What is the Real Cost of Living in Destin, FL?

What is the Real Cost of Living in Destin, FL?

Situated on the Gulf Coast of northwest Florida, Destin is a small town known for its white sand beaches and dazzling blue waters. There are miles of pristine coastline perfect for swimming, sunbathing, and boating. Nearby are some of the deepest depths of the Gulf and a wide variety of marine life, earning it the nickname “World’s Luckiest Fishing Village.” Beyond the beaches, it offers abundant opportunities for outdoor recreation, including hiking at Jolee Island Nature Park and golfing at Emerald Bay Golf Club. The climate is mild, with relatively warm winters and hot summers. This means you can enjoy the beaches and outdoor activities year-round.

Destin real estate features stunning waterfront estates and beachfront properties along the Gulf of Mexico and Choctawhatchee Bay. These include single-family homes, townhomes, and luxury condominiums right on the water. Many offer panoramic views, direct beach access, outdoor pools, and private boat docks. There are also gated communities for those looking for an extra level of exclusivity and privacy. You’ll find fine-dining restaurants, boutique shops, and lively bars at Destin Harbor Boardwalk. The economy thrives thanks to the tourism, hospitality, and real estate industries. Due to its prime coastal location, housing and other costs can be higher than other areas. What is the real cost of living in Destin, Florida? Read below for more information.

Median home prices in Destin

Because of its prime location along the Gulf of Mexico, real estate in Destin costs are higher. The current median home list price in Destin is $799,500. This is higher than the national average home price of $416,100.

Several factors contribute to the higher home prices compared to some other cities. Beachfront homes are very limited and always fetch higher prices. Homebuyers are willing to pay more for desirable locations. Destin is also a popular tourist destination, with over 4.5 million visitors annually. The demand for vacation rentals and second homes helps increase home prices.

Cost of electricity and other utilities in Destin

In Destin, residential electricity prices average about 12.06¢/kWh (kilowatthour), 5.6% greater than the Florida average rate of 11.42¢/kWh. The city is part of Okaloosa County, where residents spend about $262 per month on electricity, and the monthly average electric bill for Florida is $145.

The average customer in Okaloosa County uses 1,604 kWh of electricity per month. That’s a total of 19,248 kWh per year. For internet service, Destin residents pay about $64.99 per month. The national average cost of internet is $36.99.

Transportation costs in Destin

Many residents in Destin rely on private vehicles for transportation. Totaling the cost of gas and car maintenance, a single person spends $9,773 a year on private transportation. This is about the same as the national average for transportation costs, which is $9,760. 87.7% of Destin residents commute to work. This is higher than the national average of 85.5%. About 55.1% of Destin residents commute to a workplace outside of the city. This is also higher than the national average of 43.7% of commuters traveling to another city for work. Destin residents spend 21.6 minutes commuting to work on average. This is actually lower than the national average of 26.6 minutes.

Public transportation in Destin is very limited. The Emerald Coast Rider (EC Rider) has bus services within Okaloosa County, including some routes that pass through Destin. Single-ride fares cost $2. Monthly passes cost $40.

Food costs in Destin

A single adult in Destin spends about $3,458 annually on food. A family of four’s annual food costs are about $9,987. This is right in line with state and national averages. A single adult spends about $3,411 on food annually in Florida, and the national average is $3,240. A family of four spends about $9,850 on food annually in Florida, and the national average is $9,354.

The cost of childcare

Childcare costs can be significant for families with young children. Childcare costs can add up to thousands of dollars annually. The average annual cost of childcare in Destin is $11,878, which is calculated for two children. This is lower than both the state and national averages. The average annual cost of childcare for two children in the state is about $300 higher at $12,134. The average annual cost of childcare for two children in the nation is about $4,000 higher at $15,853.

Median household income in Destin

The median household income for the state of Florida is $57,703, with the median household income in Destin higher at $81,827. The median household income in the U.S. is $67,521. The higher median household income in Destin can be attributed to several factors. One is the city’s thriving tourism and real estate industries. These industries often offer skilled positions and well-paying jobs. Professional services in Destin also cater to its affluent population and wealthy tourists, including financial services, healthcare providers, and specialized services. These sectors have higher-paying positions.

Ready to find your dream home in Destin?

With 17 years of experience, Kendall Hood joined Compass and put together one of the top real estate teams in the area. They have a true passion for serving their clients and helping them find the homes of their dreams. As a longtime local resident of Destin herself, Kendall brings her unparalleled knowledge of the Emerald Coast. If you’d like to learn more about homes for sale in Destin, Florida, contact Kendall Hood today.

Work With Us

We pride ourselves in providing personalized solutions that bring our clients closer to their dream properties and enhance their long-term wealth.

Follow Us on Instagram