Cost of Living in Ocala, FL

Are you wondering how much it will cost you to live in Ocala, Florida? Here are the critical factors determining how much it will cost to live in Ocala, like housing costs, income, utilities, etc.

When moving to a new town, knowing how much it will cost you to live comfortably is essential. Understanding what living in Ocala is like will help you determine whether this city is the right place for you.

Overall, Ocala is a beautiful town located between Gainesville and Orlando. Ocala is part of Marion County and has a population of around 65,000 residents. It is a small city in the middle of Florida, but only two hours to the coast. People love calling Ocala home because of its weather, affordable cost of living, welcoming atmosphere, and more.

This small city has been rated in the top 20 places to retire, the top 10 places to live in Florida, and one of the safest places to live. Keep reading to learn more about why Ocala is a fantastic city to reside in.

Here are the nine things you should know about Ocala before relocating.

Overall Cost of Living

Finding an affordable city is ideal for some people. If you want to move to a reasonable area, Ocala is the place for you. The cost of living in this city is 8 percent lower than the state average and 7 percent lower than the national average. The cost of living in any city is calculated by combining a variety of necessary expenses. 

Factors that allow Ocala to be inexpensive are:

• Housing costs are 13 percent less than the state average and 10 percent less than the national average.
• Utility prices are 10 percent lower than the state average and 8 percent lower than the national average.
• Food costs are 8 percent lower than the state average and 4 percent lower than the national average.
• Goods and services are 6 percent cheaper than the state average and 8 percent more affordable than the national average.

On the flip side, Ocala does have some expenses that are pricier than compared to the national and state averages.

• Healthcare in Ocala is 3 percent higher than the state average but 1 percent lower than the national average.
• Transportation costs are 1 percent higher than the state average but are the exact same as the national average.

Housing Costs

With the housing costs, including renting or buying, being significantly lower than the state and national averages, this is a great city to live in for that very reason because housing costs can be the most expensive expense for most American households. 

Ocala's real estate market is currently a seller's market, meaning that homes tend to sell for more and faster. The median sold price for a home in this city is $274,801, which is around $171 per square foot. This is a 12.5 percent increase since April of last year. However, more than half of the homes sold were sold under the asking price and only a tiny percentage sold for more.

In this small city, you will find a wide variety of homes. Ocala has luxury neighborhoods, affordable condos, new-construction homes, and tons of single-family homes that are currently for sale.

Believe it or not, more people rent their homes in Ocala than own. The average rent for an apartment that is 1,054 square feet is around $1,500 a month. Most rental properties in Ocala have monthly rent averages of anywhere between $1,000 and $2,000. Depending on where you live, what type of community, features, and more will determine how much your rent will be.

Ocala has a handful of amazing neighborhoods throughout the city.

Utilities

A great thing about living in Ocala, Florida, is its inexpensive utility rates and prices. Overall, the utility costs in Ocala are 10 percent lower than the state average and 8 percent lower than the national average. These utilities include electric bills and water bills throughout the city. 

When it comes to the average electric bill in Ocala, you can expect to pay around $111 a month on electricity. This is significantly less than the Florida average of residents spending over $150 monthly on electricity. You can manage your electric bill by being cautious of how much you are using. To lower your bill, try incorporating habits like turning lights off immediately when you walk away, turning TVs off, considering solar panels, etc. 

Your water bill in Ocala will be around $32 if you use 13,000 gallons a month. You can lower your water bill by using less water around your home. Be prepared for higher water bills in the warmer months. This is when most people start using more water than usual to water plants, use sprinkler systems, fill their pools, etc. 

Income

When relocating to a new area, finding a job that can support your living tends to be a stressful factor. However, if you are moving to Ocala, Florida, you are in luck. The job market in this city is flourishing. 

Forbes magazine named the Ocala MSA to the Top 10 Metros for Future Job Growth for five years in a row. The Ocala Metro area has been ranked as the top growth metro in Florida for areas of Transportation, Manufacturing, Healthcare, and Professional Services.

Ocala, Florida, has seen a job market increase of 2.3 percent over the last year. Future job growth is expected to be around 37.6 percent in the next ten years, which is higher than the national average of 33.5 percent. On the downside, the median household income of an Ocala resident is about $37,400 a year. This is significantly lower than the national average of around $53,400 annually. 

