A+
2%
Overall NAT. AVG.
0%
Goods & Services NAT. AVG.
7%
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 Palmetto Florida National
Cost of living9898100
Goods & Services10098100
Groceries10199100
Health care10396100
Housing9396100
Transportation9799100
Utilities10097100

An Overview of Cost of Living in Palmetto, FL

Understanding the cost of living in Palmetto 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 Palmetto cost of living index is 98, which is 2% 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.

Everyday expenditures like food, housing, goods and services, transportation and health care in Palmetto are priced in a manner consistent with other areas. This means that residents of Palmetto can anticipate their daily expenses remaining reasonably similar to those in an average city, thereby supporting a manageable cost of living.

Is Palmetto Affordable?

Is Palmetto an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Palmetto, the median home price is 12.7% lower than what most folks pay across the country, and monthly rent prices are 4.7% higher than the usual rates. Income levels in Palmetto come in at $46,910, which is 15.2% lower than the national average.

What Factors can Influence the Cost of Living in Palmetto?

Urbanization: Larger, urban centers, known for their wealth of amenities and strong employment prospects, often exhibit an elevated cost of living, primarily attributable to the heightened demand for services and residential relocation. Consequently, this scenario leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural areas or regions characterized by diminished demand typically provide a more limited array of amenities and experience slower job market growth, resulting in a more affordable cost of living.

Transportation: In situations where public transportation is limited or nonexistent, local residents may be required to own and maintain their own vehicles, contributing to an elevated cost of living. Monthly expenditures may encompass fuel costs, insurance premiums, routine vehicle upkeep and possibly lease or financing payments. In Palmetto, the transportation index is 2.9% lower than the national average.

Housing: A sought-after location with high housing demand often leads to increased property values and rental rates, which can significantly inflate the overall cost of living. Conversely, areas with low housing demand, particularly in less desirable locales, tend to experience the opposite effect, causing prices to drop and contributing to a more affordable cost of living. In Palmetto, the housing index stands at 7.4% lower than the national average.

Where is the Data From?

The Palmetto cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.

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Cost Of Living Quick Facts

  • The cost of living in Palmetto is equal to the Florida average
  • The cost of living in Palmetto is 2% lower than the national average
  • Palmetto housing is 7% 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 Palmetto

See all the best places to live around Palmetto

Compare Palmetto, 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$52,610$4,384$1,227$1,578
      Renters$41,445$3,454$967$1,243
      A good way to judge both the affordability of the housing and the cost of living in Palmetto is by simply calculating the maximum that should be spent on housing, otherwise known as the debt-to-income ratio (DTI). The plan is to avoid spending more than 28 percent of the gross income on costs that pertain to housing and no more than 36 percent on all expenses and debts. Palmetto has a median income of about $52,610 for people who own homes. Based on that number, a maximum of $1,227 should be spent on expenses related to housing. Renters have a slightly different median income, which is $41,445. Based on this average, renters should spend no more than $967 on all 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%

      Goods & Services

      Item Palmetto National avg. Difference
      Haircut $26.28$24.268.3%
      Beauty Salon $41.57$45.568.8%
      Toothpaste $3.67$3.701.0%
      Shampoo $1.36$1.286.5%
      Movie $13.08$12.137.8%
      Bowling $16.72$18.007.1%

      Groceries

      Item Palmetto National avg. Difference
      Ground Beef $5.02$5.8414.0%
      Fried Chicken $1.48$1.576.0%
      Milk $4.54$4.672.8%
      Potatoes $5.47$4.9310.9%
      Pizza $10.96$12.099.3%
      Beer $10.58$10.411.6%

      Health Care

      Item Palmetto National avg. Difference
      Optometrist $104.04$125.6817.2%
      Doctor $122.85$135.789.5%
      Dentist $112.75$113.290.5%
      Ibuprofen $10.35$10.652.9%
      Lipitor $447.95$468.604.4%

      Housing

      Item Palmetto National avg. Difference
      Home Price $161,300.00$184,700.0012.7%
      Avg. Mortgage Payment $1,781.84$2,346.6924.1%
      Apartment Rent $994.00$949.004.7%

      Transportation

      Item Palmetto National avg. Difference
      Gasoline $3.56$3.462.8%
      Tire Balancing $63.29$59.925.6%

      Utilities

      Item Palmetto National avg. Difference
      All Electricity $149.04$193.9923.2%
      Phone $193.01$192.250.4%
      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.
      South Bradenton, FL24,8859010.4%
      Whitfield CDP (Santa Rosa County), FL2039010.2%
      Bayshore Gardens, FL20,380937.4%
      West Samoset, FL7,191946.4%
      Samoset, FL4,701945.7%
      Palmetto, FL13,678982.2%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Dallas, GA13,680964.4%
      Holly Springs, GA13,68211414.0%
      River Ridge, LA13,6901054.7%
      Bensville, MD13,65814242.2%
      Monticello, MN13,7001087.7%
      Palmetto, FL13,678982.2%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.