The summary of ‘Cost Of Living In Lakeland 2024 Edition’

This summary of the video was created by an AI. It might contain some inaccuracies.

00:00:0000:15:15

Ben from "Living in Lakeland" takes an in-depth look at the cost of living in Lakeland, FL, primarily focusing on housing costs and associated expenses. He uses a $400,000 property as a benchmark to illustrate how various down payments and interest rates affect monthly mortgage payments. For instance, a lower interest rate can save up to $500 monthly. Ben also emphasizes additional costs, such as taxes, insurance, HOA, and CDD fees, which can significantly impact overall expenses.

The discussion extends to utilities, where he compares costs for newer versus older homes' electric bills and approximates water bills at $60 per month, although these can vary based on usage factors like pools or irrigation. He extends budgeting advice to include internet, yard services, groceries, dining out, and car-related expenses. For groceries alone, a couple might spend between $1,500 and $2,000 monthly, excluding dining out, while the average meal out can cost $25 per person for dinner.

Car expenses are also significant, including $700 for car payments and $270 for full coverage insurance, pertinent due to the high number of uninsured motorists in Florida. Totalling housing and car-related costs, monthly expenses for living in a $400,000 Lakeland home approximate $7,000, excluding lifestyle choices and savings. Ben concludes by noting that Lakeland is more affordable than nearby Tampa and Orlando, providing a tax estimator tool for precise planning and inviting viewers to subscribe for updates.

00:00:00

In this segment, Ben from “Living in Lakeland” discusses the cost of living in the Lakeland area, focusing primarily on housing costs. He explains the costs associated with purchasing a home, referencing a $400,000 property as a standard example. Ben outlines different scenarios based on various down payments and interest rates, such as a 3.5% down payment with a 7% interest rate versus a 5% interest rate for new construction homes. He highlights that the interest rate significantly impacts monthly mortgage payments, with a potential savings of $500 per month if the interest rate is lower. Additionally, he briefly touches on taxes and insurance costs included in the monthly payments. Ben also invites viewers to contact him for personalized assistance if they plan to move to the Lakeland area.

00:03:00

In this part of the video, the speaker discusses the additional costs associated with purchasing a $500,000 house, including an extra $750 per month at a 7% interest rate or $620 per month at a 5% interest rate. They emphasize the need to consider HOA and CDD fees, which can add another $200 per month. The utilities section mentions different rates for electric charges depending on consumption and whether the property is within Lakeland City Limits. The average utility bill for newer homes is estimated at $260 per month, while older homes could be closer to $400. Water bills are approximated at $60 per month but would vary based on factors like having a pool or irrigation. The speaker suggests reaching out for detailed information due to the complexity and variations of the costs involved.

00:06:00

In this segment of the video, the speaker discusses various monthly expenses to budget for, including water, internet, yard services, and groceries. They suggest budgeting $60 per month for water, though this can vary based on household size and usage. Internet costs can range from $60 to $180 per month depending on speed requirements and whether it is bundled with cable. Yard services may cost around $160 monthly during the summer. For groceries, they estimate $1,800 per month for a couple, acknowledging that this figure will fluctuate based on the number of household members, diet, and shopping habits. The overall takeaway is the importance of personalized budgeting based on individual needs and circumstances.

00:09:00

In this part of the video, the speaker discusses budgeting for groceries and eating out. They recommend budgeting $1,500 to $2,000 a month for groceries, and highlight that this does not include dining out. For dining out, an average meal costs around $25 per person for dinner, excluding alcoholic beverages, and about $18 to $20 per person for lunch with taxes and tips included.

Furthermore, the speaker talks about car expenses, noting the national average car payment is $700 per month, suggesting ways to avoid buying a new car, such as tinting windows and parking in the shade. They mention that the average cost for full coverage car insurance in Florida is $270 per vehicle per month, advising full coverage due to the prevalence of uninsured motorists.

00:12:00

In this part of the video, the speaker details monthly car-related expenses, noting that insurance for their setup costs about $300, leading to an approximate total of $1,000 a month for car and truck expenses. They then summarize that owning a $400,000 house in Lakeland would result in approximately $7,000 in monthly expenses, covering utilities, insurance, and household costs, excluding lifestyle and savings. The speaker emphasizes that Lakeland is cheaper compared to nearby cities like Tampa and Orlando, where similar houses cost significantly more. Additionally, they mention a tax estimator tool from the Polk Property Appraiser website for better planning property taxes. The video concludes with a reminder to subscribe for future updates.

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