Inverness Highlands South 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.
IndexInverness Highlands SouthFloridaNational
Cost of living index8799100
IndexInverness Highlands SouthFloridaNational
Goods & Services index9299100
Groceries index98102100
Health care index9697100
Housing index6495100
Transportation index100100100
Utilities index114103100
A general summary of the cost of living index in Inverness Highlands South, FL is shown above. Compared to the state average of Florida the cost of living index in Inverness Highlands South, FL is 87, which is 11% lower than the average in Florida and compared to the national average it is 13% lower 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 Inverness Highlands South, FL goods and services come in at 7% lower than the average in Florida and are 8% lower than compared to the nationwide average.

Did you know?

  • The cost of living in Inverness Highlands South is 11% lower than the Florida average.
  • The cost of living in Inverness Highlands South is 13% lower than the national average.
  • The cost of housing in Inverness Highlands South is 36% 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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Compare Inverness Highlands South, FL Cost of living To Other Cities

Salary Calculator

This is how much you would need to earn in
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Health care index
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Using the salary calculator lets you compare the salary you earn in Inverness Highlands South, FL to what it is in other cities. It will let you know what your earnings would have to be in another city to have the same standard of living, as determined by the cost of living in each city. For example, if the cost of living in the area you want to move to is higher than the cost of living in Inverness Highlands South, FL, you have to earn a higher income in order to still have the same standard of living. To operate the Inverness Highlands South, FL salary calculator, put in the name of the other city, then move the slider to the point that represents the current income. The salary calculator will take care of the rest and tell you how much more or less you must earn in the new city. A Total breakdown of the cost of living is also provided.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$41,969$3,497$979$1,259
Renters$27,455$2,288$641$824
If you want to find a good determining factor for the cost of living and the general affordability of housing in Inverness Highlands South, FL, all you must look at is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Inverness Highlands South, FL, the median monthly income is $41,969 for those who own their own homes. Under the standard rule, that income level would allow for $979 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $27,455, per the median income in the area. That would allow for renters to spend up to $641 on monthly rental expenses.

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 Inverness Highlands South, 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

ItemInverness Highlands SouthNational avg.Difference
Haircut $13.63$15.5612.4%
Beauty Salon $34.41$36.114.7%
Toothpaste $2.30$2.477.1%
Shampoo $0.89$0.967.8%
Movie $10.04$10.130.9%
Bowling $5.29$4.7411.6%

Groceries

ItemInverness Highlands SouthNational avg.Difference
Ground Beef $4.13$3.983.6%
Fried Chicken $1.38$1.411.9%
Milk $2.39$2.0616.0%
Potatoes $3.27$2.989.7%
Pizza $8.61$9.479.1%
Beer $9.36$8.796.4%

Health Care

ItemInverness Highlands SouthNational avg.Difference
Optometrist $99.69$101.041.3%
Doctor $94.39$107.4412.1%
Dentist $87.08$90.423.7%
Ibuprofen $9.49$9.282.2%
Lipitor $425.69$426.500.2%

Housing

ItemInverness Highlands SouthNational avg.Difference
Home Price $93,900.00$175,700.0046.6%
Avg. Mortgage Payment $759.70$1,133.2333.0%
Apartment Rent $806.00$920.0012.4%

Transportation

ItemInverness Highlands SouthNational avg.Difference
Gasoline $1.96$1.991.4%
Tire Balancing $46.52$45.761.7%

Utilities

ItemInverness Highlands SouthNational avg.Difference
All Electricity$155.82$163.814.9%
Phone $39.95$28.3940.7%
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.
Lake Lindsey, FL2398-2%
Istachatta, FL11698-2%
Nobleton, FL34177-23%
Bushnell, FL3,02680-20%
Homosassa Springs, FL13,40383-17%
Inverness Highlands South, FL6,56687-13%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Gridley, CA6,5661033%
Hamlet, NC6,56688-12%
Gibsonville, NC6,56592-8%
New Milford, CT6,56812020%
Lacy-Lakeview, TX6,56982-18%
Inverness Highlands South, FL6,56687-13%
Source: The Inverness Highlands South, FL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.