Oct
24
2023
Why Americans Should Really Care About Rising Treasury Yields
10-year U.S. Treasury yields are at a 16-year high. Why does it matter? It could mean paying higher interest on loans.
Read more
SoFi Blog
Tips and news—
for your financial moves.
Oct
24
2023
Good News: No Recession in Sight So Far For 2023
GDP Predictions Surge
Remember when everyone was worried about a recession? Well, so far there hasn’t been one in 2023. This week, the Commerce Department will post the U.S. economy’s report card for the third quarter, and it may look pretty good.
The Federal Reserve Bank of Atlanta’s GDPNow model predicts the economy grew a whopping rate of 5.4%, on a seasonally adjusted and annualized basis, between July and September.
Consumer spending, the engine of our economy, has continued to defy expectations and chug along. Economists expected that high prices and persistent inflation would stop people from spending. But in September, U.S. retail sales beat expectations once again.
Whether consumers can keep the party going in the last three months of the year, which are crucial for retailers given the holiday shopping period, remains to be seen. The first look at Q3 GDP will be published on Thursday morning.
A Busy Earnings Week Ahead
Bank of Hawaii (BOH) is scheduled to kick off the earnings week, followed by mining company Cleveland-Cliffs (CLF). The latter recently had its $7.3 billion buyout offer of U.S. Steel (X) rejected.
On Tuesday, a busy day awaits, with several industry leaders set to report, including Microsoft (MSFT), 3M (MMM), Coca-Cola (KO), General Electric (GE), Spotify (SPOT), and Verizon (VZ).
On Wednesday, Boeing (BA), Hilton (HLT), Mattel (MAT), and Facebook owner Meta (META) will report. In late September, Meta announced a new slew of AI-powered tools, including smart glasses, digital assistants, and the Quest 3 virtual reality headset.
On Thursday, we’ll get earnings reports from Comcast (CMCSA), Mastercard (MA), Southwest Airlines (LUV), UPS (UPS), Chipotle Mexican Grill (CMG), and an anticipated first earnings call from Kenvue (KVUE) after its spin-off from Johnson & Johnson (JNJ). Ford Motor (F) will also give insight into its current challenges with the United Auto Workers union. The automaker recently said it was at its limit regarding labor deals.
Concluding the week are ExxonMobil (XOM) and Colgate-Palmolive (CL). Exxon recently announced plans to acquire Pioneer Natural Resources (PXD) for $60 billion.
Other Economic Reports
We’re starting out with the Chicago Fed National Activity Index, and a look at business activity in the U.S. manufacturing and services sectors Tuesday. On Wednesday, as usual, we’ll get an update on the 30-year fixed-rate mortgage. It’s nearing 8%, sitting at its highest level since November 2000. Additionally, new home sales data, which dropped 8.7% in August, will be released.
On Thursday, aside from the advance GDP report, which will also include personal spending for the third quarter, look for the September durable goods orders data.
On Friday, the Fed’s favorite inflation index — core PCE — for September will be in focus. In August, the price gauge only increased 0.1% month-over-month. On the year, it rose 3.5%.
Like SoFi’s content? Follow On the Money by SoFi on MSN.
Looking for more stories like this? Check out On the Money — SoFi’s one-stop-shop for news, trends, and tips!
Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Advisor
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.
Oct
24
2023
Best Affordable Places to Live in Florida in 2025
Best Affordable Places to Live in Florida in 2025
By Dan Miller
(Last Updated – 02/2025)
Florida is one of the most popular places to live. Its combination of beaches, theme parks, and no state income tax make it a draw for people at all life stages. But it’s especially attractive to retirees, who flock to Florida in their golden years. The cost of living in Florida is 9% higher than the national average and higher than its neighboring states, but much lower than California. Still, there are some affordable places, including beach towns in the Sunshine State.
