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What Is The Cost of Living In Key West?

October 17, 2022 by Tamila McDonald Leave a Comment

cost of living in Key West

For many people, moving to Key West would be a dream come true. However, if you don’t live nearby, you may worry about whether the area is affordable. After all, living in a beach town typically comes with a price tag. If you’re trying to figure out if Key West is affordable for you, here’s a look at the cost of living in Key West.

The Cost of Living in Key West

Generally speaking, the cost of living in Key West is high. It’s a small beach community and a highly desirable area. Plus, as an island and based on its location off the southern tip of Florida, transporting goods into the region can be expensive, leading to higher prices when shopping.

As a result, prices for nearly everything are above the national average. Here’s a closer look at the cost of living in Key West broken down into categories.

Housing

When it comes to housing, you typically have to choose between buying and renting. Purchasing a home in Key West is quite costly. As of October 2022, the median sale price of a property came in at $917,500, which could make buying a budget-buster for many.

If you’re interested in renting, that also comes with a big price tag. A one-bedroom apartment typically runs $2,413 per month, while a two-bedroom can cost $4,400 per month.

When it comes to homeowner’s or renter’s insurance, you may see higher rates. This is particularly true since adding hurricane coverage is often viewed as a necessity.

Food

When it comes to food, the overall cost in Key West is approximately 5 percent above the national average. That puts it in line with cities like Miami, though it may not be high enough to completely derail your budget.

Transportation

Transportation costs about 10.7 percent more in Key West. In some cases, this is because it’s a smaller island, so there’s limited access to options, which can reduce competition. Additionally, bringing new vehicles to the area potentially costs more due to the location, and those expenses can be passed on to the buyer.

Gas prices are also higher in Key West than in many other parts of Florida. Due to the island’s location, you may also see higher auto insurance rates, depending on where you’re coming from, and you might need to add specialized coverage for hurricanes and similar natural events.

Healthcare

In Key West, the cost of healthcare is about 13.2 percent above the national average. Again, this is partially based on limited access, as fewer medical facilities can lead to higher costs.

Taxes

In Florida, there is a base statewide sales tax set at 6 percent. However, cities and counties can add to that, pushing this cost up. For Key West, that leads to a sales tax of 7.5 percent on most purchases.

For property taxes, a recently passed increase would set the tax rate at $2.14 per $1,000 of assessed home value. However, that may not take into account certain deductions or exclusions, so keep that in mind.

Utilities

While the utility rates themselves aren’t necessarily bad, your utility spending may go up if you move to Key West. The area frequently experiences high temperatures, and the costs of cooling can add up quickly. While the difference is less dramatic if your home is well-insulated and has a modern, efficient HVAC system, it can still be quite spendy when compared to other regions.

Does the cost of living in Key West surprise you, or do you think it makes sense based on the location? Do you consider the cost of living when choosing where to live or retire, or is it not a major concern? Share your thoughts in the comments below.

Read More:

  • Can I Move Out of My Parent’s House with No Money?
  • Should I Let My Parents Move in With Me for Financial Reasons?
  • Setting Aside Money for When You Move into Our New Home: What Might You Need It For?

 

Tamila McDonald
Tamila McDonald

Tamila McDonald is a U.S. Army veteran with 20 years of service, including five years as a military financial advisor. After retiring from the Army, she spent eight years as an AFCPE-certified personal financial advisor for wounded warriors and their families. Now she writes about personal finance and benefits programs for numerous financial websites.

Filed Under: Personal Finance Tagged With: Cost of living in key west, Key West Food, key west healthcare, Key west housing, Key west taxes, Key west transportation, key west utilities

Facts About Buying Property As a Non-US Citizen

October 12, 2022 by Susan Paige Leave a Comment

When it comes to purchasing property, there are a few extra considerations for those who are not U.S. citizens. In some cases, such as with investment properties, foreigners may be subject to additional taxes. It is also important to be aware of any potential restrictions on the type of property that can be purchased, as well as any regulations that may apply to its sale in the future. However, despite these challenges, it is certainly possible for non-U.S. citizens to buy property in the United States. [Read more…]

Filed Under: Personal Finance

5 Ways to Save Up to Buy a House

October 4, 2022 by Susan Paige Leave a Comment

Because of the complexity of the process and the seriousness of the commitment required to qualify for a mortgage loan, or save enough money for full payment, the purchase of a home ranks among the most significant (and difficult) financial decisions a person can make. Since investing in real estate is a long-term commitment that requires adequate and meticulous financial planning, the time to start taking the necessary steps to save up to buy a house is as soon as possible.

