The Real Cost of Living in Marco Island

What does it cost to live in Marco Island? Follow along to learn everything you need to know about the cost of living, including information on real estate and taxes. 

Beautiful beaches, boating opportunities, and world-class resorts, what more could you ask for? Marco Island, FL, is a large barrier Island in the Gulf of Mexico, home to beautiful real estate and many things to do. It is part of Florida's Ten Thousand Islands and is said to be the gateway to the Everglades. The Ten Thousand Islands are a chain of islands and mangrove islets that are also home to the National Wildlife Refuge. Because Marco Island is part of this cluster of islands, visitors have access to the Gulf of Mexico, the Southwest Florida city of Naples, beautiful views, and outdoor water activities. 

Even though it is an Island, it's accessible to all. You can drive to Marco Island by using one of two bridges that connect the Island with the Florida mainland. The most popular route is via Collier Blvd and Jolley Bridge, but it is not the only way. While taking the bridge offers you beautiful views, you can also take the Marco Island Ferry, and the Marco Island Executive Airport offers private jet service and charter flights to and from nearby international destinations. 

Considered one of the best places to live in Florida, Marco Island is the only developed land in Florida's Ten Thousand Islands and has some of the most beautiful beaches. Being surrounded by water, boating is a way of life, and fishing is a must. Living in Marco Island will give you a sense of serenity while walking on the white sand beaches and soaking up the sun. It has been described as "magical, mystical, and alluring," with year-round temperatures in the 70s and 80s. 

If Marco Island is your next destination, you should know the cost of living. We have packed this article full of everything you need to know concerning the cost of living in Marco Island; let's get started.

Here is information on the cost of living in Marco Island 

Cost of Living

Within its 24 square miles, Marco Island offers six miles of beach and over 100 miles of waterways. It has a permanent resident count of roughly 16,000, but during the peak winter season, they have a population of around 40,000.

Many factors can impact the cost of living, such as location, the economy, population, etc. The main factors you'll want to look out for when discussing if you can afford the cost of living are your income, career, lifestyle, everyday expenses, and more. According to 247wallst, the total cost of housing, food, child care, transportation, health care, taxes, and other necessities for a single adult in Marco Island, FL, is $37,264 a year.

Compared to Florida, the cost of living in Marco Island is 23% higher, and housing expenses are 69% higher. Overall, the cost of living is 11% higher than the national average, which unfortunately does not make it one of the cheapest places to live in Florida. 

• Median income: $87,475
• Median home value: $553,290

That said, living on Marco Island can be expensive and overcrowded during the winter. Marco Island may not be the best fit if you want something more affordable and slow-paced. 

Income 

While planning a move and looking into the cost of living, you may wonder if you can live comfortably in Marco Island with your current income. According to the U.S. Census Bureau, the per capita income 2021 was $78,002, and the median household income was $93,124. However, it is said to be higher now. 

Due to it being a barrier Island mainly made up of retirees, there are few job opportunities. The top five best companies to work for in Marco Island are Hydropower International, YMCA of South Collier, Island Country Club, Marco Island Ocean Resort, and Snook Inn. 

Housing costs 

Whether moving out of state or to the next town over, having somewhere to live is a top priority, so you must consider housing costs before making final decisions. In 2022, the average price of a single-family home was $1,405,980. According to our research, the median home value in Marco Island is $553,290, which is significantly higher than the national median. 

89% of the population owns their home, but let's look at rental costs if owning isn't in your current plans. 

*Cost ranges from lowest, low, moderate, high, and highest. 

When living in Marco Island, It's essential to pick an area or neighborhood that makes you feel the most comfortable. Luckily, every community has its own personality, so what you may be lacking in one, you might find in another. 

If you love having the convenience of amenities, the Cape Marco Condominiums are perfect. The community on the southwestern corner of Marco Island is luxurious, beautiful, and well-maintained. Considering the amenities and views, it can get pricy. The median list price of a condominium in Cape Marco is $6,336,250, with an average of &800 per square foot. 

Another popular and luxurious community on Marco Island is the Hideaway Beach Club. This community is located in the Island's northwest corner and has a beach, golf, and country club. All single-family homes in the area are either beachfront or inland. The median list price of a home in this area is $1,875,000, averaging $455 per square foot. 

An affordable (yet still pricy) option is the South Seas Condominiums. The community offers both waterfront/boat condos and beachfront condos. It is known for its high-rises, walkability, and boat docks. The median list price is $857,706, averaging $715 per square foot. 

Utilities

When preparing a move to Florida, utilities must be discussed and sorted out beforehand. Whether you're purchasing or renting a home, specific utility bills will be your responsibility. These may include electricity, natural gas, water, sewer, etc., and other necessities such as internet/cable, phone bill, and garbage. 

