Sarasota, Florida, is a city that offers an ideal blend of coastal paradise, cultural richness, and unique residential opportunities. If you’re considering calling Sarasota home, it's worth looking into the cost of living here to understand what it takes to build a new home in this city.

In this guide, we’ll navigate the area’s financial landscape, from the average cost of living in Sarasota, Florida, and home building expenses by neighborhood to the prices of groceries, utilities, and the average salaries you can expect in this popular part of the Sunshine State.

Summary:

• Cost of Living in Sarasota
• Average Cost to Build a New Home in Sarasota by Neighborhood
  • Sarasota
  • Lakewood Ranch
  • Bradenton
  • Parrish
  • Nokomis
• Average Cost of Groceries/Utilities in Sarasota
• Average Salary in Sarasota

Cost of Living in Sarasota

First, let's break down Sarasota’s living costs for you, according to RentCafe® for 2023. Compared to the rest of the state, Sarasota’s cost of living is about 5% higher than the Florida average. Sarasota living expenses are approximately 6% greater than the national average.

As a result, Sarasota ranks among the more expensive places to reside, with housing costs running about 22% higher than the average across the country. However, Sarasota balances this out with the more budget-friendly cost of utilities, which are approximately 1% below the national average.

As of September 2023, Rentcafe.com reports that Sarasota's real estate market shows median home prices experienced a 6.5% decline, leading to an average residential property cost in the upper $400Ks. Additionally, homes now stay on the market for an average of 42 days compared to the quicker 24-day turnover average observed in 2022. This shift indicates the current Sarasota real estate market starting to favor buyers more than sellers, allowing for more measured decision-making for prospective buyers.

Average Cost to Build a New Home in Sarasota by Neighborhood

The unique housing options and building costs in Sarasota's various neighborhoods are influenced by factors such as size, design, and location. Understanding the average cost within each neighborhood can be beneficial when planning your new home build and staying within your budget.

Let’s check out Sarasota’s five neighborhoods and how much it costs to live in each one.

Sarasota

Sarasota is a bustling coastal city with a vibrant cultural scene and easy access to beautiful beaches. Residents can enjoy renowned theaters like the Van Wezel Performing Arts Hall or the Asolo Theatre in downtown Sarasota, just 30 minutes away. Whether you're seeking sun and sand or a few rounds on the fairway, the living expenses of Sarasota offer you a coastal lifestyle full of rich cultural and recreational possibilities.

According to Newhomesource.com in 2023, the average price of new construction in Sarasota is just over $1M. Our new construction homes in Sarasota proper start in the upper $700Ks.

Lakewood Ranch

Lakewood Ranch is a master-planned community renowned for upscale living and outstanding amenities. The area offers abundant dining, shopping, and entertainment choices, including The Mall at University Town Center and Main Street at Lakewood Ranch. Nature enthusiasts can explore the beautiful parks, including Greenbrook Adventure Park, while golfers enjoy courses like the Ritz-Carlton Golf Club®. With so many home and lifestyle options in this neighborhood, and a more reasonable cost of living in Sarasota, it’s no wonder Lakewood Ranch is such a popular area.

According to Newhomesource.com in 2023, building a new home in Lakewood Ranch averages in the low $600Ks. Our new construction homes in Lakewood Ranch start in the lower $300Ks.

Bradenton

Bradenton, FL, is known for their dynamic mix of urban living and outdoor beauty. The city boasts an array of dining, shopping, and entertainment options, including the well-known Riverwalk district with scenic views and events. Residents can also explore the Manatee Village Historical Park and Robinson Preserve, offering outdoor activities such as hiking, kayaking, and birdwatching. Golf enthusiasts can tee off at several nearby courses as well. With its unique character and accessibility to a wealth of exciting experiences, Bradenton offers a versatile and appealing coastal lifestyle.

The average cost to build a new home in Parrish is in the mid $600Ks, according to Newhomesource.com in 2023. Our new construction homes in Bradenton start in the mid $400Ks.

Parrish

Living in Parrish, FL, offers a charming and tranquil suburb with a strong sense of community and tons of dining and shopping, including the Ellenton Premium Outlets. Locals can immerse themselves in the peaceful ambiance of local parks like Fort Hamer Park while golfers test their swings on links like Buffalo Creek Golf Course. Parrish living expenses provide an ideal environment for a suburban lifestyle, balancing the warmth of community living with easily accessible recreational opportunities.

According to Newhomesource.com in 2023, new builds in Parrish average in the mid $400Ks, making it one of the more affordable options near Sarasota. To make it even more affordable, our new construction homes in Parrish start in the upper $300Ks.

Nokomis

Cost of living in Nokomis affords you coastal living along with convenience and entertainment. Sports fans can attend nearby spring training games as nature enthusiasts explore scenic trails at Nokomis Riverview Park and Oscar Scherer State Park. The area is perfect for kayaking thanks to its access to Dona Bay, and stunning public beaches, like the renowned Siesta Key, are a short drive away. Nokomis cost of living delivers a fun, active lifestyle with abundant recreational opportunities.

According to Newhomesource.com in 2023, building a new home in Nokomis averages in the mid $500Ks. Our new construction homes in Nokomis start in the upper $300Ks.

Average Cost of Groceries/Utilities in Sarasota

Whether you're a homeowner or renter, utility expenses are a part of the cost-of-living package. In Sarasota, energy bills in 2023 typically run $175.24 per month, according to RentCafe® in 2023.

For daily essentials like food, prices can fluctuate across different regions. In Sarasota, as of 2023, RentCafe® reports that a gallon of milk costs about $3.25, a dozen eggs go for roughly $2.86, and a pound of potatoes is approximately $5.07.

Knowing these Sarasota living costs helps give you a snapshot of what to expect when budgeting for expenses in the area.

Average Salary in Sarasota

According to ZipRecruiter® in October, 2023, the average salary in Sarasota, Florida, is $44,232, which translates to about $21.27 per hour. In practical terms, this equates to a weekly income of $850 or a monthly income of $3,686.

Conclusion

Use this Sarasota cost-of-living guide as a valuable resource if you’re considering moving to or building a new home in Sarasota. The city’s diverse neighborhoods each have their distinctive charm, and by being aware of factors like Sarasota living expenses and average Sarasota salary, you can feel more confident that your new home aligns with your lifestyle and budget. Whether you're contemplating living in this coastal city or simply interested in the financial landscape, Sarasota invites you to explore, build, and thrive in this captivating slice of Florida.

Explore new construction homes in Sarasota today or browse more Pulte blogs.

Written By: Jordan Thomson, Orange County-based Freelance Writer

Last Updated: 2/1/2024