Before thinking about investing and immigrating to Florida it is important to ask yourself and understand, how much does it cost to live in Florida? Franchising is usually the preferred method for all those foreign investors who want to invest and live in Florida. Upon the acquisition of a franchise, you will qualify for the E-2 visa. For these reasons, we advise on the process of acquiring franchises in Florida, but also throughout the North American territory.

In this blog we are going to delve into everything associated with relocating to the United States, specifically how much it costs to live in Florida. In addition, we bring you an interview with Paola Peccoud, a specialist in relocation and realtor in the United States.

What is the cost of living in Florida

The answer to this question varies greatly depending on the case, always the answer will be “it depends on…”

How much does it cost to live in Florida is a complex question to answer, because it depends on many factors, among the most relevant to consider are:

How do you like to live?
Do you prefer to buy luxurious things?
Looking to live in a big city?
Do you want to live in the best areas of the city?
How many members are there in your family?
Do you have children, are they about to enter university?

Having clarified the fact that there are many indicators that can influence the cost of living in Florida, we could tell you that, for a family of two children to have a decent life in Florida, they should earn an annual net income in the household between about $84,960 – $150,600. Therefore, you should have a monthly net income in your household of $7,080 USD – $12,550 USD to immigrate to Florida.

It is important that we can understand what “decent living” means in the U.S. Because everyone has a different concept of what this means. We consider that a decent lifestyle in Florida is to be able to pay rent or a mortgage on a house or apartment with 3 bedrooms, in good areas of the cities, to be able to pay for a pantry with certain luxuries, to be able to go out on weekends with the children, to be able to make one or two trips per year with the family or partner, pay off the loan for two new or pre-owned cars and have an extra amount for some other variable expenses. In Latin America this could be considered a wealthy class, but in the United States it is not a wealthy class. In the U.S., that’s typical middle or upper-middle class life.

It is key to mention that here we are not considering expenses for younger children, such as daycare, or considering expenses for older children, such as the fee for a private university.

We like to introduce our clients to some exercises so that they can understandhow much money they will spend if they immigrate to Florida. We are going to structure the exercise in two ranges of quality of life, one high and one medium. In the high range we are assuming that you immigrate to Florida, but to a city like Miami, Fort Lauderdale or Palm Beach. In the mid-range we assume that you will migrate to cities like Cape Coral, Tampa, Doral or Milton.

REMEMBER, IT’S JUST AN EXERCISE WITH REAL EXAMPLES, NOT A GUARANTEE. THERE ARE MANY FACTORS AND VARIABLES FOR THIS TABLE. WE RECOMMEND THAT YOU MAKE A SIMILAR CHART FOR YOUR CURRENT SITUATION.


LET’S SEE HOW MUCH IT COSTS TO LIVE IN FLORIDA

Let’s break down the cost of living in Florida using this hypothetical example:

Florida Cost of Living

We know that these amounts are relatively high, especially if we compare it to states like Texas, where immigrating to Texas can be cheaper, click here to see how much it costs to live in Texas. According to data from the Bureau of Economic Analysis, goods and services in Florida cost 0.6 percent more than the national average, making it the 15th state with the highest overall cost of living.

These aregeneral means so that you can begin to analyze and have a clearer idea of the money that a family spends in Florida, but we repeat that these costs will be modified by various factors, it will depend on the family, their tastes and customs, the number of children, the cities where they will emigrate, etc.

However, these kinds of exercises are necessary, especially if you are prospecting to immigrate to Florida on an investor visa, because you must have the first 6-12 months of living expenses in mind.

Why It’s Important to Consider “Living Expenses” When Investing in Florida

The answer is that, if you immigrate to Florida through an investor visa, it means that you had to invest money in a business or a franchise. But companies do not show green numbers in the first month. It can take a period of 6-12 months for the business to have positive cash flow, and during that time you will not be able to support your family from said company, you need to consider this budget so as not to decapitalize and to support your family.

Some people have passive income or have businesses in their countries that generate monthly money and, therefore, these costs can be alleviated a little more after immigrating to Florida. Here it should also be mentioned that it is not necessary to have absolutely all the liquid money from the beginning, precisely because we are contemplating six months to a year. Therefore, if there were assets left unliquidated in your country, you can consider them in the budget.

If one comes from a Latin American country, the costs of immigrating to Florida may sound high, but remember that the average expenses are equal to the average income that a low-investment franchise ($120,000 USD – $150,000 USD) can generate in a span of one year. We even have customers who reach these figures 7-8 months after they started operating.

However, NO franchise or business can guarantee you by law certain specific income and/or profits, mainly because the franchise can provide you with the training and all the necessary tools to be successful, but it is YOUR business and it depends on how you operate it, how you have structured it and the leadership they exercise.

