A new report from Florida TaxWatch finds that the state’s cost of living has climbed significantly faster in the 2020s than in the prior decade, driven largely by housing, health care, and property insurance costs.

The nonprofit government watchdog’s report, titled “Cost of Living in Florida: A Mid-Decade Check-In,” found that Florida’s implicit regional price deflator rose an average of 5.8% annually in the 2020s, compared with 1.3% in the 2010s.

Despite ranking third nationally in population, fourth in GDP, and having the 15th largest economy in the world if it were its own country, Florida TaxWatch President and CEO Jeff Kottkamp said those figures do not reflect the financial reality for everyday residents.

Florida ranked 18th most expensive in the nation in 2025 and fourth most expensive in the South, behind Maryland, Delaware, and Virginia.

Housing was identified as the primary pressure point. Florida’s average asking rent rose from $1,445 in 2020 to $2,208 in 2025, pushing the state from 16th to sixth nationally in rental costs. Housing costs in the Miami and Tampa metro areas rose faster than most other major spending categories, the report noted.

Property insurance added further strain. Florida has had the highest residential home insurance premiums in the nation since 2020, averaging $2,794 annually through the third quarter of 2025 — a 63% increase since 2020.

The report also pointed to rising childcare, utility, and grocery costs as contributing to household financial pressure.

Florida TaxWatch said that while price increases have slowed since their 2022 peak, state policymakers should continue prioritizing housing, health care, and property insurance affordability.

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