Food and Grocery Costs

On average, food prices usually are higher in Florida than the national average. However, grocery costs in Ocala are 8 percent lower than the state average and 4 percent lower than the national average. This is rare to come by when looking into cities throughout Florida. 

However, if you compare food costs today to the prices a year ago, they have increased because of our current economy. Not only have food prices gone up for everyone in America due to the economy, but Florida food prices are generally raised to make up for lost revenue because the residents don't pay income state taxes. 

Food is the most essential necessity and can quickly become one of your most expensive monthly expenses. Here are the prices of the commonly purchased items at a grocery store in Ocala.

Check out these top ten best restaurants in Ocala, FL.

Healthcare

Living in a place with affordable healthcare is super important to some people. The overall healthcare in Ocala is 3 percent higher than the state average and 1 percent lower than the national average. Ocala may not be the most affordable city for healthcare in the state of Florida, but it is cheaper than the national average. 

An average doctor's visit in Ocala is around $121, a dentist's visit is $103, and an optometrist's visit is about $96. The most commonly purchased medicine in Ocala is Ibuprofen which costs around $11. 

According to the U.S. News and World Report, HCA Florida Ocala Hospital is rated high performing in four adult procedures and conditions. 

Transportation

Transportation costs in Ocala are 1 percent higher than the state average and the exact same as the national average. The average price for a gallon of gas in Ocala with regular fuel is $3.23, which is cheaper than the Florida average for regular fuel of $3.42.

If your form of main transportation is by using public transit systems, you are in luck. Ocala has a public bus system called the SunTran. The SunTran has been around since 1998 and currently runs six days a week. A regular cash fare is $1.50 per ride, with discounts available for youth riders, students, older adults, people with disabilities, and veterans. You can get a monthly pass at a rate of $45 a month. 

Taxes

As most people know, Florida is a popular place to move to because they don't have income state tax. Living in the state is a huge benefit because you get to keep that extra money every time you get a paycheck that would typically go to taxes in any other state. 

Another great thing about Ocala is that its sales tax rates are below the average. The sales tax will be added to anything you purchase, like goods or services. The sales tax in Ocala is 7 percent, 6 percent of that is Florida's state sales tax, and the other 1 percent is the city tax rate. 

Overall, Florida continues to be a relatively low-tax state but has higher local tax rates. So before moving to a city in Florida, you must understand the local tax rates.

Pros and Cons of Living in Ocala, Florida

Pros:

• Affordable cost of living
• A small town located between two larger cities
• Amazing weather
• Only two hours from the coast
• Incredible housing costs for those looking to live somewhere inexpensive
• No risk of hurricanes
• A super healthy job market that keeps on growing
• Tons of family-friendly activities throughout the town
• Many delicious dining options

Cons:

• Healthcare is on the pricier side
• Transportation costs are more expensive than the state's average
• The weather is, more times than not, super humid
• Educational systems are not the best 
• The median household income in Ocala is significantly less than the national average

FAQ

Here are some frequently asked questions about living in Ocala, Florida.

Is Ocala, Florida, an excellent place to move to?

Yes, Ocala is a great place to relocate to. This city was rated in the top 20 places to retire, the top 10 places to live in Florida, and one of the ten safest places to live. Ocala, Florida, has so much to offer its residents and is a great place to relocate to in Florida. 

Why are so many people moving to Ocala?

People are moving to Ocala daily because of its great weather, proximity to the coast, affordable cost of living, welcoming atmosphere, tons of natural areas and forests to visit, healthy job market, and more. Anything you can't find in Ocala, you are just a short distance to two major cities in Florida. 

Is it expensive to live in Ocala?

As mentioned above in the cost of living section of this guide, Ocala is significantly cheaper than the national average. Everything in Ocala costs less than the national average except for several factors. 

If you are looking to move to an affordable city that is in a great location, Ocala is the place for you. 

Moving to Ocala - Our Last Words

When deciding which area to relocate to, whether for a job, family, or just because you want to, learning about how much it will cost you to live in that specific area is ideal. Knowing what to expect from a city can help ease the stress of moving. 

Ocala has been a great place for families and retirees to move to for a while now. It has an affordable cost of living, low housing costs, inexpensive utility rates, a healthy job market, great weather, and is only two hours from the beach. What more could you ask for?

If you are considering relocating to Ocala, Florida, contact us here to speak with a real estate professional for further guidance on Florida's buying and selling process.