The SWFL Relocation Cost Cheatsheet

1 · Property Taxes

Lower than most relocation buyers expect

Effective rate

~0.9%-1.3% of assessed value / year (Lee & Collier)

$500K home

≈ $4,500-$6,500 / year

Homestead Exemption

Up to $50,000 off assessed value when it's your primary home

Save Our Homes cap

Caps annual assessed-value increases at 3% once homesteaded

💡 Florida has NO state income tax, a major reason the all-in cost of living often beats the Northeast and Midwest.

2 · Homeowners + Wind Insurance

The line item that surprises people most

Typical HO + wind

≈ $2,500-$6,000+ / year on a $500K home

Biggest drivers

Roof age, build year, construction type, distance to coast

New construction

Often dramatically cheaper to insure (newer roof + code)

Citizens (state insurer)

A backstop option, we'll tell you when it makes sense

💡 Always get an insurance quote BEFORE your inspection period ends. We connect you with agents who quote fast.

3 · Flood Insurance

Depends entirely on the FEMA zone, by lot

Zone X (minimal risk)

Optional · ≈ $400-$700 / year (preferred-risk policy)

Zone AE / VE (high risk)

Often required by lender · ≈ $1,500-$5,000+ / year

Same community, different lots

Can be in different zones, verify the exact address

Elevation Certificate

Can significantly lower an AE/VE premium

💡 Two homes on the same street can have very different flood costs. We pull the exact zone for any address before you offer.

4 · HOA & CDD Fees

Know the difference before you buy

No / light HOA

$0-$150 / month (many single-family neighborhoods)

Gated / amenity HOA

$150-$600+ / month

Condo associations

$300-$900+ / month (often include exterior + insurance)

CDD bond (newer communities)

≈ $1,000-$3,000 / year, common in master-planned areas

💡 A CDD is a separate infrastructure bond on top of HOA dues. We always show you the full HOA + CDD picture.

5 · One-Time Closing Costs

Budget for the day you get the keys

Buyer closing costs

≈ 2%-5% of price (title, lender, prepaids, escrows)

Prepaid insurance + taxes

Lender collects several months up front at closing

Inspection(s)

≈ $400-$800 (general) + wind mitigation / 4-point as needed

Wind mitigation inspection

Cheap, and can earn real insurance discounts

6 · Ongoing & 'Hidden' Costs

The stuff that's easy to forget

Electric (FPL)

Higher in summer (A/C), solar communities like Babcock Ranch cut this

Lawn / landscaping

≈ $100-$250 / month if outsourced

Pool service

≈ $100-$175 / month

Hurricane prep

Shutters/impact glass, generator, one-time but plan for it