Best Places to Live in Florida
When you’re thinking of the best places to live in Florida, your criteria will depend on your specific financial and family situation. When you compare the cost of living by state, you’ll see that the cost of living in Florida is a bit higher than average overall, but there are pockets of affordability. The specific features you’re looking for will help determine the best place to live in Florida for you. Starting the mortgage prequalification or preapproval process early can help you set your overall budget and narrow down your options. As you consider the best places in Florida to live, here are a few different options to consider:
Best Affordable Places to Live in Florida
1. Pensacola
Photo credit: iStock/Laura Ragsdale
On Florida’s Gulf Coast, near Alabama, Pensacola offers pristine beaches with white sand and stunning gulf views. When you’re not relaxing on the beach, take a visit to the nearby National Naval Aviation Museum, all while enjoying a below-average cost of living — Pensacola is one of the least expensive cities in the state. In addition to relatively affordable rent and home prices, there are also first-time homebuyer programs in Florida consumers can take advantage of.
Population: 53,724
Median Household Income: $72,699
Cost of Living: 87% of U.S. average
Average Rent Price: $1,725
Home Price-to-Income Ratio: 3.5
2. Ocala
Photo credit: iStock/Michael Warren
If you’re looking for a Florida place to live that’s not on the gulf or ocean, you might consider Ocala. Ocala is located in Central Florida, about 80 miles northwest of Orlando. While Ocala is within driving distance of Orlando or the Gulf of Mexico, you can also check out the local Silver Springs State Park, site of one of Florida’s early tourist attractions. If you’re considering buying a home in Ocala, you’ll likely want to start the mortgage preapproval process sooner rather than later.
Population: 68,426
Median Household Income: $53,520
Cost of Living: 89% of U.S. average
Average Rent Price: $1,750
Home Price-to-Income Ratio: 5.1
3. Tallahassee
Photo credit: iStock/Michael Warren
As the capital of Florida, Tallahassee offers natural beauty, rich culture, and a vibrant food scene. Located on the Florida Panhandle, Tallahassee is a short drive from the Gulf of Mexico and is also the home of Florida State University.
Population: 202,221
Median Household Income: $55,931
Cost of Living: 93% of U.S. average
Average Rent Price: $1,495
Home Price-to-Income Ratio: 5.1
💡 Quick Tip: SoFi’s Lock and Look + feature allows you to lock in a low mortgage financing rate for 91 days while you search for the perfect place to call home.
Best Places to Live in Florida for Families
When you’re thinking of the best places to live in Florida, your criteria will depend on your specific financial and family situation. While the cost of living in Florida is a bit higher than average overall, there are pockets of affordability. The specific features you’re looking for will help determine the best place to live in Florida for you. Starting the mortgage prequalification or preapproval process early can help you set your overall budget and narrow down your options. As you consider the best places in Florida to live, here are a few options:
1. Melbourne
Photo credit: iStock/Stephen Wood
Melbourne is a city in Florida located on the Atlantic coast, southeast of Orlando. It’s known not only for its beaches, but for the Gallie Arts District, located on Indian River Lagoon. Its relative affordability makes it a solid choice, and families will appreciate its abundance of schools, including 62 private schools. While the overall cost of living in Melbourne is slightly below the national average, your best bet to find an affordable house is to look inland, away from the ocean.
Population: 89,960
Median Household Income: $64,504
Cost of Living: 96% of U.S. average
Average Rent Price: $1,995
Home Price-to-Income Ratio: 5.6
2. Jacksonville
Photo credit: iStock/Susanne Neumann
As the most populous city in Florida (roughly twice as populous as Miami), Jacksonville has something to offer almost everyone. From beaches and other outdoor leisure activities to the NFL’s Jaguars, you’re sure to find an activity for your family. Do your homework when house-shopping for a family, as in any town some local public schools are better rated than others. You may also have to explore several different types of mortgage loans to purchase the home that you’re looking for.
