What's the Cost of Living in Destin, FL?

Want to know the reality of the cost of living in Destin, FL? Check out these facts about Destin's average cost of living, income, real estate, utilities, food, transportation, taxes, and other expenses. 

Located on the Florida Panhandle, Destin is home to the softest, whitest sand in the world. Along with the world-renowned beaches, the small beach town provides its residents and visitors with an upbeat urban downtown with a hometown feel. 

Known as the "World's Luckiest Fishing Village," the city is located near some of the deepest depths of the gulf and is home to an abundant ecosystem. Not only will you have access to the beautiful ocean, but there are tons of fun-filled attractions, safe neighborhoods, tasty restaurants, and, most importantly, an affordable cost of living. 

Before moving to Destin, please make sure you know the realities of living there and what it will cost. The cost of living is one of the most important things to know about a new city, but multiple factors play into your monthly, daily, and yearly costs. Luckily, we have compiled the perfect guide about the real cost of living in Destin, Florida, below.

Here is what you need to know about the cost of living in Destin

Cost of Living

Finding the perfect home can be extremely overwhelming, and considering all the important factors is essential. Compared to other coastal cities around the country, Destin has a relatively low cost of living. Destin is for you if you are looking for an affordable city. 

With a small population of 14,085, residents have an average annual income of $36,316 a year. However, lower taxes and housing costs help residents save money to spend on other activities. It is a very sought-after area, so unfortunately, you may have to spend more than the average resident in other cities around the country. Although Florida has much more than its amazing beaches to offer you, there are great restaurants and tons of things to do, that will cost you a bit more than average. 

Compared to the national average, the cost of living in Destin is 9% lower. In addition, the rest of the expenses are much lower than the national average, making the city extremely affordable. 

Income

Preparing to move to any new location is difficult, and finding a good job that can support your lifestyle can be stressful. In 2023, the median household income in Destin was $104,472, and a poverty rate of 11.2%. 

The median age of residents is 41 years old, meaning many residents are starting or in the middle of their full-time jobs. With a median household income much higher than the national average of $70,784, the area is much more affordable for families with dual incomes looking for a place to relocate. 

The largest industries in Destin include Boeing, Lockheed Martin, and Reliance Test and Technology. On top of this, the area's tourism and service industries bring in a huge number of local jobs. Destin is a great place to find a good-paying job and a stable economy. 

According to the U.S. Bureau of Labor Statistics, Destin had an unemployment rate of 2.3% in May 2023, which is lower than the national average in May of 3.7%. The area has many great job opportunities for residents of all ages, especially during the main tourist season, which is mainly during the summer months. You will most certainly find the perfect job for you here in Destin that will support your lifestyle. 

Food and Grocery Costs

Grocery costs are often overlooked when it comes to figuring out the cost of living in a new place. Although, food costs can add up and significantly impact the overall cost of living. In Destin, a single adult spends an average of $3,458 on food annually, which is slightly higher than the Florida and U.S. average of $3,411. 

These statistics mean that you will be spending a bit more money on food in Destin than in other cities around the country, although more is needed to make a huge difference. Grocery costs can differ greatly depending on your lifestyle and amount of people in your household. This is often an overlooked expense but can add up very quickly. 

A great way to save money and support the local economy is by buying local produce from vendors in your city. Although, finding fresh produce and healthy food at an affordable price can be difficult. Luckily, Destin has several farmer's markets at your disposal where you can find local produce at the best price. Check out the Grand Boulevard Farmers' Market or the Downtown FWB Farmers' Market. 

You can even try your hand at gardening by growing your own vegetable garden, as Florida has a great environment to grow fresh tomatoes, beets, kale, and much more year-round. 

Transportation

Located along the Florida Panhandle, Destin is one of the most popular tourist destinations. This means that you will see more traffic, especially during the summer months when visitors flock to Destin for the amazing weather and beaches. 

The city of Destin was, in fact, the first city in the entire State to adopt Multimodal Transportation District regulations. This means that the city was encouraged to use a mix of land uses to support public transportation options. To make it easier on pedestrians, the Okaloosa County Transit established the Emerald Coast Rider for residents to get around the city. 

You are encouraged to use the transit station, taxis, Uber, and Lift to travel around the city. The downtown area is also extremely walkable and bikeable, so you can travel easily around town. On top of this, many of the best beaches in the area are extremely walkable. 

