Lake Worth, FL Cost Of Living

Lake Worth 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.
Index	Lake Worth	Florida	National
Cost of living index	99	99	100
Index	Lake Worth	Florida	National
Goods & Services index	103	99	100
Groceries index	104	105	100
Health care index	96	98	100
Housing index	87	96	100
Transportation index	113	100	100
Utilities index	98	103	100

An overview of the general cost of living index for Lake Worth, FL is displayed above for your reference. Residents in Lake Worth, FL enjoy a cost of living index of 99. This index is 1% lower than the Florida average, and 1% lower than the national average. The following categories are used when determining the cost of living index for any given city: health care (5%), transportation (9%), utilities (10%), groceries (13%), housing (30%), and goods/services (33%). Clearly, housing and goods/services make up the majority of the formula for calculating the cost of living index. Because of this, the general cost of living for any given area can be estimated by looking at the cost of everyday goods in that area. For those living in Lake Worth, FL, the average cost of goods and services is 4% higher than it is in Florida, and it is 3% higher than the national average.

Did you know?

The cost of living in Lake Worth is 1% lower than the Florida average.
The cost of living in Lake Worth is 1% lower than the national average.
The cost of housing in Lake Worth is 13% 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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Price difference in compared to

Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

Use the salary calculator to compare your current income in Lake Worth, 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 Worth, FL, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Lake Worth, 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 Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$56,192	$4,683	$1,311	$1,686
Renters	$26,473	$2,206	$618	$794

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 Lake Worth, 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. Lake Worth, FL has a median income of about $56,192 for people who own homes. Based on that number, a person should spend a maximum of $1,311 on expenses related to housing. Renters have a slightly different median income, which is $26,473. Based on this average, renters should spend no more than $618 on all of their rental costs if they want to maintain a non-impoverished standard of living.

Florida Sales Tax

State	General Sales Tax	With Max Surtax
Florida	6%	7.5%

Florida Income Tax

State	Income Tax (Low)	Income Tax (High)
Florida	0%	0%

The Florida sales tax and Florida income tax rates should definitely be considered when determining the overall cost of living in Lake Worth, 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

Item	Lake Worth	National avg.	Difference
Haircut	$16.15	$16.09	0.4%
Beauty Salon	$61.89	$37.33	65.8%
Toothpaste	$2.40	$2.45	1.8%
Shampoo	$1.00	$1.00	0.4%
Movie	$11.36	$10.28	10.5%
Bowling	$8.74	$4.93	77.1%

Groceries

Item	Lake Worth	National avg.	Difference
Ground Beef	$4.36	$3.80	14.5%
Fried Chicken	$1.30	$1.40	6.7%
Milk	$2.49	$2.01	24.2%
Potatoes	$3.44	$3.01	14.1%
Pizza	$8.99	$9.89	9.1%
Beer	$9.39	$8.90	5.5%

Health Care

Item	Lake Worth	National avg.	Difference
Optometrist	$94.17	$102.16	7.8%
Doctor	$83.20	$108.36	23.2%
Dentist	$97.89	$92.53	5.8%
Ibuprofen	$11.35	$9.28	22.3%
Lipitor	$405.35	$425.82	4.8%

Housing

Item	Lake Worth	National avg.	Difference
Home Price	$151,500.00	$184,700.00	18.0%
Avg. Mortgage Payment	$1,898.18	$1,202.44	57.9%
Apartment Rent	$951.00	$949.00	0.2%

Transportation

Item	Lake Worth	National avg.	Difference
Gasoline	$2.36	$2.24	5.0%
Tire Balancing	$59.72	$46.29	29.0%

Utilities

Item	Lake Worth	National avg.	Difference
All Electricity	$159.36	$165.96	4.0%
Phone	$29.11	$28.68	1.5%

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, State	Population	Cost of Living Index	National Avg.
Schall Circle, FL	1,217	89	-11%
Pine Air, FL	2,131	92	-8%
Royal Palm Estates, FL	3,346	92	-8%
San Castle, FL	4,622	93	-7%
Palm Springs, FL	23,592	93	-7%
Lake Worth, FL	36,838	99	-1%

Cities with similar population

City, State	Population	Cost of Living Index	National Avg.
Oakville, MO	36,838	100	0%
Plant City, FL	36,830	95	-5%
Royal Palm Beach, FL	36,829	110	10%
Lynnwood, WA	36,861	136	36%
Hobbs, NM	36,863	88	-12%
Lake Worth, FL	36,838	99	-1%

Source: The Lake Worth, FL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.

Lake Worth, FL Cost of Living