Population: 985,843
Median Household Income: $66,981
Cost of Living: 97% of U.S. average
Average Rent Price: $1,600
Home Price-to-Income Ratio: 4.3
3. Tampa
Photo credit: iStock/ferrantraite
The Tampa/St. Petersburg area is one of the largest in Florida, and offers some amenities that can’t be found in some of Florida’s smaller cities. This includes professional sports and a vibrant arts and culture scene. With Busch Gardens, the Tampa Zoo, as well as miles of Gulf Coast beaches, it’s no surprise this is one of the best places to live in Florida for families.
Population: 403,364
Median Household Income: $71,302
Cost of Living: 115% of U.S. average
Average Rent Price: $2,065
Home Price-to-Income Ratio: 5.2
Best Places to Live in Florida for Young Adults
1. Orlando
Photo credit: iStock/Michael Warren
Located in Central Florida, Orlando is well known as the gateway to some of America’s most famous theme parks, including Disney World and Universal Orlando. In addition to theme parks, Orlando is home to the NBA’s Magic and Lake Apopka. Buyers may need to find a jumbo mortgage loan in order to get financing on some of Orlando’s more expensive homes.
Population: 320,742
Median Household Income: $69,268
Cost of Living: 116% of U.S. average
Average Rent Price: $2,000
Home Price-to-Income Ratio: 5.4
2. Miramar
Photo credit: iStock/WanderDrone
Miramar is located in southern Broward County, in between Miami and Fort Lauderdale. As such, residents are spoiled for activities, including big-city life, nature and wildlife, or soaking in the sun at the beach. Truly, you can find something for everyone.
Population: 138,319
Median Household Income: $86,109
Cost of Living: 116% of U.S. average
Average Rent Price: $2,975
Home Price-to-Income Ratio: 6.1
3. Tallahassee
credit: iStock/SeanPavonePhoto
Tallahassee is not only the state’s capital but the home of the state’s flagship university, Florida State. Located on the Florida Panhandle, Tallahassee is a short drive from the Gulf of Mexico and offers natural beauty, rich culture and a vibrant food and arts scene.
Population: 202,221
Median Household Income: $55,931
Cost of Living: 93% of U.S. average
Average Rent Price: $1,495
Home Price-to-Income Ratio: 5.1
Best Places to Live in Florida for Retirees
1. Pensacola
Photo credit: iStock/felixmizioznikov
Pensacola is the largest city on Florida’s panhandle, with crystal clear water and plenty of white sand beaches. It’s also home to the National Naval Aviation Museum, which can give you something to do when you’re not in a beach mood. You’ll also be able to take advantage of a cost of living that is below the national average. It can still be affordable to buy a house in Pensacola, even if you are a first-time homebuyer.
Population: 53,724
Median Household Income: $72,699
Cost of Living: 87% of U.S. average
Average Rent Price: $1,725
Home Price-to-Income Ratio: 3.5
2. Brooksville
Photo credit: iStock/Sean Craft
Brooksville is a small city in rural Florida — north of Tampa and west of Orlando. While it’s not directly on the beach, the Gulf of Mexico is just a short drive away. If you’re looking to retire to a small town, Brooksville could be the sweet spot. One of our best tips to qualify for a mortgage is to stay within your budget, and buying a home in Brooksville may make that easier.
Population: 9,789
Median Household Income: $47,796
Cost of Living: 84% of U.S. average
Average Rent Price: $1,885
Home Price-to-Income Ratio: 6.5
3. The Villages
Photo credit: iStock/halbergman
The Villages is a census-designated place (CDP) located about 30 miles northwest of Orlando. The Villages is a master-planned and age-restricted community, specifically intended for retirees. Although the name suggests a quaint and small area, The Villages is actually quite large, stretching over parts of three counties (Sumter, Marion and Lake). Housing affordability is better than the national average. That might allow you to do a mortgage refinance on your first home and use your home’s equity to buy a second home in this retirement community.