There is also a local airport, The Destin-Fort Walton Beach Airport, located in Valparaiso, Florida. Only 19 miles from Destin, this is a great option for those visiting from other states. 

The Pensacola International Airport and Panama City Beaches International Airport are a little further away. Both of these are great options to fly into Florida and are only a short 50-mile drive to Destin. 

Housing Costs

Housing costs in Destin are relatively low compared to other coastal cities in the country and Florida. Housing costs are one of the largest components in the cost of living, and finding the perfect home for your lifestyle is just as important. As a coastal city, many beachfront homes are expensive compared to houses in further inland neighborhoods. 

Destin's median home value is around $317,200, which is greater than the national median home value of $204,900. Destin consists of 8 neighborhoods, with 738 homes for sale, ranging from $34K to $14.5M.

Renting is a lower-cost alternative to homeownership. Luckily, 33.50% of occupied homes are rented in Destin. On average, renters spend $1,404 per month on housing. Destin is also a buyer's market right now, meaning the supply of homes exceeds the demand for homes.

Along with affordable housing costs, Destin has many different options for homes with a private gold course or a gated community. If you are looking for single-family homes, there are many townhomes or condos in the area to look at. We have compiled the perfect guide to help you find the best home for your family, price, and lifestyle. 

Taxes

Destin has many appealing qualities, including beautiful beaches, tasty food, affordable cost of living, and no income state tax. This will give you the opportunity to use that extra cash usually taken out of your paycheck in other states around the country.

The Florida sales tax rate is currently 6%, and the Destin sales tax rate is 0%. 

As you plan where you move next, make sure to take into account different tax laws and percentages, as they are often overlooked. This is very important as it will impact the individual cost of items and what you will owe in taxes at the end of the year. 

Here are some critical tax percentages for Destin, FL:

• Florida's corporate income tax is 5.5%
• Florida does not tax capital gains as income
• Florida does not charge inheritance tax

Healthcare

Healthcare is one of the most important factors to research and understand in any new area. Prices can vary greatly depending on what doctor you plan on visiting and the specialized service you need.

No matter if you need assistance with a chronic illness or are just looking for an affordable doctor for a routine visit. We have all the information you need in order to completely understand everything that goes into the cost of living in Destin. 

For a single adult living in Destin, the average healthcare costs equate to $4,010 per year, lower than the average of $4,213 across Florida and $4,266 nationwide. Of course, it is important to take into account that healthcare costs will vary depending on your health status, age, and needs. Make sure you find the right doctor for your lifestyle and budget. 

Destin also has its own amazing hospital, the HCA Florida Fort Walton-Destin Hospital. With such a large hospital, there are many job opportunities in healthcare.  

FAQ: Cost of living in Destin, FL

Here are some commonly asked questions about living in Destin, FL.

How much do you need to live comfortably in Destin, Florida?

It's a common rule of thumb for housing budgets that rent or mortgage payments should equate to 25 percent of a household's monthly income. In Destin, the average rate of apartments is $1,100. Therefore, a livable income would be a minimum of $53,000 annually.

Is Destin, Florida, an expensive place to live?

Destin is 8% more expensive than the national average and the same as any other average city in Florida.

What is the minimum wage in FL?

The minimum wage in Florida is higher than in most states, and it is $11 an hour for most types of full-time and part-time employment. 

What are the best months in Destin?

The best time to visit Destin is in April or May when the water is warm, and the temperatures aren't too high. 

Is Destin a good place to retire?

Destin offers an amazing small-town beachfront community with fishing, golfing, or relaxing opportunities. 

Cost of Living in Destin - Final Thoughts

While you prepare to make a move to any new area, learning about the cost of living is extremely important. Destin is a great option for young professionals, small families, and retirees. No matter what you're looking for, any city in Florida is a great option for people who love warm weather and the beach. 

With low housing costs, a healthy job market, warm weather, and renowned beaches, there is no better city than Destin. You're bound to find the perfect home and we are so glad that we are here to help you along with the process. 

Our goal is to make this process as fast and smooth as we can for you. If you'd like to learn more about Destin homes for sale, you can contact one of our Real Estate Specialists to help you search for your home. We have plenty of helpful guides about cities and states nationwide that will give you all the information you need before you move.

Our team at UpHomes is dedicated to helping you find the perfect home for your budget, family, and lifestyle and giving you all the information you need to know about the area. Please don't hesitate to reach out to us, as we are excited to help you with any questions and concerns about real estate if you are moving to Florida.