Palmetto 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.
IndexPalmettoFloridaNational
Cost of living index93100100
IndexPalmettoFloridaNational
Goods & Services index104101100
Groceries index103105100
Health care index10897100
Housing index6895100
Transportation index103105100
Utilities index103102100
A general summary of the cost of living index in Palmetto, FL is shown above. Compared to the state average of Florida the cost of living index in Palmetto, FL is 93, which is 7% lower than the average in Florida and compared to the national average it is 7% lower 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, FL goods and services come in at 4% higher than the average in Florida and are 4% higher than compared to the nationwide average.

Did you know?

  • The cost of living in Palmetto is 7% lower than the Florida average.
  • The cost of living in Palmetto is 7% lower than the national average.
  • The cost of housing in Palmetto is 32% 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 Palmetto, 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 Palmetto, 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 Palmetto, FL, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Palmetto, 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$44,255$3,688$1,033$1,328
Renters$26,009$2,167$607$780
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 Palmetto, 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. Palmetto, FL has a median income of about $44,255 for people who own homes. Based on that number, a person should spend a maximum of $1,033 on expenses related to housing. Renters have a slightly different median income, which is $26,009. Based on this average, renters should spend no more than $607 on all of their rental costs if they want to maintain a non-impoverished standard of living.

Florida Sales Tax

StateGeneral Sales TaxWith Max Surtax
Florida6%7.5%

Florida Income Tax

StateIncome Tax (Low)Income Tax (High)
Florida0%0%
When considering the overall cost of living expenses in Palmetto, FL, it's important to take into account the sales tax for Florida, as well as the rate for income tax in Florida. Goods and services sold to consumers in any state have some form of sales tax. Each state has its own tax code, which means that sales tax rates vary from state to state, ranging from over 7% in some states to as low as 0% in others. The maximum surtax for Florida is 7.5%, and the sales tax in the state of Florida is 6%. Alternatively, the tax imposed on your income by the state government is known as income tax. The rate for this tax also varies from state to state, and your rate is affected by your tax bracket, which is determined by your level of income. Income tax rates might be as high as 9%, down to as low as 0%. The range for income tax rates in Florida starts from 0% and goes up to 0%.

Goods & Services

ItemPalmettoNational avg.Difference
Haircut $14.00$14.594.1%
Beauty Salon $38.25$34.6810.3%
Toothpaste $2.94$2.4718.9%
Shampoo $1.11$1.028.6%
Movie $9.54$9.873.3%
Bowling $4.50$4.392.5%

Groceries

ItemPalmettoNational avg.Difference
Ground Beef $4.89$4.489.2%
Fried Chicken $1.63$1.4611.3%
Milk $2.73$2.3615.8%
Potatoes $3.18$3.063.9%
Pizza $8.37$9.249.4%
Beer $9.75$8.6312.9%

Health Care

ItemPalmettoNational avg.Difference
Optometrist $119.33$99.7819.6%
Doctor $137.25$105.0330.7%
Dentist $79.20$88.7010.7%
Ibuprofen $10.09$9.417.2%
Lipitor $328.16$298.509.9%

Housing

ItemPalmettoNational avg.Difference
Home Price $106,800.00$175,700.0039.2%
Avg. Mortgage Payment $1,157.56$1,081.037.1%
Apartment Rent $775.00$920.0015.8%

Transportation

ItemPalmettoNational avg.Difference
Gasoline $2.19$2.094.6%
Tire Balancing $44.50$45.291.7%

Utilities

ItemPalmettoNational avg.Difference
All Electricity$158.97$170.806.9%
Phone $32.85$28.2616.3%
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.
South Bradenton, FL22,81488-12%
West Samoset, FL6,59789-11%
Bayshore Gardens, FL17,89990-10%
Samoset, FL3,59091-9%
North Sarasota, FL7,54891-9%
Palmetto, FL12,85693-7%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Lakeside, VA12,85499-1%
Stony Point, NY12,85414242%
Lakeland North, WA12,86012020%
Grass Valley, CA12,86112727%
Buford, GA12,864100-0%
Palmetto, FL12,85693-7%
Source: The Palmetto, FL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.