Inverness 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.
IndexInvernessFloridaNational
Cost of living index86100100
IndexInvernessFloridaNational
Goods & Services index95101100
Groceries index102105100
Health care index9897100
Housing index5895100
Transportation index100105100
Utilities index103102100
Displayed above is a general overview of the Inverness, FL cost of living index. The overall cost of living index in Inverness, FL is 86, which is 14% lower than the Florida average and 14% 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 Inverness, FL are 5% lower than the Florida average and 5% lower than the national average.

Did you know?

  • The cost of living in Inverness is 14% lower than the Florida average.
  • The cost of living in Inverness is 14% lower than the national average.
  • The cost of housing in Inverness is 42% 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, FL Cost of living To Other Cities

Salary Calculator

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Use the salary calculator to compare your current income in Inverness, FL to any other city in the country. The calculator will tell you how much income you would need to make in a particular city to live at the same level based on the cost of living in each city. For example, if the cost of living in the city you are looking to move to is higher than that of Inverness, FL, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Inverness, FL salary calculator, enter the name of the new city, then move the slider to your current salary level. The salary calculator will do the rest and let you know if your salary would need to increase or decrease for the new city. You will also see a complete overview of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$32,891$2,741$767$987
Renters$16,222$1,352$378$487
One can approximate the cost of living and the housing affordability in Inverness, FL by the percentage of a person’s income that he or she spends on the monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side and keep one’s head above the water, a consumer should never spend more than 28 percent of his or her gross income on housing-related expenses and costs and not more than 36 percent of income on all expenses and debts. Homeowners in Inverness, FL have a median income of $32,891. Therefore, the amount that a consumer should spend on housing costs should be no more than $767 per month to avoid calamity and poverty. The renters in the city have an income of about $16,222, which would make their monthly maximum allowable rental costs $378.

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, 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

ItemInvernessNational avg.Difference
Haircut $12.67$14.5913.2%
Beauty Salon $28.98$34.6816.4%
Toothpaste $2.84$2.4714.8%
Shampoo $1.05$1.022.7%
Movie $11.00$9.8711.5%
Bowling $5.00$4.3913.9%

Groceries

ItemInvernessNational avg.Difference
Ground Beef $4.65$4.483.9%
Fried Chicken $1.32$1.469.8%
Milk $2.82$2.3619.7%
Potatoes $2.98$3.062.7%
Pizza $7.99$9.2413.6%
Beer $8.58$8.630.6%

Health Care

ItemInvernessNational avg.Difference
Optometrist $77.73$99.7822.1%
Doctor $87.33$105.0316.9%
Dentist $94.50$88.706.5%
Ibuprofen $9.99$9.416.1%
Lipitor $308.57$298.503.4%

Housing

ItemInvernessNational avg.Difference
Home Price $84,800.00$175,700.0051.7%
Avg. Mortgage Payment $960.13$1,081.0311.2%
Apartment Rent $742.00$920.0019.3%

Transportation

ItemInvernessNational avg.Difference
Gasoline $2.05$2.092.2%
Tire Balancing $48.00$45.296.0%

Utilities

ItemInvernessNational avg.Difference
All Electricity$170.39$170.800.2%
Phone $30.01$28.266.2%
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, FL3,02682-18%
Dunnellon, FL1,68682-18%
Inverness, FL7,20586-14%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Hitchcock, TX7,20684-16%
Monahans, TX7,20484-16%
Stratmoor, CO7,20990-10%
Keyport, NJ7,21311919%
Amory, MS7,19777-23%
Inverness, FL7,20586-14%
Source: The Inverness, FL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.