Understanding the Cost of Living in Lakewood Ranch, FL

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Lakewood Ranch is a top-rated master-planned residential community in Florida. This charming neighborhood provides residents with breathtaking views and ample and convenient amenities, perfect for singles, families, or retirees. However, what comes with its excellent location, amenities, and lifestyle is a considerable cost of living.

Understanding the cost of living in Lakewood Ranch, FL, is important to assess whether your financial situation can keep up with expenses while still enjoying all the community offers.

Let’s discuss the things you should know about the cost of living in Lakewood Ranch, FL, and explore how various factors, such as housing, transportation, utilities, and healthcare, contribute to the overall expenses in this sought-after community!

Housing Costs

Housing Costs

One of the significant contributors to the cost of living in Lakewood Ranch, FL, is housing expenses.

Depending on the home type, size, amenities, and location, buyers will find different homes at various prices in the Lakewood Ranch housing market, usually around $330,000 to over a million. As of half of November, the average home value at Lakewood Ranch is $678,779.

Here are the estimated price range depending on which type of home you plan to buy in Lakewood Ranch, FL:

Type of HomePrice Range
Single-family Homes$370,000 to $7 million
Multi-family homes$250,000 to over $1 million
Condos$290,000 to $2.2 million

Lakewood Ranch also has rental options, ideal for those who prefer a more flexible living arrangement or are exploring the area before committing to a permanent residence.

Below is the breakdown of the average rent in Lakewood Ranch for apartments and condos:

Average SizeAverage Rate
1 Bed (803 Sq Ft)$1,782 monthly
2 Bed (1,105 Sq Ft)$2,038 monthly
3 Bed (1,818 Sq Ft)$2,948 monthly
4 Bed (2,566 Sq Ft)$3,698 monthly

Utilities

Utilities

Utility costs in Lakewood Ranch include electricity, water, trash, sewer, gas, and internet.

Electricity in the area is often manageable due to Florida’s climate. Residents use less heating in winter, so electricity bills will likely decrease. Air condition usage, however, might increase your bill during the hot and humid summers.

You will get one combined bill for water, trash, and sewer services, which is approximately $90 to $95 monthly. Meanwhile, the cost of gas is around $85 to $90 per month, and the internet costs around $30 and $100 monthly, depending on the service provider and type of service you get.

Transportation

Transportation

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Another factor contributing to the cost of living in Lakewood Ranch, FL, is transportation.
Lakewood Ranch is close to major highways, providing easy access to nearby cities and attractions. However, public transportation is limited in the area.

Public transit serves some parts of Lakewood Ranch, such as the Manatee County Area Transit (MCAT), and offers a free fare since November 1, 2022.

Residents of Lakewood Ranch often use their cars to get around and explore the community or nearby areas. If you own a car, below are the average gas prices around Lakewood Ranch, FL.

Gas TypeAverage
Regular$3.151
Plus$3.576
Premium$3.902
Diesel$4.114

Aside from private cars and public transportation options, residents also use taxi and ridesharing services like Uber and Lyft, and the cost varies depending on distance and taxi class.

The base fare for taxis usually starts around $3 to $13, and additional fees are added as the distance and time increase.

Groceries and Food

Groceries and Food

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The cost of groceries you will spend in Lakewood Ranch varies depending on the store, your household size, or whether you like dining out or cooking at home.

Here’s a helpful list of approximate costs you can expect for dining and grocery items in Lakewood Ranch, FL:

Grocery Products / Type of DiningCost Range
Dinner in a Restaurant$80.10
Fast food Restaurants$9.08
1kg Rice$3 to $4.74
Bakery Items$2 to $8
Dairy Products$1 to $15
A dozen of eggs$4.73
Fresh Prepared Foods$2 to $10
Fruits and Vegetables$0.19 to $9
Meat and Seafood$1.99 to $20
Pantry Items$0.99 to $10
Beverages$0.99 to $20

Healthcare

Health and well-being are the top priority in Lakewood Ranch. Thankfully, residents in the community have convenient access to reputable medical facilities and healthcare services, such as the Lakewood Ranch Medical Center and other independent specialist offices.