Investing and Living in Florida: Which City Is Best for You

Before you decide which city in Florida you want to immigrate to, it’s important to ask yourself:

What lifestyle do I want to have?
If you have a family, what lifestyle do I want for my family?
Do I want to live in an area or city with many Hispanics?
Do I want to live in a quiet city?
What activities do I like to do?
Do I want to live in a rural or urban area?
How much does it cost to live in this area?

These are just a few examples of the questions you should ask yourself before immigrating to Florida.

Investing and living in Miami

Population of Miami

Miami is the largest city in Florida and has a population of more than 500,000 inhabitants, the vast majority of whom are Latinos who come from countries such as Cuba, Venezuela, Colombia and Argentina. In Miami, seven out of ten inhabitants come from Latin American countries.

Miami Economy

“The Economist” classified Miami as the “commercial capital” of the entire American continent, taking into account that there are almost 1,500 multinationals that have their headquarters in that city. The city is one of the most important financial centers in the United States, stands out as a center of commerce, finance, and has a strong international business community.

Two of the key economic enclaves in Miami’s economic engine are the International Airport, which drives its huge tourist market, and the Port, where customs process 40% of U.S. exports to Latin America and the Caribbean.

But, in addition, the city has extraordinary economic activity in areas such as banking, real estate construction, commerce and finance. In fact, the Miami economy was classified as the one that had the greatest economic recovery in the entire United States. after the pandemic.

Miami Education

Miami has a huge variety of colleges and universities , both public and private. The existing business environment and cultural diversity make universities excellent professional matchmakers.

Among the most recognized universities are Miami Dade College, which has more than 170,000 students, with 200 different undergraduate programs and is one of the largest in the entire United States. There are also Florida International University and the University of Miami, which has 12 schools that offer 150 undergraduate studies, 130 master’s degrees, 60 doctoral studies and two professional areas. With more than 10,000 faculty hired, the University of Miami became the largest private employer in Miami-Dade County.

Both high schools and universities transformed Miami into a talent hub for exporting and retaining the next generation of talented professionals.

Key facts to consider about Miami

The RealtyHop real estate portal index revealed that Miami became the least affordable housing market in the United States, surpassing New York and Los Angeles, This phenomenon intensified in 2021, a year in which the cost of housing in Miami experienced an increase of 38%, marking one of the most significant increases nationwide.

Although rents continue to pose a considerable challenge for many renters, a report from Florida Atlantic University (FAU) suggests a slowdown in the pace of these increases. In contrast to the 4.11% increase in rents nationwide, in eight of the nine Florida metropolitan areas analyzed, the increases were at or below the U.S. average. The exception was Cape Coral, with a rise of 7.73%.

Popular Areas of Miami to Immigrate

Most popular cities in Miami

Investing and Living in Tampa

Population of Tampa

Tampa is the third-largest city in Florida, after Miami and Jacksonville, and has about 400,000 residents. It is known for its cultural appeal and family-friendly lifestyle, enjoys a relaxed lifestyle with beaches and outdoor activities and has a great nightlife.

Tampa Economy

One of the great advantages of living in Tampa is its growing economy, largely due to its port activity because its seaport has functional logistics to develop commercial activities with South and Central America. This port has made the city home to many companies, both public and private.

Tampa Education

Florida has its own system of state universities and has twelve of them. Within Tampa we find two main ones: The University of South Florida, is public and is the eighth largest university in the nation and the third largest in the state of Florida, has more than 200 undergraduate and graduate programs, having great prestige in the area of medicine and health. She is even recognized worldwide for her scientific advances in the treatments of Alzheimer’s, Parkinson’s and Huntington’s. Likewise, the university, a true reflection of the state of Florida, has an enormous cultural diversity because it receives students from all over the world.

The second major university is the University of Tampa, a private institution with hundreds of bachelor’s and master’s degrees. His strength is linked to the business area. It even tends to rank among the best business universities globally. However, she also has areas of specialization in accounting, finance, education, marketing, and nursing.

Key facts to consider about Tampa

According to the study by Resonance Consultancy, a global tourism and development agency, Tampa ranks three places ahead of Miami in terms of living conditions in 2021. The Resonance Consultancy report ranks the 100 best cities in the United States each year, based on the categories of population, economy and entertainment.

Among the reasons for Tampa’s rise in ranking is a low crime rate, as it is considered one of the safest cities, its tourist attractions and its various outdoor activities, which positions it as a favorite place for families vacationing or emigrating.

Popular Tampa Areas to Immigrate to

Most popular cities in Tampa

When looking to invest and live in the United States, whether you live in Florida or another state, it is important to consider the costs of living, different types of taxes and if they are favorable states for opportunities to invest in the franchise you are wanting.

At Interlink FBC we can help you match your needs and objectives with a business that allows you to apply for an investor visa and thus reside legally in the United States with your family to begin to improve your quality of life.

Do you want to start your investment and emigration project to Florida?
Just get in touch with us and we’ll gladly guide you to success in the United States.