If you are considering a move to Pensacola, Florida, chances are that you already know about the beautiful beaches, the comparatively affordable property rates, and the friendly locals. Before you make that move though, here are a few more things about the city that will help with a smooth translocation.
Lower Cost of Living
As of 2023, the average cost of transportation, groceries, and property in Pensacola is significantly lower than both the national and the state average. Overall, the average cost of living in Pensacola is 5% and 6% cheaper than the national and the state average respectively.
A few comparative examples should help you understand exactly how much cheaper it is to live in Pensacola, as compared to some of the major cities both inside and outside of Florida. The cost of living and real estate prices in Pensacola are:
- 8% and 70.4% lower respectively, as compared to San Francisco, California.
- 7% and 63.3% lower respectively, as compared to Washington DC, Washington.
- 1% and 38.3% lower respectively, as compared to Miami, Florida.
- 7% and 13.6% lower respectively, as compared to Homestead, Florida.
- 2% and 18% lower respectively, as compared to Orlando, Florida.
- 7% and 21.3% lower respectively, as compared to Austin, Texas.
- 6% and 6% lower respectively, as compared to Tampa, Florida.
Low Cost of Rent for Self-Storage Units
Moving your belongings from one place to another is never easy, especially if you have a lot to move. It can be particularly problematic if you are yet to find the right property and you would be staying with a relative or a friend for a while. Then there’s always a possibility that your home in Pensacola may not be big enough to house everything that you have in your current home.
Whatever the problem, it can be solved easily by renting a self-storage unit. Have your excess furniture and other possessions stored in the unit until you have the right space for them or sell some off. The cost of rent for self-storage units is also a lot cheaper for Pensacola residents, so you should be able to use yours as a secured storage space for as long as you need to.
0% State Income Tax
Florida is one of the only eight US states that does not impose any income tax on individual income. New Hampshire would have made it nine states, but there’s a 5% income tax on interest and dividends there. Now, you will still have to pay the mandatory federal income tax, but compared to how much anyone with a decent income would have to pay in any of the other states, that’s a huge relief.
Tax relief is not an advantage that’s exclusive to the city of Pensacola, but you will certainly find it more profitable if you live in Pensacola. Since the residents have to pay less for regular expenses, the tax relief just feels more substantial.
Higher Cost of Utilities
It may come as a surprise to many that despite the low cost of living expenses in most areas, the average cost of utilities such as gas, electricity, and telephone/broadband is significantly higher (17%) in Pensacola than the national average. Keep that in mind and be a bit cautious while choosing your utility plans in Pensacola. Some comparative analysis between the plans and rates offered by the different service providers should help in keeping the prices down.
Last but not least, did you know that there is a way to offset the higher cost of utilities in Pensacola? Florida is one of the sunniest US states and you can use that to your advantage by setting up a solar array on the roof or the lawn to generate your own electricity.