Homestead 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.
IndexHomesteadFloridaNational
Cost of living index98100100
IndexHomesteadFloridaNational
Goods & Services index106101100
Groceries index107105100
Health care index10497100
Housing index7995100
Transportation index117105100
Utilities index97102100
Displayed above is a general overview of the Homestead, FL cost of living index. The overall cost of living index in Homestead, FL is 98, which is 2% lower than the Florida average and 2% lower than the national average. The cost of living index is created from the following categories: goods/services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). As you can see, goods/services and housing make up the majority of the overall cost of living index. Everyday goods and services can be a good indicator of the general cost of goods in a given city. In this case, the goods and services in Homestead, FL are 6% higher than the Florida average and 6% higher than the national average.

Did you know?

  • The cost of living in Homestead is 2% lower than the Florida average.
  • The cost of living in Homestead is 2% lower than the national average.
  • The cost of housing in Homestead is 21% lower 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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Salary Calculator

This is how much you would need to earn in
Price difference in compared to
Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index
The salary calculator is used in order to provide a comparison of your current salary in Homestead, FL to another city of your choice. The calculator will inform you of what your salary needs to be in any specific city in order for you to maintain your living standard based on what the city’s cost of living is. As an example, if you are seeking to move to a city that has a higher cost of living compared to Homestead, FL, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Homestead, FL salary calculator, input the new city’s name and then move the slider to indicate your current income. The salary calculator will now process the numbers and show you whether you need to earn more or less in the chosen city. A comprehensive breakdown of the cost of living will also be shown.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$61,389$5,116$1,432$1,842
Renters$28,380$2,365$662$851
The affordability of the housing market in Homestead, 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 Homestead, FL homeowners, the median income is $61,389. This indicates that a monthly maximum of $1,432 should be spent by homeowners on all housing related costs. Renters have a median income of $28,380. This indicates that renters should have a maximum of $662 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%
When you are determining the total cost of living in Homestead, FL you will want to make sure you consider both the Florida sales tax and the Florida income tax rates. Sales tax come in the form of taxes levied on both services and goods that are sold. The sales tax rates are different state to state and range from zero sales tax to higher than 7%. The sales tax in Florida is 6%, with the highest surtax being 7.5%. Tax that is on income by the government is income tax. Different states have different income tax rates and these rates can be higher or lower dependent on the corresponding tax bracket. The state income tax rates are different state to state and range from no income tax to more than 9% income tax. The income tax rates in Florida have a range from 0% to 0%.

Goods & Services

ItemHomesteadNational avg.Difference
Haircut $15.60$14.596.9%
Beauty Salon $45.00$34.6829.8%
Toothpaste $2.70$2.479.2%
Shampoo $1.07$1.024.7%
Movie $10.81$9.879.5%
Bowling $8.26$4.3988.1%

Groceries

ItemHomesteadNational avg.Difference
Ground Beef $5.13$4.4814.6%
Fried Chicken $1.57$1.467.2%
Milk $2.71$2.3615.0%
Potatoes $3.39$3.0610.7%
Pizza $8.99$9.242.7%
Beer $8.43$8.632.3%

Health Care

ItemHomesteadNational avg.Difference
Optometrist $80.50$99.7819.3%
Doctor $97.86$105.036.8%
Dentist $97.00$88.709.4%
Ibuprofen $10.49$9.4111.5%
Lipitor $332.58$298.5011.4%

Housing

ItemHomesteadNational avg.Difference
Home Price $110,700.00$175,700.0037.0%
Avg. Mortgage Payment $1,310.50$1,081.0321.2%
Apartment Rent $1,064.00$920.0015.7%

Transportation

ItemHomesteadNational avg.Difference
Gasoline $2.32$2.0911.1%
Tire Balancing $59.59$45.2931.6%

Utilities

ItemHomesteadNational avg.Difference
All Electricity$166.37$170.802.6%
Phone $27.52$28.262.6%
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.
Islandia, FL01066%
Homestead Base, FL1,07080-20%
Leisure City, FL24,12596-4%
Florida City, FL11,85396-4%
Goulds, FL11,21097-3%
Homestead, FL63,45998-2%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Gaithersburg, MD63,49112828%
Rockville, MD63,40214444%
West Hartford, CT63,39613333%
Kissimmee, FL63,39292-8%
Montebello, CA63,35313333%
Homestead, FL63,45998-2%
Source: The Homestead, FL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.