  [Read more…]

Filed Under: Personal Finance

Practicing stoic principles in our business and entrepreneurship

October 3, 2022 by Susan Paige Leave a Comment

When it comes to business, nobody wants to fail, and we all want to avoid making as many mistakes as possible, especially rookie ones, to ensure that our losses are little to none. Unfortunately, the best way to learn is to fail, and failure is, after all, our friend in disguise.

That said, understanding all there is to know about your business and equipping yourself with the right know-how, knowledge, expertise, and trends will help you avoid glaring pitfalls.

As the 21st century progresses, business trends move towards a swirling interest around resilience, mindfulness, and innovation to overcome pitfalls and mistakes. Many have trodden this path, leaving us with many lessons for us to learn.

[Read more…]

Filed Under: Personal Finance

Banners vs Flags

September 29, 2022 by Susan Paige Leave a Comment

If you are looking to diversify your promotional activities but cannot decide between using banners or flags, we have the facts to help you choose. Both of these items are a great addition to getting customers engaged in your business, product or service. Below will explain the key functionalities of both banners and flags, their various forms and the pros and cons of each. 

[Read more…]

Filed Under: Personal Finance

5 Tips on Finding Inexpensive Car Insurance for Teenage Drivers

September 29, 2022 by Susan Paige Leave a Comment

When it comes to oxymorons, it’s hard to beat “inexpensive car insurance for teenagers.” As parents of young drivers know all too well, it costs a pretty penny to keep their teens insured. [Read more…]

Filed Under: Personal Finance

Can I Move Out Of My Parent’s House With No Money?

September 26, 2022 by Tamila McDonald Leave a Comment

How To Move Out With No Money

Figuring out how to move out with no money isn’t easy. In many cases, moving comes with some significant expenses. For example, there are deposits required when you rent an apartment. Additionally, you’ll need to have a way to get your belongings to your new place, as well as pay your bills moving forward. However, that doesn’t mean that you can’t move out of your parent’s house with no money. Here are some options that can help you make it happen.

Start with a Budget

Even if you don’t have any savings to support your move, you may be able to make it work, depending on your income. Create a budget that outlines your current expenses. Next, add in costs you’d need to handle once you move, including rent payments, utilities, renter’s insurance, groceries, and similar expenses. Usually, you can find the average cost for those expenses in your area with a bit of research.

Once you know what you’ll need to cover, compare that to your income. That lets you see if you can potentially afford to move out, as well as if you have room in your budget to start saving for deposits and moving expenses.

Focus on Low-Cost Rentals

While you may have visions of having a luxury apartment, if you don’t have any money set aside, you’re going to need to start out in a low-cost rental. This might include small studio apartments or roommate arrangements.

With the latter, you may be able to save a bit more on your move. For example, if a friend has a room they’re willing to rent – and the landlord allows it – you might not need to cover security or utility deposits. Even if you do have to contribute to a security deposit, what you’d need to pay could be far less than if you moved out on your own.

If you need to move out as quickly as possible, you may be able to talk to other family members or friends to see if you can stay with them for a short period while you get on your feet. However, you do need to have a frank conversation to ensure everyone’s on the same page regarding how this plays out. Additionally, it’s best if you can show a concrete plan – including a timeline – that lets them know when you’d be ready to move into your own place.

Sell Your Excess Stuff

If you want to reduce the cost of your move and give yourself a little cushion, sell any personal belongings that aren’t essential. While it could mean living a little sparsely initially, it lets you get a bit of cash that you can use to cover transporting your other property to your new place, handle security deposits, or build up a small emergency fund to make sure you’re ready for the unexpected.

