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Cost of Living in Florence

Is it better to rent or buy in Florence? Explore median costs, utility estimates, and run the numbers on your own budget to see how far your income goes.

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Rent vs. Buy Affordability Calculator

Adjust the sliders to match your scenario. We recommend keeping total housing costs under 40% of your gross income.

$43,949
$780/mo

Median in area: $780

$162,635

Median in area: $162,635

$32,527

If you Rent

🔑
$945 /mo
Base Rent$780
Est. Utilities$165
% of Income25.8%
Pre-tax Residual$2,717

If you Buy

🏠
$1,155 /mo
P&I (6.991%)$865
Taxes & Ins$125
Est. Utilities$165
% of Income31.5%
Pre-tax Residual$2,508

Cost of Living FAQs

Is it cheaper to rent or buy in Florence?›

Based on median housing data, renting is currently more affordable on a monthly basis in Florence. The estimated all-in monthly cost for renting is $945, while owning a median-priced home with a 20% down payment is roughly $1,155 per month (a difference of $210).

How much do utilities cost in Florence?›

The average monthly utility cost (electricity and natural gas) for a typical home in Florence is approximately $165. This estimate uses local utility rate schedules combined with median energy consumption profiles.

What is a good salary to live comfortably in Florence?›

To comfortably afford the median rent and utilities in Florence without exceeding the recommended 30% housing-to-income threshold, a household should earn a gross salary of approximately $37,800 per year.