Bay Harbor Islands, FL Cost Of Living

Bay Harbor Islands cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
Index	Bay Harbor Islands	Florida	National
Cost of living index	121	99	100
Index	Bay Harbor Islands	Florida	National
Goods & Services index	101	99	100
Groceries index	105	105	100
Health care index	97	98	100
Housing index	164	96	100
Transportation index	112	100	100
Utilities index	99	103	100

A general summary of the cost of living index in Bay Harbor Islands, FL is shown above. Compared to the state average of Florida the cost of living index in Bay Harbor Islands, FL is 121, which is 22% higher than the average in Florida and compared to the national average it is 21% higher than. The cost of living index is made up of several categories. These are transportation at 9%, utilities at 10%, goods and services at 33%, housing at 30%, groceries at 13%, and health care at 5%. The bulk of the cost of living index comes from the categories of goods and services and housing. If you look at everyday goods and services they can be a good indicator in a certain city of the general costs of goods there. In Bay Harbor Islands, FL goods and services come in at 3% higher than the average in Florida and are 1% higher than compared to the nationwide average.

Did you know?

The cost of living in Bay Harbor Islands is 22% higher than the Florida average.
The cost of living in Bay Harbor Islands is 21% higher than the national average.
The cost of housing in Bay Harbor Islands is 64% higher than the national average.
Florida general sales tax is 18% higher than the national average.
Florida state income tax is 100% lower than the national average.

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Price difference in compared to

Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

Use the salary calculator to compare your current salary in Bay Harbor Islands, FL to any other city. The salary calculator will tell you how much you would need to earn in any given city to maintain the same standard of living based on the cost of living in each city. For example, if the cost of living in the city you are looking to relocate to is higher than the cost of living in Bay Harbor Islands, FL, then you would need to earn more income in order to maintain the same standard of living. To use the Bay Harbor Islands, FL salary calculator, simply enter in the name of the new city, then adjust the slider to your current income. The salary calculator will do the rest and let you know if you need to earn more or less in the new city. You will also see a complete breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$98,977	$8,248	$2,309	$2,970
Renters	$42,993	$3,583	$1,003	$1,290

The affordability of the housing market in Bay Harbor Islands, FL as well as the overall cost of living can be indicated accurately by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should ever be used on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Bay Harbor Islands, FL homeowners, the median income is $98,977. This indicates that a monthly maximum of $2,309 should be spent by homeowners on all housing related costs. Renters have a median income of $42,993. This indicates that renters should have a maximum of $1,003 used for their rent related monthly costs.

Florida Sales Tax

State	General Sales Tax	With Max Surtax
Florida	6%	7.5%

Florida Income Tax

State	Income Tax (Low)	Income Tax (High)
Florida	0%	0%

The Florida sales tax and Florida income tax rates should definitely be considered when determining the overall cost of living in Bay Harbor Islands, FL. Sales taxes are taxes that are imposed onto goods and services sold. Sales taxes do vary by state and can range from no tax at all to upwards of 7%. The Florida sales tax is 6% and the maximum surtax is 7.5%. Income tax is the tax imposed on income by the government. The income tax rates will vary by state and will also increase or decrease depending on the corresponding tax bracket. State income tax rates can range from anywhere from no tax at all to more than 9%. The Florida income tax rates range from 0% to 0%.

Goods & Services

Item	Bay Harbor Islands	National avg.	Difference
Haircut	$14.23	$16.09	11.5%
Beauty Salon	$72.00	$37.33	92.9%
Toothpaste	$2.23	$2.45	8.7%
Shampoo	$1.00	$1.00	0.3%
Movie	$12.60	$10.28	22.6%
Bowling	$6.09	$4.93	23.5%

Groceries

Item	Bay Harbor Islands	National avg.	Difference
Ground Beef	$4.15	$3.80	9.1%
Fried Chicken	$1.52	$1.40	8.6%
Milk	$2.65	$2.01	31.8%
Potatoes	$3.55	$3.01	17.9%
Pizza	$8.99	$9.89	9.1%
Beer	$9.62	$8.90	8.2%

Health Care

Item	Bay Harbor Islands	National avg.	Difference
Optometrist	$98.33	$102.16	3.7%
Doctor	$89.33	$108.36	17.6%
Dentist	$95.60	$92.53	3.3%
Ibuprofen	$11.09	$9.28	19.5%
Lipitor	$411.52	$425.82	3.4%

Housing

Item	Bay Harbor Islands	National avg.	Difference
Home Price	$312,800.00	$184,700.00	69.4%
Avg. Mortgage Payment	$1,457.49	$1,202.44	21.2%
Apartment Rent	$1,429.00	$949.00	50.6%

Transportation

Item	Bay Harbor Islands	National avg.	Difference
Gasoline	$2.47	$2.24	10.1%
Tire Balancing	$54.23	$46.29	17.1%

Utilities

Item	Bay Harbor Islands	National avg.	Difference
All Electricity	$159.36	$165.96	4.0%
Phone	$29.39	$28.68	2.5%

Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City, State	Population	Cost of Living Index	National Avg.
Fisher Island, FL	235	103	3%
Medley, FL	898	83	-17%
Pembroke Park, FL	6,259	90	-10%
Opa-locka, FL	16,245	91	-9%
Brownsville, FL	15,860	91	-9%
Bay Harbor Islands, FL	5,885	121	21%

Cities with similar population

City, State	Population	Cost of Living Index	National Avg.
Medina, NY	5,885	84	-16%
Hamlin, NY	5,884	89	-11%
Fort Meade, FL	5,883	85	-15%
Punxsutawney, PA	5,883	86	-14%
Marion, VA	5,891	87	-13%
Bay Harbor Islands, FL	5,885	121	21%

Source: The Bay Harbor Islands, FL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.

Bay Harbor Islands, FL Cost of Living