Jacksonville Cost of Living in 2024

Are you considering a move to Jacksonville? Whether you’re drawn by the sunny weather, the vibrant job market, or the allure of living in a bustling city with a small-town feel, it’s important to consider the cost of living in Jacksonville, FL.

The cost of living in a new city is always an essential factor when planning a move. It can impact your quality of life, financial planning, and overall happiness in your new home.

We know how important this is. Premier Movers sat together and went through everything you need to know about the cost of living in Jacksonville, including housing, transportation, utilities, taxes, and more.

By the end of this guide, you’ll have a clear understanding of the financial aspects of living in this vibrant city and be able to make an informed decision about your potential new home.

Housing Cost in Jacksonville, FL:

The cost of living in Jacksonville, FL, specifically when it comes to housing, is relatively affordable compared to other major cities in Florida. The Jacksonville housing market offers a range of options, from apartments to single-family homes, catering to different budgets and preferences.

Home Purchase:

As of November 2024, the median sale price of a home in Jacksonville was $300,000, with a square foot price of $187. The market is competitive, but not overly so, with homes typically receiving 1 offer and selling within 61 days. This is a slight increase in the sale price from the previous year, but with a longer sales period compared to the average of 42 days in 2023.

Renting:

For renters, Jacksonville provides a wide range of choices. Monthly rent for a modest 2-bedroom, 1-bathroom apartment or home can start as low as $687. On the other hand, for those seeking a more luxurious lifestyle, ultra-luxurious rentals can go up to $4,500 per month, offering high-end features and amenities.

The data also reveals that Jacksonville is an attractive destination for homebuyers from other cities in Florida and beyond. Miami, New York, and Washington are the top three metros that show an interest in moving to Jacksonville.

Daily Expenses in Jacksonville, FL:

The cost of daily expenses in Jacksonville is generally in line with the national average, with some minor fluctuations. Here’s a breakdown of what residents can expect to pay for various necessities:

Groceries:

  • The cost of food and groceries in Jacksonville is slightly higher than the national average, approximately 1%.
  • For a household of two adults who primarily cook at home, the monthly grocery bill can range from $350 to $400.
  • Specific item prices include a loaf of bread for $4.01, a gallon of milk for $4.72, a carton of eggs for $3.50, and a bunch of bananas for $0.73.
  • Price of a MCDonald’s double cheeseburger, national benchmark for cost-of-living comparisons, and it currently stands at $4.09.

Utilities:

  • Internet services can cost around $80-$100 per month.
  • Electric bills can range from $120 to $150, depending on usage and the size of the residence.

Transportation:

  • Gas expenses for a vehicle are estimated at $50 per month, assuming a work-from-home situation.
  • The current gas price in Jacksonville is $2.95 per gallon, which is slightly lower than the national average.

Overall, the daily expenses in Jacksonville are relatively affordable.

Tax Rates and Unique Financial Considerations in Jacksonville, FL:

Understanding tax rates and any unique financial considerations is crucial when evaluating the cost of living in Jacksonville,FL. Jacksonville and the state of Florida have several tax rates and regulations that can impact an individual’s expenses and overall cost of living. Here’s an overview:

Sales Tax:

Jacksonville has a combined sales tax rate of 7.5% as of January 2024. This rate is composed of the Florida state sales tax (6%), the Duval County sales tax (1.5%), and no special tax rates (0%). This means that when purchasing goods and services in Jacksonville, residents can expect to pay this sales tax rate on top of the listed price.

Property Tax:

Property taxes in Jacksonville are assessed by the local government and are based on the value of the property. The millage rate, or the tax rate expressed in mills (1 mill = $1 per $1,000 of assessed property value), is set annually by the city. Property taxes can vary depending on the location and value of the real estate.

Income Tax:

Florida is one of the few states that does not levy a state income tax. This means that residents of Jacksonville do not pay state income tax on their earnings. However, they are still subject to federal income tax.

Other Considerations:

It’s important to consider other unique financial aspects of living in Jacksonville. For example, the city has a relatively stable economy, with a diverse range of industries contributing to its growth. The cost of living in different neighborhoods can vary, and it’s worth researching the specific expenses associated with desired areas.

In summary, the tax rates and unique financial considerations in Jacksonville largely favor residents, with no state income tax and a competitive sales tax rate. These factors can significantly impact the overall cost of living Jacksonville, FL and make it a financially attractive place to live.

Looking To Move In Jacksonville?

Jacksonville, FL, offers a compelling combination of affordable living and a high quality of life. With a competitive housing market, reasonable daily expenses, and attractive tax rates, it’s no wonder that many are considering a move to this vibrant city.