Islamorada, Village of 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.
IndexIslamorada, Village of IslandsFloridaNational
Cost of living index155100100
IndexIslamorada, Village of IslandsFloridaNational
Goods & Services index106101100
Groceries index107105100
Health care index10497100
Housing index26995100
Transportation index117105100
Utilities index97102100
The above illustration supplies generalized information for the Islamorada, Village of Islands, FL cost of living index. Compared to other cities in Florida and cities across the country, the cost of living index in Islamorada, Village of Islands, FL is 155, which is 55% higher than the Florida average and 55% higher than that for the entire country. The index is comprised of the following criteria: cost of retail goods and services (33%), groceries (13%), health care (5%), housing (30%), cost of public/private transportation (9%) and utilities (10%). Everyday goods and services, along with housing account for 63 percent of the total cost of living index. Goods and services that are a necessity regardless of location provide an accurate general sense of the cost of living in one city versus another. As seen above, the cost of retail goods and services in Islamorada, Village of Islands, FL are 6% higher than the average for Florida and 6% higher than the rest of the country.

Did you know?

  • The cost of living in Islamorada, Village of Islands is 55% higher than the Florida average.
  • The cost of living in Islamorada, Village of Islands is 55% higher than the national average.
  • The cost of housing in Islamorada, Village of Islands is 169% 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 Islamorada, Village of Islands, FL Cost of living To Other Cities

Salary Calculator

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Use the salary calculator to compare your current salary in Islamorada, Village of 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 Islamorada, Village of Islands, FL, then you would need to earn more income in order to maintain the same standard of living. To use the Islamorada, Village of 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$66,295$5,525$1,547$1,989
Renters$36,622$3,052$854$1,099
A good way to judge both the affordability of the housing and the cost of living is by simply calculating the maximum that a person should spend on housing in Islamorada, Village of Islands, FL, otherwise known as the debt-to-income ratio (DTI). The safest way to live in the city is to avoid spending more than 28 percent of the gross income that one earns on costs that pertain to housing and no more than 36 percent on all expenses and debts. Islamorada, Village of Islands, FL has a median income of about $66,295 for people who own homes. Based on that number, a person should spend a maximum of $1,547 on expenses related to housing. Renters have a slightly different median income, which is $36,622. Based on this average, renters should spend no more than $854 on all of their rental costs if they want to maintain a non-impoverished standard of living.

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 Islamorada, Village of 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

ItemIslamorada, Village of IslandsNational 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

ItemIslamorada, Village of IslandsNational 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

ItemIslamorada, Village of IslandsNational 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

ItemIslamorada, Village of IslandsNational avg.Difference
Home Price $562,600.00$175,700.00220.2%
Avg. Mortgage Payment $1,310.50$1,081.0321.2%
Apartment Rent $1,370.00$920.0048.9%

Transportation

ItemIslamorada, Village of IslandsNational avg.Difference
Gasoline $2.32$2.0911.1%
Tire Balancing $59.59$45.2931.6%

Utilities

ItemIslamorada, Village of IslandsNational 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.
Tavernier, FL2,25212222%
Key Largo, FL10,78112626%
Layton, FL11313636%
Islamorada, Village of Islands, FL6,31815555%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Johnson Lane, NV6,31914444%
Oelwein, IA6,32180-20%
Lincoln, AL6,32189-11%
Pea Ridge, WV6,32189-11%
Johnsburg, IL6,32211010%
Islamorada, Village of Islands, FL6,31815555%
Source: The Islamorada, Village of Islands, FL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.