For reference, here is a breakdown of estimated healthcare costs in Lakewood Ranch, FL:

Type of Health CareAverage Cost
Doctor’s visit$126.17
Dentist’s visit$127
Optometrist visit$114 (without insurance)
Veterinary visit$57.55

Entertainment and Activities

Entertainment and Activities

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Beyond the gorgeous homes and sought-after lifestyle, this vibrant community has much more to offer, especially when it comes to entertainment and activities.

From weekend festivals that celebrate local art and culture to a plethora of outdoor adventures waiting just beyond your doorstep! With so many fun and enjoyable things to do in Lakewood Ranch, FL, it is essential to also consider the potential expenses for recreation when understanding Lakewood Ranch’s cost of living.

The neighborhood is designed to be a sustainable community with top-notch amenities and inclusive activities for every resident to enjoy.

Lakewood Ranch, FL, features bustling town centers with over 300 shops. Main Street, for instance, is dotted with many restaurants of different cuisines! There are also cinemas or theaters around the area, with ticket fees ranging from approximately $8.00 to $10.00.

Lakewood Ranch also boasts numerous parks and miles of scenic trails for biking and walking. Half of the community is for recreation and open spaces, providing residents a space for an active lifestyle and enjoying the beautiful weather of Florida.

Regardless of age, anyone can enjoy various amenities, such as a splash pad, dog park, bike lanes, boardwalks, and more, by visiting one of the family-friendly parks in Lakewood Ranch!

There’s no park entrance fee, but expect to pay HOA fees for maintenance. HOA fees vary, but locals usually pay between $100 to $650.

Golfing is also a part of everyday life in Lakewood Ranch. In fact, if you dream of a golf community, Lakewood Ranch is one of the best places to visit!

The Lakewood Ranch Golf and Country Club is among the exclusive and notable establishments in the area that offer three different membership levels. You will have to pay the membership club to enjoy their facilities.

Education

Education

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Education cost in Lakewood Ranch varies depending on the level of education and whether it is a public or private school.

Public schools are free as they are funded through local property taxes. Private schools also offer quality education from elementary to high school, with tuition around approximately $18,850 to over $29,215.

For colleges, it also varies based on institution type and whether the student is in-state or out-of-state. Here’s the comparison between in-state and out-of-state average fees in Lakewood Ranch, FL:

Institution TypeAverage In-State Tuition FeesAverage Out-of-State Tuition Fees
Public (4-Year)$4,541$18,322
Private (4-Year)$28,860$28,860

Cost of Living and Median Income Comparisons

COL FactorLakewood RanchSarasotaFlorida
Overall Cost of Living123.7102.9103.1
Average Home Value$671,038$458,371$390,052
Median Income DetailsLakewood RanchSarasota
Median Household Income$110,026$62,615
Median Individual Income$48,524$32,870
Understanding the Cost of Living in Lakewood Ranch, FL

Final Thoughts

Understanding the cost of living in Lakewood Ranch, FL, will be extremely helpful in making well-informed decisions and avoiding financial setbacks while enjoying all that the community has to offer.

For more questions about Lakewood Ranch or if you want to explore its neighborhoods and available houses for sale, please feel free to get in touch with our team anytime by calling 941-899-5466 or send us a message via mikenovakrealtor@gmail.com.

To be updated with the latest news and current events in Lakewood Ranch, we invite you to follow our social media channels below:

Lakewood Ranch, FL

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Frequently Asked Question

The average commute time in Lakewood Ranch, FL, is approximately 27 minutes.

Definitely! Several community events in Lakewood Ranch showcase local artists, musicians, and performers. Museums and exhibits also provide enriching experiences to learn history. There are also live shows at one of the community’s theaters, symphonies, or ballets.

Most factors that contribute to the cost of living in Lakewood Ranch are much higher than the national average, indicating a higher cost of living when compared to other areas in Florida.

Yes, you can still find affordable housing options in Lakewood Ranch that are for sale under $350,000. Depending on the property’s size, you can also choose to rent that costs $1,782 to $3,698 monthly.