Palmetto Bay 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.
IndexPalmetto BayFloridaNational
Cost of living index13699100
IndexPalmetto BayFloridaNational
Goods & Services index10599100
Groceries index103102100
Health care index10197100
Housing index20995100
Transportation index108100100
Utilities index99103100
A general summary of the cost of living index in Palmetto Bay, FL is shown above. Compared to the state average of Florida the cost of living index in Palmetto Bay, FL is 136, which is 37% higher than the average in Florida and compared to the national average it is 36% higher than. The cost of living index is made up of several categories. These are transportation at 9%, utilities at 10%, goods and services at 33%, housing at 30%, groceries at 13%, and health care at 5%. The bulk of the cost of living index comes from the categories of goods and services and housing. If you look at everyday goods and services they can be a good indicator in a certain city of the general costs of goods there. In Palmetto Bay, FL goods and services come in at 5% higher than the average in Florida and are 5% higher than compared to the nationwide average.

Did you know?

  • The cost of living in Palmetto Bay is 37% higher than the Florida average.
  • The cost of living in Palmetto Bay is 36% higher than the national average.
  • The cost of housing in Palmetto Bay is 109% 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 Palmetto Bay, FL Cost of living To Other Cities

Salary Calculator

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The salary calculator allows you to compare how much your current salary in Palmetto Bay, FL would be worth in another city. In other words, the salary calculator will adjust the figure you enter for cost of living so that you can determine how much more or much less you would need to earn while maintaining your current quality of living. If you are considering relocating to a more expensive city than Palmetto Bay, FL, the calculator will tell you how much more you need to earn so you can assess job offers more accurately. The Palmetto Bay, FL salary calculator is easy to use. All you do is enter the name of another city, then move the slider to your current income. After that, the salary calculator will crunch the numbers for you and give you the information you need about the place you are considering going. Additionally, it will show a detailed breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$118,216$9,851$2,758$3,547
Renters$30,677$2,556$716$920
The affordability of the housing market in Palmetto Bay, FL as well as the overall cost of living can be indicated accurately by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should ever be used on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Palmetto Bay, FL homeowners, the median income is $118,216. This indicates that a monthly maximum of $2,758 should be spent by homeowners on all housing related costs. Renters have a median income of $30,677. This indicates that renters should have a maximum of $716 used for their rent related monthly costs.

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 Palmetto Bay, 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

ItemPalmetto BayNational avg.Difference
Haircut $15.47$15.560.6%
Beauty Salon $61.93$36.1171.5%
Toothpaste $2.40$2.472.8%
Shampoo $0.98$0.961.2%
Movie $12.52$10.1323.7%
Bowling $6.65$4.7440.4%

Groceries

ItemPalmetto BayNational avg.Difference
Ground Beef $4.56$3.9814.5%
Fried Chicken $1.56$1.4111.1%
Milk $2.49$2.0620.7%
Potatoes $3.46$2.9816.1%
Pizza $8.99$9.475.1%
Beer $9.34$8.796.2%

Health Care

ItemPalmetto BayNational avg.Difference
Optometrist $96.00$101.045.0%
Doctor $95.56$107.4411.1%
Dentist $97.13$90.427.4%
Ibuprofen $11.13$9.2819.9%
Lipitor $415.12$426.502.7%

Housing

ItemPalmetto BayNational avg.Difference
Home Price $429,900.00$175,700.00144.7%
Avg. Mortgage Payment $1,272.27$1,133.2312.3%
Apartment Rent $1,172.00$920.0027.4%

Transportation

ItemPalmetto BayNational avg.Difference
Gasoline $2.05$1.992.7%
Tire Balancing $55.40$45.7621.1%

Utilities

ItemPalmetto BayNational 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.
Fisher Island, FL2401044%
Homestead Base, FL1,07078-22%
Brownsville, FL14,83592-8%
Leisure City, FL24,12594-6%
Florida City, FL11,85395-5%
Palmetto Bay, FL24,21413636%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
De Pere, WI24,21695-5%
Ridgeland, MS24,20994-6%
Franklin, IN24,19384-16%
Chaska, MN24,23811010%
Suitland, MD24,18011717%
Palmetto Bay, FL24,21413636%
Source: The Palmetto Bay, FL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.