rates start at 0%.

Groceries: Over the past 2-3 years, grocery expenses have experienced substantial upward trends. In certain markets, food prices have surged by over 20% during this period, while others have witnessed more modest increases. These fluctuations in food costs can wield significant influence over the overall cost of living in a given region. In Sarasota, the groceries index is 1.3% higher than the national average.

Utilities: Similar to the prices of any other goods or services, utility expenditures can exhibit substantial variability, influenced by factors such as climate, energy sources accessibility, geographical location and state regulations. Costs related to electricity, water, heating, and waste disposal can fluctuate, whether higher or lower, contingent on the city or state. In Sarasota, the utilities index is 0.4% lower than the national average.

Where is the Data From?

The cost of living data in Sarasota displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.

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Cost Of Living Quick Facts

  • The cost of living in Sarasota is 17% higher than the Florida average
  • The cost of living in Sarasota is 14% higher than the national average
  • Sarasota housing is 48% higher than the national average
  • Florida general sales tax is 18% higher than the national average
  • Florida state income tax is 100% lower than the national average

Most Affordable Places to Live in and Around Sarasota

See all the best places to live around Sarasota

Compare Sarasota, FL Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$70,631$5,886$1,648$2,119
      Renters$41,546$3,462$969$1,247
      The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Sarasota, FL, as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Sarasota homeowners, is $70,631. This would allow for a maximum of $1,648 per month to be spent on housing costs. For renters, the median monthly income is $41,546 which would result in a maximum of $969 to be spent on rental costs.

      Florida Sales Tax

      State General Sales Tax With Max Surtax
      Florida 6% 7.5%

      Florida Income Tax

      State Income Tax (Low) Income Tax (High)
      Florida 0% 0%

      Goods & Services

      Item Sarasota National avg. Difference
      Haircut $26.28$24.268.3%
      Beauty Salon $41.57$45.568.8%
      Toothpaste $3.67$3.701.0%
      Shampoo $1.36$1.286.5%
      Movie $13.08$12.137.8%
      Bowling $16.72$18.007.1%

      Groceries

      Item Sarasota National avg. Difference
      Ground Beef $5.02$5.8414.0%
      Fried Chicken $1.48$1.576.0%
      Milk $4.54$4.672.8%
      Potatoes $5.47$4.9310.9%
      Pizza $10.96$12.099.3%
      Beer $10.58$10.411.6%

      Health Care

      Item Sarasota National avg. Difference
      Optometrist $104.04$125.6817.2%
      Doctor $122.85$135.789.5%
      Dentist $112.75$113.290.5%
      Ibuprofen $10.35$10.652.9%
      Lipitor $447.95$468.604.4%

      Housing

      Item Sarasota National avg. Difference
      Home Price $291,500.00$184,700.0057.8%
      Avg. Mortgage Payment $1,781.84$2,346.6924.1%
      Apartment Rent $1,177.00$949.0024.0%

      Transportation

      Item Sarasota National avg. Difference
      Gasoline $3.56$3.462.8%
      Tire Balancing $63.29$59.925.6%

      Utilities

      Item Sarasota National avg. Difference
      All Electricity $149.04$193.9923.2%
      Phone $193.01$192.250.4%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      South Bradenton, FL24,8859010.4%
      Whitfield CDP (Santa Rosa County), FL2039010.2%
      Bayshore Gardens, FL20,380937.4%
      West Samoset, FL7,191946.4%
      Samoset, FL4,701945.7%
      Sarasota, FL57,78711414.4%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Huntington Park, CA57,76114040.3%
      Bonita Springs, FL57,75512020.4%
      Hendersonville, TN57,88811010.3%
      Towson, MD57,54212928.6%
      St. Peters, MO57,536982.3%
      Sarasota, FL57,78711414.4%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.