Secure or Maintain a Source of Income

When you don’t have a financial buffer, maintaining a source of income is essential if you’re going to move out of your parent’s house. Ideally, you want something reliable and reasonably consistent, especially if you want to rent a place on your own. Otherwise, you may have trouble meeting the income requirements for the rental.

In some cases, you may want to supplement your core income, as well. Options through the gig economy can be excellent ways to bring in a bit more money. Plus, if you start before you move out, you may be able to build up some savings to support your move.

Live within Your Means

Living within your means is crucial if you don’t have a financial buffer. Make sure you keep your expenses as low as possible and focus on saving before you move and after you transition into your new place. An emergency fund provides you with some security, so it’s crucial to build one as fast as possible.

While this can mean forgoing niceties for a while, it’s a sacrifice worth making if moving out is important to you. So, focus on keeping your expenses down and stash as much cash as possible. That way, you’ll increase your odds of success.

Do you have any other tips that can help people figure out how to move out with no money? Did you manage to move out on a dime and want to tell others about your experience? Share your thoughts in the comments below.

Read More:

  • Setting Aside Money for When You Move into Our New Home: What Might You Need It For?
  • Is It Ever a Good Idea to Move Back in With Your Parents to Pay Off Debt?
  • Should I Let My Parents Move in With Me for Financial Reasons?

 

 

Tamila McDonald
Tamila McDonald

Tamila McDonald is a U.S. Army veteran with 20 years of service, including five years as a military financial advisor. After retiring from the Army, she spent eight years as an AFCPE-certified personal financial advisor for wounded warriors and their families. Now she writes about personal finance and benefits programs for numerous financial websites.

Filed Under: Personal Finance, Planning Tagged With: live within your means, move out with no money, sell excess stuff, source of income

5 High-Paying Jobs That Aren’t Worth the Stress

September 26, 2022 by Erin H. Leave a Comment

Regarding our careers, we often focus on finding a well-paying job to help our finances. And while there’s nothing wrong with wanting to earn a good income, we shouldn’t sacrifice our health and well-being for a paycheck.

There are plenty of high-paying jobs out there that come with a lot of stress and long hours. You can quickly burn out in one of these roles if you’re not careful. So, before you leap to a high-paying job, it’s essential to consider whether or not the position is worth the stress. Here are some high-paying jobs that aren’t worth the stress.

1. Investment Banker

Investment bankers are known for working long hours and under a lot of pressure. The job can be highly stressful, and it’s not uncommon for bankers to experience burnout. If you’re considering a career in investment banking, ensure you’re prepared to handle the stress. Other occupations in finance can also be stressful, such as being a stockbroker or working in venture capital finances. While these are high-paying careers, they might not be suitable for those not used to long hours, high piles of paperwork, and uncertain business ventures.

2. Lawyer

Like investment bankers, lawyers also work long hours and can be under a lot of stress. If you enter the legal field, you can expect to work long hours and deal with a lot of pressure. And while the job can be rewarding for your finances, it’s not always worth the stress. For instance, around 40% to 50% of marriages end in divorce, which means you will need to handle sensitive issues between couples, custody, and other life-changing situations for families. If you’re not prepared to address the challenges of being a lawyer, you might want to consider another career.

3. Doctor

Being a doctor is a demanding job, and it can be very stressful. If you’re not ready to handle the stress of the job, then becoming a doctor might not be the right career choice for you. Doctors are often on call and have to deal with life-and-death situations regularly. In addition, doctors must also come face to face with some of the worst traumas and problems affecting people. For instance, a pipeline catches fire every four days, affecting many people and leading to burns and emergency room visits. As a doctor, you need to be ready to help these victims in any way you can without letting the stress affect you.

4. Car Salespeople

Car salespeople have a reputation for being pushy and aggressive. And while the job can be lucrative, it’s not always worth the stress. If you’re considering a career in car sales, you must be prepared to deal with rejection regularly. In addition, you’ll also need to be comfortable with working long hours and dealing with people that are angry or upset. Consider that between private-party and dealership sales, nearly 40 million used cars are exchanged every year, meaning you’ll need to help hundreds of people every given month. If you’re not ready to handle the challenges of the job, then you might want to consider another career.