Regarding electricity, the average rate is 11.75c per kWh, which is 2.89% greater than the Florida Average and 1.09% less than the national average. The average utility bill is $167.21, and the average phone bill is $191.25

Food 

Unfortunately, the cost of groceries is something that you can't avoid. Whether you choose to eat in, eat out, or both. The cost of food/groceries in Marco Island can get pricy. 

A single adult in Marco Island spends an average of $3,512 on food annually, and a family of four spends $10,170 on average. To put the cost into perspective, across FloridU.S.d the U.S., the average for a single adult is $3,411 and $3,240, and the price for a family of four is $9,850 and $9,354. 

Ground Beef: $5.07

Fried Chicken: $2.05

Milk: $2.81

Potatoes: $4.08

Taxes

Luckily, there are no state income taxes in Florida; however, the sale tax rate in Marco Island is 7%.

When considering state and federal income taxes, along with Social Security and Medicare, the average adult pays roughly $5,400 annually on taxes, slightly higher than the statewide average of $5,307. 

Transportation

While it's not often thought about, transportation is a significant factor in the cost of living. By living in Marco Island, you can save money on transportation since the best way to get around is by walking, jogging, and biking. If you don't have your own bike, no worries. They offer bike rentals, car rentals, scooter rentals, golf carts, and more. It is said that a single person spends $9,374 a year on transportation. 

If you need to get to and from Marco Island, here are a few rental prices: 

Healthcare 

The cost of healthcare in Marco Island is very similar to the Florida and national average. In Marco Island, a single adult can expect to spend $4,371 a year on healthcare. The statewide average is $4,213, and the national average is $4,266. 

Pros and Cons of Living in Marco Island 

Pros 

• Year-round warm weather 
• No state income tax 
• Close to airports 
• Constantly Sunny 
• Low crime rate 
• Beautiful beaches 
• Various parks and entertainment opportunities 

Cons 

• High housing costs 
• Population size (small) 
• Expensive food costs 
• The overall cost of living is higher than the national average 

FAQ

What is the most popular beach on Marco Island?

The most popular beach on Marco Island is Tigertail Beach. It is located on Hernando Drive and offers picturesque views, scenic walks, and other amenities. Tigertail Beach is open daily from 8 AM to sundown and has an $8 parking fee. 

What is the nicest area of Marco Island? 

South Marco Beach is the nicest area in Marco Island. If you're looking for clear blue waters and sugar-white sand, then South Marco Beach will be perfect for you. It is home to beautiful resorts, beach accesses, hotels, and top amenities. 

What airport do you fly into for Marco Island? 

Fort Myers Airport (RSW) is the closest airport. It is located only 47 miles North of Marco Island, where you can take the bridge to travel safely. 

Can you retire in Marco Island?

Yes. Marco Island is one of the best places to retire. You're constantly surrounded by clear blue waters and nature, parks, and golf courses. The median age on Marco Island is 65, and it offers various restaurants, shops, entertainment, and year-round warm weather. 

When is the best time to travel to Marco Island? 

The best time to travel to Marco Island is between the months of March and April. If you want to experience peak weather, low travel cost, and minimum tourism, the best time to visit is between March and April. 

Is Marco Island, FL, expensive? 

Marco Island can be expensive. The cost of living is slightly higher, and as of February 2023, Marco Island is the priciest place for a hotel in Florida. 

Quick Facts 

• Demographics 
  • White: 96.75% 
  • Two or more races: 1.76%
  • Asian: 0.88%
  • Other race: 0.61%
  • Black or African American: 0.01% 
  • Native American: 0%
  • Native Hawaiian or Pacific Islander: 0%
• Median Age
  • 66.9 years, 67.6 years for males, and 65.7 years for females. 
• Marco Island is the 136th largest city in Florida and the 2230th largest city in the United States. 
• Marco Island is currently growing at a rate of 1.05% annually
• Health Care 
  • Optometrist: $85.86
  • Doctor: $118.67
  • Dentist: $109.65

Cost of Living in Marco Island, FL - Final Thoughts 

Marco Island is a stunning safe place to live in Florida. It is an oasis of peace and quiet with a busting coastline filled with energy and excitement. Whether visiting or moving to Marco Island, you will surely enjoy yourself and have the time of your life. So, can you afford it?

The cost of living will be slightly different no matter where you move, so it's essential to factor in your personal life when making decisions. Your income is a massive factor in deciding if living in Marco Island is the right fit for you, as well as your career, marital status, and homeownership status. While it may be beautiful and a dream location, living within your means is crucial. 

We hope that our guide was able to answer your questions and give you some guidance on the cost of living in Marco Island. Before making any permanent decisions, review every section and factor and determine if you can live comfortably based on the price. 

If you're considering relocating to Marco Island, please contact us anytime to connect with a local real estate agent.