Population: 79,772
Median Household Income: $73,805
Cost of Living: 98% of U.S. average
Average Rent Price: $2,500
Home Price-to-Income Ratio: 5.5
💡Quick Tip: With SoFi, it takes just minutes to view your rate for a home loan online.
Best Places to Live in Florida Near the Beach
1. Vero Beach
Photo credit: iStock/felixmizioznikov
Nestled on the east coast of Florida between Daytona Beach and Miami, Vero Beach offers many of the benefits of beach living without the cost of some of the more expensive parts of Florida. At 85.9%, the cost of living in the Sebastian-Vero Beach metro area is significantly below the national average.
Population: 17,317
Median Household Income: $67,351
Cost of Living: 95% of U.S. average
Average Rent Price: $3,000
Home Price-to-Income Ratio: 5.5
2. Cocoa Beach
Photo credit: iStock/Davel5957
Located in Brevard County, just east of Orlando, Cocoa Beach sits on a barrier island in the Atlantic Ocean. Known as the gateway to the Kennedy Space Center Visitor Complex, it’s a must for those interested in space travel and NASA.
Population: 11,389
Median Household Income: $82,381
Cost of Living: 115% of U.S. average
Average Rent Price: $2,600
Home Price-to-Income Ratio: 5.7
3. Destin
Photo credit: iStock/WanderDrone
Destin is located in Florida’s Panhandle, just a bit east of Pensacola, on a barrier island outside Choctawhatchee Bay. Enjoy the Gulf Coast beaches and boardwalk, or visit the dunes at nearby Henderson Beach State Park.
Population: 14,188
Median Household Income: $89,141
Cost of Living: 110% of U.S. average
Average Rent Price: $2,495
Home Price-to-Income Ratio: 6.5
The Takeaway
Florida is a popular place to live, and the combination of no state income tax and warm weather make it especially attractive to retirees. While there are parts of Florida where the cost of living is above the national average, there are still many cities that can be quite affordable. No matter what you’re looking for, there’s a good chance that there is somewhere in Florida for you.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
Browse Other States
FAQ
Where is the nicest but cheapest place to live in Florida?
Pensacola, on the Gulf Coast of Florida, near Alabama, is a great option for those looking for Florida beaches and natural wonders at affordable prices. If you’re thinking of relocating to Florida, look at the cost of living of various areas and balance that against each city’s amenities and other factors.
Where is the safest and most affordable place to live in Florida?
Safety is a major concern for those exploring their best place to live, with both crime and severe weather being factors that determine people’s preferences. Cape Coral, with an average home value that hovers just above the national average, would be one place worth a closer look.
What part of Florida is safest from hurricanes?
Consider an inland city such as Orlando or Gainesville if you want to live in a larger town. If you’re open to a small city, look inland in the northeast corner of the state, which is the region least likely to be hit by a hurricane. Even these places have some risk of severe weather, and insurance prices reflect that.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
‡Up to $9,500 cash back: HomeStory Rewards is offered by HomeStory Real Estate Services, a licensed real estate broker. HomeStory Real Estate Services is not affiliated with SoFi Bank, N.A. (SoFi). SoFi is not responsible for the program provided by HomeStory Real Estate Services. Obtaining a mortgage from SoFi is optional and not required to participate in the program offered by HomeStory Real Estate Services. The borrower may arrange for financing with any lender. Rebate amount based on home sale price, see table for details.
Qualifying for the reward requires using a real estate agent that participates in HomeStory’s broker to broker agreement to complete the real estate buy and/or sell transaction. You retain the right to negotiate buyer and or seller representation agreements. Upon successful close of the transaction, the Real Estate Agent pays a fee to HomeStory Real Estate Services. All Agents have been independently vetted by HomeStory to meet performance expectations required to participate in the program. If you are currently working with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®. A reward is not available where prohibited by state law, including Alaska, Iowa, Louisiana and Missouri. A reduced agent commission may be available for sellers in lieu of the reward in Mississippi, New Jersey, Oklahoma, and Oregon and should be discussed with the agent upon enrollment. No reward will be available for buyers in Mississippi, Oklahoma, and Oregon. A commission credit may be available for buyers in lieu of the reward in New Jersey and must be discussed with the agent upon enrollment and included in a Buyer Agency Agreement with Rebate Provision. Rewards in Kansas and Tennessee are required to be delivered by gift card.
