Lake Magdalene 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.
IndexLake MagdaleneFloridaNational
Cost of living index98100100
IndexLake MagdaleneFloridaNational
Goods & Services index96101100
Groceries index99105100
Health care index9197100
Housing index9795100
Transportation index102105100
Utilities index103102100
Displayed above is a general overview of the Lake Magdalene, FL cost of living index. The overall cost of living index in Lake Magdalene, 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 Lake Magdalene, FL are 5% lower than the Florida average and 4% lower than the national average.

Did you know?

  • The cost of living in Lake Magdalene is 2% lower than the Florida average.
  • The cost of living in Lake Magdalene is 2% lower than the national average.
  • The cost of housing in Lake Magdalene is 3% 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 Lake Magdalene, FL Cost of living To Other Cities

Salary Calculator

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Use the salary calculator to compare your current salary in Lake Magdalene, 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 Lake Magdalene, FL, then you would need to earn more income in order to maintain the same standard of living. To use the Lake Magdalene, 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$69,835$5,820$1,629$2,095
Renters$31,283$2,607$730$939
How much of your monthly income goes to housing can tell you whether or not you can afford housing in Lake Magdalene, FL, as well as what the average cost of living is. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payment and not more than 36 percent of income on all expenses and debts. In Lake Magdalene, FL homeowners have a median income of $69,835. Using that number, you will come up with a maximum of $1,629 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $31,283, which means there is a maximum of $730 to be spent on the costs of renting a home or apartment.

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 Lake Magdalene, 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

ItemLake MagdaleneNational avg.Difference
Haircut $14.10$14.593.4%
Beauty Salon $32.10$34.687.4%
Toothpaste $2.28$2.477.8%
Shampoo $1.00$1.022.2%
Movie $9.61$9.872.6%
Bowling $5.22$4.3918.9%

Groceries

ItemLake MagdaleneNational avg.Difference
Ground Beef $4.61$4.483.0%
Fried Chicken $1.51$1.463.1%
Milk $2.70$2.3614.6%
Potatoes $3.47$3.0613.3%
Pizza $8.49$9.248.1%
Beer $8.67$8.630.4%

Health Care

ItemLake MagdaleneNational avg.Difference
Optometrist $91.30$99.788.5%
Doctor $85.80$105.0318.3%
Dentist $75.44$88.7015.0%
Ibuprofen $9.44$9.410.3%
Lipitor $324.53$298.508.7%

Housing

ItemLake MagdaleneNational avg.Difference
Home Price $170,800.00$175,700.002.8%
Avg. Mortgage Payment $774.61$1,081.0328.3%
Apartment Rent $892.00$920.003.0%

Transportation

ItemLake MagdaleneNational avg.Difference
Gasoline $2.08$2.090.3%
Tire Balancing $48.65$45.297.4%

Utilities

ItemLake MagdaleneNational avg.Difference
All Electricity$160.88$170.805.8%
Phone $32.47$28.2614.9%
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.
Moon Lake, FL4,80282-18%
New Port Richey, FL15,06384-16%
Jasmine Estates, FL18,47085-15%
University, FL41,73286-14%
Elfers, FL14,30186-14%
Lake Magdalene, FL28,96698-2%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Princeton, NJ28,94018181%
Lake in the Hills, IL28,9261055%
Perry Hall, MD28,92411111%
East Palo Alto, CA28,92014343%
Golden Gate, FL28,91797-3%
Lake Magdalene, FL28,96698-2%
Source: The Lake Magdalene, FL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.