Of the 10 possible points in each category, Florida scored 8.38 in taxation and regulation; 7.11 in workforce quality; and 8.16 in the living environment, according to the survey. Although Texas ranks first, Florida outperforms Texas in many of the above categories. A city where you want to live in Florida may be cheaper than a city where you want to live in Texas. Texas and Florida are also characterized by affordable housing, compared to other states with large economies.
In my podcast Retiring in Texas, I talk exclusively about the healthcare environment in Texas and leave out any comparison with Florida. According to statistics available from the National Oceanic and Atmospheric Administration (NOAA), you would have a slightly higher chance of daily sunshine in Florida than in Texas. Of course, airports are another important part of transportation both within Texas and Florida and to and from those states. In Texas, the difference is that you'll have to endure an extra month of heat compared to those in Florida that are already preparing for fall.
If you believe that owning a similar home at a much more affordable price will improve your quality of life, then Texas would win this contest. Due to the generally warmer weather, you can expect higher utility costs in summer in both Texas and Florida. Florida doesn't differ much, so you can expect many of the same storms and potential disasters. The report also highlights Florida as a state with the right to work and its increased population growth as positive factors contributing to its ranking.
It also points to several Fortune 500 companies based in Florida consolidating it as a business powerhouse. Any company that establishes operations in Texas or Florida should know that both states have hot summers and that air conditioning becomes critical. In Florida, you'll pay a little more than the average, as the rating is 101.7% for that state and category. But does Texas have more natural disasters than Florida? For better or worse, Florida is more prone to natural disasters than Texas.
While Texas has no corporate or personal income tax, the tax burden is quite high, with sales tax rates standing at a combined 8.19%. Texas and Florida also don't have personal state income taxes, which means employees can save on both housing and taxes.