HomeStory will issue the reward using the payment option you select and will be sent to the client enrolled in the program within 45 days of HomeStory Real Estate Services receipt of settlement statements and any other documentation reasonably required to calculate the applicable reward amount. Real estate agent fees and commissions still apply. Short sale transactions do not qualify for the reward. Depending on state regulations highlighted above, reward amount is based on sale price of the home purchased and/or sold and cannot exceed $9,500 per buy or sell transaction. Employer-sponsored relocations may preclude participation in the reward program offering. SoFi is not responsible for the reward.
SoFi Bank, N.A. (NMLS #696891) does not perform any activity that is or could be construed as unlicensed real estate activity, and SoFi is not licensed as a real estate broker. Agents of SoFi are not authorized to perform real estate activity.
If your property is currently listed with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®.
Reward is valid for 18 months from date of enrollment. After 18 months, you must re-enroll to be eligible for a reward.
SoFi loans subject to credit approval. Offer subject to change or cancellation without notice.
The trademarks, logos and names of other companies, products and services are the property of their respective owners.
Qualifying for the reward requires using a real estate agent that participates in HomeStory’s broker to broker agreement to complete the real estate buy and/or sell transaction. You retain the right to negotiate buyer and or seller representation agreements. Upon successful close of the transaction, the Real Estate Agent pays a fee to HomeStory Real Estate Services. All Agents have been independently vetted by HomeStory to meet performance expectations required to participate in the program. If you are currently working with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®. A reward is not available where prohibited by state law, including Alaska, Iowa, Louisiana and Missouri. A reduced agent commission may be available for sellers in lieu of the reward in Mississippi, New Jersey, Oklahoma, and Oregon and should be discussed with the agent upon enrollment. No reward will be available for buyers in Mississippi, Oklahoma, and Oregon. A commission credit may be available for buyers in lieu of the reward in New Jersey and must be discussed with the agent upon enrollment and included in a Buyer Agency Agreement with Rebate Provision. Rewards in Kansas and Tennessee are required to be delivered by gift card.
HomeStory will issue the reward using the payment option you select and will be sent to the client enrolled in the program within 45 days of HomeStory Real Estate Services receipt of settlement statements and any other documentation reasonably required to calculate the applicable reward amount. Real estate agent fees and commissions still apply. Short sale transactions do not qualify for the reward. Depending on state regulations highlighted above, reward amount is based on sale price of the home purchased and/or sold and cannot exceed $9,500 per buy or sell transaction. Employer-sponsored relocations may preclude participation in the reward program offering. SoFi is not responsible for the reward.
SoFi Bank, N.A. (NMLS #696891) does not perform any activity that is or could be construed as unlicensed real estate activity, and SoFi is not licensed as a real estate broker. Agents of SoFi are not authorized to perform real estate activity.
If your property is currently listed with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®.
Reward is valid for 18 months from date of enrollment. After 18 months, you must re-enroll to be eligible for a reward.
SoFi loans subject to credit approval. Offer subject to change or cancellation without notice.
The trademarks, logos and names of other companies, products and services are the property of their respective owners.
SOHL-Q125-088
Oct
22
2023
Your Makeup May Come in a Pretty Package, But Watch Out For This Ugly Truth
The growing demand for sustainable practices is reshaping the beauty industry, affecting both consumers and investors.
Read moreOct
22
2023
Is John Legend’s Latest Hit A Startup That Could Take on Yelp and Google?
Singer-songwriter John Legend has launched a new startup focused on providing personalized food and travel recommendations.
Read more
Stay up to date on the latest business news and stock market happenings.