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.
IndexBay Harbor IslandsFloridaNational
Cost of living index11399100
IndexBay Harbor IslandsFloridaNational
Goods & Services index10599100
Groceries index103102100
Health care index10197100
Housing index13495100
Transportation index108100100
Utilities index99103100
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 113, which is 14% higher than the average in Florida and compared to the national average it is 13% 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 5% higher than the average in Florida and are 5% higher than compared to the nationwide average.

Did you know?

  • The cost of living in Bay Harbor Islands is 14% higher than the Florida average.
  • The cost of living in Bay Harbor Islands is 13% higher than the national average.
  • The cost of housing in Bay Harbor Islands is 34% 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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Compare Bay Harbor Islands, FL Cost of living To Other Cities

Salary Calculator

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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 IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$62,500$5,208$1,458$1,875
Renters$39,551$3,296$923$1,187
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 $62,500. This indicates that a monthly maximum of $1,458 should be spent by homeowners on all housing related costs. Renters have a median income of $39,551. This indicates that renters should have a maximum of $923 used for their rent related monthly costs.

Florida Sales Tax

StateGeneral Sales TaxWith Max Surtax
Florida6%7.5%

Florida Income Tax

StateIncome Tax (Low)Income Tax (High)
Florida0%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

ItemBay Harbor IslandsNational avg.Difference
Haircut $15.47$15.560.6%
Beauty Salon $61.93$36.1171.5%
Toothpaste $2.40$2.472.8%
Shampoo $0.98$0.961.2%
Movie $12.52$10.1323.7%
Bowling $6.65$4.7440.4%

Groceries

ItemBay Harbor IslandsNational avg.Difference
Ground Beef $4.56$3.9814.5%
Fried Chicken $1.56$1.4111.1%
Milk $2.49$2.0620.7%
Potatoes $3.46$2.9816.1%
Pizza $8.99$9.475.1%
Beer $9.34$8.796.2%

Health Care

ItemBay Harbor IslandsNational avg.Difference
Optometrist $96.00$101.045.0%
Doctor $95.56$107.4411.1%
Dentist $97.13$90.427.4%
Ibuprofen $11.13$9.2819.9%
Lipitor $415.12$426.502.7%

Housing

ItemBay Harbor IslandsNational avg.Difference
Home Price $230,900.00$175,700.0031.4%
Avg. Mortgage Payment $1,272.27$1,133.2312.3%
Apartment Rent $1,282.00$920.0039.3%

Transportation

ItemBay Harbor IslandsNational avg.Difference
Gasoline $2.05$1.992.7%
Tire Balancing $55.40$45.7621.1%

Utilities

ItemBay Harbor IslandsNational avg.Difference
All Electricity$152.73$163.816.8%
Phone $30.33$28.396.9%
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, StatePopulationCost of Living IndexNational Avg.
Fisher Island, FL2401044%
Medley, FL94088-12%
Pembroke Park, FL6,22089-11%
Brownsville, FL14,83592-8%
Opa-locka, FL15,86792-8%
Bay Harbor Islands, FL5,84711313%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Richwood, LA5,84681-19%
Henryetta, OK5,84881-19%
Simsbury Center, CT5,84313131%
Covington, VA5,85380-20%
Manasquan, NJ5,84116161%
Bay Harbor Islands, FL5,84711313%
Source: The Bay Harbor Islands, FL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.