A+
4%
Overall NAT. AVG.
7%
Goods & Services NAT. AVG.
9%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Lakewood Park Florida National
Cost of living9698100
Goods & Services9398100
Groceries9999100
Health care9796100
Housing9196100
Transportation9899100
Utilities10997100

An Overview of Cost of Living in Lakewood Park, FL

Understanding the cost of living in Lakewood Park can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Lakewood Park cost of living index is 96, which is 4% lower than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.

The cost of living in Lakewood Park is about average when compared to all other cities across the nation. You can expect that everyday items like food, goods and services and utility bills will be no more expensive than any other average city. Residents can anticipate living expenses that remain in line with the national average, ensuring a manageable financial burden, making it an attractive choice for those seeking affordability without the constraints of higher everyday expenditures.

Is Lakewood Park Affordable?

Is Lakewood Park affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Lakewood Park, the median home price is 13% lower than the national average and monthly rent prices are 1.2% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Lakewood Park boasting a median household income of $51,199, 7.5% lower than the national average.

What Factors can Influence the Cost of Living in Lakewood Park?

Taxes: Cities that enforce higher taxes, covering both sales taxes and income taxes, can be a factor contributing to a higher cost of living. Paying more in taxes for everyday essentials like clothing and food inevitably leads to higher expenses. A higher income tax rate can further contribute to an overall elevated cost of living. In Lakewood Park, the baseline sales tax rate begins at 6%, and income tax rates start at 0%.

Utilities: Like everything else, utilities costs can range significantly depending on factors like climate, energy sources available, location and even state regulations. Things like electricity, water, heating and waste disposal costs can be higher or lower, depending on the city or state. The utilities index in Lakewood Park comes in at 8.7% higher than the national average.

Groceries: Grocery prices have seen substantial hikes in the last 2-3 years, with some markets witnessing food cost increases of over 20% during this period. Conversely, certain markets have experienced only moderate upticks. These variations in food expenses can have a substantial impact on the overall cost of living in any locality. In Lakewood Park, the groceries index is 0.6% lower than the national average.

Where is the Data From?

The cost of living in Lakewood Park, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Lakewood Park is 2% lower than the Florida average
  • The cost of living in Lakewood Park is 4% lower than the national average
  • Lakewood Park housing is 9% 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

Most Affordable Places to Live in and Around Lakewood Park

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Compare Lakewood Park, FL Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$52,248$4,354$1,219$1,568
      Renters$42,444$3,537$990$1,273
      The percentage of monthly income spent on housing related expenses can help predict the affordability of housing in Lakewood Park, FL, as well as what the overall cost of living might be. 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 payments and not more than 36 percent of income on all expenses and debts. In Lakewood Park, homeowners have a median income of $52,248. Using that number, a maximum of $1,219 per month should be allocated to housing expenses. For those who are renting instead of owning, the median income is $42,444, which means there is a maximum of $990 to be spent on the costs of renting a home or apartment.

      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%

      Goods & Services

      Item Lakewood Park National avg. Difference
      Haircut $21.00$24.2613.4%
      Beauty Salon $56.83$45.5624.7%
      Toothpaste $3.68$3.700.6%
      Shampoo $1.32$1.283.1%
      Movie $13.10$12.137.9%
      Bowling $14.75$18.0018.1%

      Groceries

      Item Lakewood Park National avg. Difference
      Ground Beef $5.85$5.840.2%
      Fried Chicken $1.45$1.578.0%
      Milk $4.52$4.673.2%
      Potatoes $5.38$4.939.0%
      Pizza $12.62$12.094.4%
      Beer $10.69$10.412.6%

      Health Care

      Item Lakewood Park National avg. Difference
      Optometrist $78.20$125.6837.8%
      Doctor $139.80$135.783.0%
      Dentist $132.83$113.2917.3%
      Ibuprofen $10.32$10.653.1%
      Lipitor $526.92$468.6012.4%

      Housing

      Item Lakewood Park National avg. Difference
      Home Price $160,700.00$184,700.0013.0%
      Avg. Mortgage Payment $2,007.04$2,346.6914.5%
      Apartment Rent $960.00$949.001.2%

      Transportation

      Item Lakewood Park National avg. Difference
      Gasoline $3.45$3.460.5%
      Tire Balancing $54.85$59.928.5%

      Utilities

      Item Lakewood Park National avg. Difference
      All Electricity $144.67$193.9925.4%
      Phone $196.14$192.252.0%
      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 Population Cost of Living Index National Avg.
      Fort Pierce North, FL7,1998713.4%
      Gifford, FL4,4818812.1%
      West Vero Corridor, FL10,5078911.1%
      Fort Pierce, FL45,855928.4%
      River Park, FL7,139937.0%
      Lakewood Park, FL14,227964.3%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Hopatcong, NJ14,22811211.7%
      Antioch, IL14,2311077.0%
      North Perth, ON14,233n/a 
      Sainte-Adèle, QC14,237n/a 
      Greensburg, PA14,239937.1%
      Lakewood Park, FL14,227964.3%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.