5. Law Enforcement

Working in law enforcement can be a gratifying career, but it’s not always easy. If you’re considering a career in law enforcement, you need to be prepared to deal with the challenges that come with the job. Police officers have to deal with a lot of stress and often work long hours. In addition to the stress, police officers also have to deal with dangerous situations regularly. While the finances of the job are rewarding, if you’re not comfortable with the risks, then becoming a police officer might not be the right career choice for you.

While many high-paying jobs come with a lot of stress, there are also plenty of rewarding careers that don’t involve long hours and high pressure. Finding a balance between a job that pays well and one that you’re actually happy with is crucial.

Filed Under: Personal Finance

How to Qualify for Personal Loans With an Average Credit Score

September 23, 2022 by Susan Paige Leave a Comment

How to Qualify for Personal Loans With an Average Credit Score

Many people in the United States lack the funds to make a huge purchase, meet an unanticipated expense, or consolidate their debts. To spread the cost over time, many people get personal loans, credit cards, mortgages, and auto loans.

[Read more…]

Filed Under: Personal Finance

5 Strategies to Keep Your Financial Information Safe

September 21, 2022 by Erin H. Leave a Comment

Keeping your financial information safe is imperative for theft prevention and financial loss. Hackers gain access to billions of dollars each year due to insecure passwords and easy access to unprotected financial records. Business owners and individuals should invest in fool-proof data communication and storage software. Having more than one type of security makes it difficult for anyone to guess, hack, and infiltrate your online security system. Here are a few tips to help you protect your finances.

1. Use Multi-Factor Authentication

Multi-factor authentication involves using two or more enabled security features to access your account. One factor: authentication is risky, and most hackers can easily guess your password. However, if you were to add a fingerprint, or phone number, along with a difficult-to-guess password, this would help increase your security. This is similar to what online banking institutions require. In order to access your account, you’ll need to verify your identity through several methods. If a hacker provides the wrong information, they won’t be able to access your account.

2. Use Different Passwords

Changing passwords often ensures that no one can easily penetrate your financial records. You should never use the same password for more than one account. Make sure you change your password every few weeks or once a month. If you forget your password, you can always create another one. In the meantime, create a password that makes it difficult for someone to guess. Avoid using personal information such as birthdays, addresses, names, or any identifying information.

Include numbers, capital and small letters, and symbols in your password. Using the underscore feature is a wise choice as well. Don’t use simple phrases or letters. Be creative.

3. Make Sure You Have Virus Protection

Many businesses and individuals make the mistake of not completely securing the information on their servers. A breach online is a breach of your financial information. Having virus protection software can save you hundreds or even thousands of dollars in technical fees. Cyber threats have been around for a long time, reaping havoc and financial ruin. A good antivirus software program can protect your sensitive and private information 24 hours per day, seven days a week, on any server.

Information stored online is secured through secured servers because data storage and security are imperative both to the modern enterprise and online users. The process of using secured servers enables encrypted data communication of sensitive data. Data is backed up constantly, and security patches are often updated.

4. Avoid Public Connections

Connecting your computer or devices to a public network is risky. Most public devices aren’t secure, and anyone can access your information. This includes places like airports, restaurants, hotels, libraries, and schools. These places have minimal network security, which means anyone can easily acquire someone else’s information. Threats and software attacks are easy targets and put you at higher risk of being exposed to the network. Stay away from unsecured websites, even if they’re free, convenient, and accessible.

5. Secure Financial Information: Destroy Paper Trails

Leave no documents behind. Once you have secured your financial records, destroy repetitive information. Some financial information might be mailed or emailed. Invest in a shredder so you can destroy sensitive information that is no longer needed. For information stored on laptops, computers, or cellphones, delete the files, invest in a permanent deletion program, and reset your phone to the factory setting.

Protecting your financial information is imperative. Not only can a hacker steal your passwords but they can also steal your money and your identity. Follow the tips above to make sure your finances are kept safe at all times.

Filed Under: Personal Finance

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