Cost Of Living In Sarasota, FL (Taxes, Housing & More)

Sarasota is a city at the southern edge of the Tampa Bay/St. Petersburg metro area along Florida’s Gulf coast. Home to just over 50,000 residents, Sarasota is a city known for its arts, culture, beautiful sandy beaches and historic architecture. It is a beautiful city with a lot to offer.

The city’s tree-lined main street has a small-town feel with boutique shops, local restaurants, craft breweries and pedestrian avenues. There are dozens of parks, golf courses and outdoor entertainment venues to capitalize on the gorgeous weather. Sarasota also has all the trappings of a resort town, with lovely resorts, ice cream stands, arcades and souvenir stores.

Sarasota thrives because it caters to both its full-time residents and tourists alike. Whether you are making Sarasota your permanent home or just stopping by for a week to enjoy the beach, you’ll feel welcomed and at home. That’s the beauty of a beach town in Florida. With everything that Sarasota has to offer, you might expect it to be one of the most expensive cities in the country, but it’s not!

The median home cost in Sarasota for a three bedroom, two bath is over $264,500. Sarasota has a cost-of-living index of 102.7, meaning it is approximately 3% more expensive to live in Sarasota than the rest of the country. It’s hard to beat that affordable cost of living that close to the beach – and Sarasota is one of the most bustling beach communities in Florida, with lots of arts and culture.

The minimum wage in Florida is $8.56 an hour, which is higher than the federal minimum wage of $7.25. The state’s minimum wage will increase to $10 per hour by the end of 2021. Minimum wage in Florida will then increase by $1 per year until it reaches $15 per hour in 2026.

Compared to Naples, the cost of living in Sarasota is higher than the national average by only three percent, making it one of the few affordable oceanfront cities in the entire USA. The affordability index for housing in Sarasota is 114, but many other important categories that play into the overall cost of living like utilities, transportation, groceries and healthcare are below the national average.

Sarasota, FL, is a seller’s market. There are more people wanting to buy a home than there are houses available for sale. Not all homes cost the same. Prices range from 26 percent lower to 58 percent higher than the national average.

The median price of a home in Sarasota is $335,000, which is close to the national average of $330,000. Compared to a lot of other cities, Sarasota has a lot to offer in terms of affordable prices. By comparison, houses in Tampa average $225,976 and in Miami, the average home price is $454,502. Homes for sale are spacious, popular, and modern. They appreciate 7.6 percent faster than the national average.

With a statewide average of $1,175 per month, Florida has the eleventh most expensive rent in the U.S. Reports suggest that rental prices are going to continue to rise throughout the state, with South Florida having the third fastest-growing rental market in the nation. The average monthly rent for an apartment in Sarasota, though, is $1,816.

To put things in perspective, the following table outlines how the average monthly rent in Sarasota compares to other neighboring cities in the state of Florida:

Energy rates in Florida are on the high side. The average monthly electric bill is $126.44. That figure is 13 percent higher than the national average. The Energy Information Administration shows that Florida consumes the sixth most kWh usage each month in the US. A hot and humid climate that causes residents to run the air conditioning for most of the year is the likely explanation.

Those supplied with city water and sewage maintenance pay approximately $100 per month. People using well water have no water bill but must add salt to the water monthly. A bundle of cable, internet, and phone for new customers is about $99 per month.

Florida’s statewide base sales tax rate is 6%. Some Florida counties also collect their own sales taxes, ranging from as low as 0.5% to a high as 2.5%. Although there are no sales taxes charged at the city level, the total sales tax rate you could end up paying in Florida is as much as 8.5% – depending on the county you’re in.

Sarasota County levies an additional 1.0% county sales tax rate on top of the base sales tax, bringing the total sales tax in Sarasota to 7.0%.

A home with a value of $235,000 is assessed $2,095 per year for property taxes in Sarasota. On average, the tax is 0.89 percent of the assessed fair market value to the property. Sarasota County has some the highest property taxes in the United States.

The county is ranked 404 out of 3143 total counties. The property tax in Sarasota County is approximately 3.77 percent of the median yearly income. Sarasota County’s formula for determining tax owed is complicated. It cannot be expressed as a simple tax rate.

Activities and entertainment in Sarasota have an average cost of $9.08 per person. It includes day tours, tickets to attractions and museums, and other sightseeing expenses. There are artistic performances, live comedy shows, breathtaking sunsets and drinks at a tiki bar, film festivals, and live music.

Sarasota nightlife may not be like South Beach, but people can find plenty of things to do. They include date-night dinners and swanky drinks to a bar-hopping extravaganza. Sip cocktails in flavors never before tasted or head to a craft beer bar that boasts dozens of beers on tap.

Some of the best entertainment is free. With a little planning, you can spend the day enjoying Sarasota without breaking the bank. On Mondays, The Ringley Museum of Art opens to the public for free.

Take a stroll through Towles Court Artist Colony located in downtown Sarasota. On the third Friday of each month, there is no admission. It features refreshments and live music, and a chance to see Sarasota’s resident working artists’ newest works. Other activities include:

Related Questions

How much do you need to live comfortably in Sarasota?

One adult with no children needs $29,579 per year. Two adults working with two children need $106,501 per year.

Is Sarasota a good place to live?

Although it is a small city, Sarasota is an artistic city. It has an opera house, a ballet, and quality theaters. Those interested in nightlife may enjoy a city with a younger population. Sarasota is an excellent city for retirees. It is ranked number 16 in the best places to live by U.S. News.

What is the weather like in Sarasota, Florida?

Sarasota weather is ideal. It is considered to be among the most favorable climates in the US, based on the number of clear sky days and comfort.

Is Sarasota, Florida safe?

Sarasota is relatively safe to raise a family. The crime rate is low due to the transitory population that moves away in the summer and the small-town feel. Violent crime is much lower than the US average. Property crime is about the same as the national average.

In Sarasota, you can soak up the sun along the white-sand beaches. There are shopping districts, enriching culture and arts, and diverse dining. Sarasota has some of the newest and oldest homes in the area.

There are a large number of educational opportunities. A saying that describes Sarasota is, ‘You cannot be bored in Sarasota unless you choose to be.’ People living in Sarasota have a median age of 41. Per capita income is $24,416. The median household income is $47,864. Tourism significantly contributes to the economy.

If you’re not completely sold on Sarasota but are still considering relocating to the Sunshine State, check out What Are The 10 Fastest Growing Cities In Florida?