Lake Park 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 ParkFloridaNational
Cost of living index9799100
IndexLake ParkFloridaNational
Goods & Services index10299100
Groceries index101102100
Health care index9697100
Housing index8495100
Transportation index107100100
Utilities index99103100
Here we can see a simple outline of the cost of living in Lake Park, FL. As you can see, with the average cost of living in Lake Park, FL being 97, that puts it 2% lower than the average of Florida and 3% lower than our nation's average. This simple outline of the cost of living index was formulated using prices of: goods and services (weighted 33%), housing prices (weighted 30%), groceries (weighted 13%), utilities (weighted 10%), transportation (weighted 9%), and health care (weighted 5%). Thus, goods/services, along with housing influences the majority of the cost of living index. The price of daily goods and services is a valuable and reliable number to be aware of when considering the general price of the city's goods. In the case of Lake Park, FL, the price of goods and services are 3% higher than the average of Florida as well as 2% higher than the nation's average.

Did you know?

  • The cost of living in Lake Park is 2% lower than the Florida average.
  • The cost of living in Lake Park is 3% lower than the national average.
  • The cost of housing in Lake Park is 16% 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 Park, FL Cost of living To Other Cities

Salary Calculator

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Health care index
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Use the salary calculator to compare your current income in Lake Park, 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 Lake Park, FL, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Lake Park, 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$48,077$4,006$1,122$1,442
Renters$25,613$2,134$598$768
If you want to find a good determining factor for the cost of living and the general affordability of housing in Lake Park, 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 Lake Park, FL, the median monthly income is $48,077 for those who own their own homes. Under the standard rule, that income level would allow for $1,122 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $25,613, per the median income in the area. That would allow for renters to spend up to $598 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%
One thing to keep in mind when considering the cost of living in Lake Park, FL is the Florida sales tax and Florida income tax rates. Sales taxes are taxes that are collected on most goods or services sold. Sales taxes can vary by state and can be as high as 7% and as low as 0% as not every state imposes a sales tax. The Florida sales tax rate is 6% and the maximum surtax that can be charged is 7.5%. Income tax is the tax imposed on income by both the federal and state government. The income tax rates varies by individual state and will also be higher or lower depending on the applicable tax bracket. The rates of state income tax can vary from 0% to more than 9%. The Florida income tax rates range from 0% to 0%.

Goods & Services

ItemLake ParkNational avg.Difference
Haircut $16.72$15.567.4%
Beauty Salon $55.45$36.1153.6%
Toothpaste $2.05$2.4717.1%
Shampoo $0.95$0.961.6%
Movie $11.23$10.1310.9%
Bowling $5.69$4.7420.2%

Groceries

ItemLake ParkNational avg.Difference
Ground Beef $4.89$3.9822.8%
Fried Chicken $1.23$1.4112.8%
Milk $2.48$2.0620.2%
Potatoes $3.09$2.983.5%
Pizza $8.99$9.475.1%
Beer $10.16$8.7915.5%

Health Care

ItemLake ParkNational avg.Difference
Optometrist $88.07$101.0412.8%
Doctor $83.34$107.4422.4%
Dentist $94.55$90.424.6%
Ibuprofen $11.13$9.2820.0%
Lipitor $408.84$426.504.1%

Housing

ItemLake ParkNational avg.Difference
Home Price $134,100.00$175,700.0023.7%
Avg. Mortgage Payment $1,629.35$1,133.2343.8%
Apartment Rent $952.00$920.003.5%

Transportation

ItemLake ParkNational avg.Difference
Gasoline $2.04$1.992.4%
Tire Balancing $54.00$45.7618.0%

Utilities

ItemLake ParkNational avg.Difference
All Electricity$152.73$163.816.8%
Phone $30.33$28.396.9%
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.
Schall Circle, FL1,12988-12%
Plantation Mobile Home Park, FL1,03188-12%
Gun Club Estates, FL93690-10%
Seminole Manor, FL2,46490-10%
Westgate, FL8,48690-10%
Lake Park, FL8,31797-3%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Castle Shannon, PA8,31786-14%
Guntersville, AL8,31694-6%
Bridgeport, WV8,3161011%
Nevada, MO8,31880-20%
Bluffdale, UT8,31912121%
Lake Park, FL8,31797-3%
Source: The Lake Park, FL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.