How much it costs to live in ‘Best Place to Live’

This year, US News and World Report ranked Naples as the finest location to live in America. According to the survey, the city’s low crime rate, desirable location, and high quality of life all contributed to its top rating.

But how much money do you need to earn to live in Naples? Is Naples, a city of 20,000 people in America’s third largest state, a viable place to live for many people?

This is what we know about the cost of living in Naples.

How much does living in Naples cost?Living in Collier County can be expensive, particularly if you want to reside close to the urban shoreline. Naples and Marco Island are rich cities with greater living costs than the more rural inland districts.

Property taxes are higher in Naples than in unincorporated Collier County since the local municipality relies on them to generate money, according to a recent article by Kendall Little of Naples Daily News.

According to BestPlaces, a family needs to earn at least $200,520 per year to live comfortably in Naples. The suggested minimum income for a single person in Naples is $62,000.

According to the Florida Department of Economic Opportunity’s 2022 Occupational Employment Statistics and Wages report, 35% of Collier employees pay less than $35,000 per year. Approximately 58% of Collier occupations pay less than $45,000 annually.

The monthly rent in Naples is $1,890, which is more than the national and state averages for two-bedroom properties. The national average is $1,430, while the state average is $1,560. Some websites list Naples’ average rent as anywhere from $1,900 and $2,200.

Naples has higher prices for groceries, housing, and healthcare.

What constitutes “house poor” in Naples?House poor is a word used to describe a situation in which an individual or family earns only enough to cover basic needs. It refers to households that spend 30 percent or more of their gross income on housing.

For example, if you make $62,000 per year and pay $1,550 or more per month in rent, you are deemed house poor.

How does Naples’ cost of living compare to the Florida average?Florida is one of the states with the highest percentage of impoverished households, with 36.8% on average.

According to SoFi, the average personal consumption expenditure in Florida is approximately $4,224 per person per month. This includes accommodation, healthcare, food and beverages, gasoline, energy, and any other personal expenses.

It works up to almost $50,689 per person each year.

Does Naples offer inexpensive housing?A residence within the city limits of Naples costs an average of $609,044.

However, Collier County does have some cheap housing options.

Since 2018, the Collier County Board of Commissioners has approved 3,891 new affordable apartments. 2,108 are in urban regions, while 1,783 are in rural and Immokalee.

For more information about affordable housing, visit the Collier County website.

Why was Naples named the Best Place to Live?U.S. News ranked cities based on four criteria: quality of life, value, job market, and desirability.

U.S. News ranks Naples higher than Colorado Springs, Colorado, Boise, Idaho, and Charlotte, North Carolina, citing its developing craft beer and bar culture, sunlight, and sandy beaches.

How does Naples’ cost of living compare with the second best place to live?According to U.S. News, Boise, Idaho is the second best place to live this year.

The typical monthly rent in the city is $1,418 and the median property price is $422,080, both lower than Naples.

Idaho has a lower cost of living than the rest of the country, including vehicle insurance and energy expenditures.

According to U.S. News, the value index in Boise is 7.6 out of 10, whereas in Naples it is 6.0.

This article originally appeared on Naples Daily News

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