Parkland 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.
IndexParklandFloridaNational
Cost of living index147100100
IndexParklandFloridaNational
Goods & Services index99101100
Groceries index102105100
Health care index9997100
Housing index25495100
Transportation index118105100
Utilities index97102100
The above illustration supplies generalized information for the Parkland, FL cost of living index. Compared to other cities in Florida and cities across the country, the cost of living index in Parkland, FL is 147, which is 47% higher than the Florida average and 47% higher than that for the entire country. The index is comprised of the following criteria: cost of retail goods and services (33%), groceries (13%), health care (5%), housing (30%), cost of public/private transportation (9%) and utilities (10%). Everyday goods and services, along with housing account for 63 percent of the total cost of living index. Goods and services that are a necessity regardless of location provide an accurate general sense of the cost of living in one city versus another. As seen above, the cost of retail goods and services in Parkland, FL are 2% lower than the average for Florida and 1% lower than the rest of the country.

Did you know?

  • The cost of living in Parkland is 47% higher than the Florida average.
  • The cost of living in Parkland is 47% higher than the national average.
  • The cost of housing in Parkland is 154% 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.

Find Real Estate Listings In Parkland

Location
Price
Bedrooms
Bathrooms
 

New Real Estate Listings In Parkland

Compare Parkland, FL Cost of living To Other Cities

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
The salary calculator allows you to compare how much your current salary in Parkland, 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 Parkland, FL, the calculator will tell you how much more you need to earn so you can assess job offers more accurately. The Parkland, 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$134,418$11,202$3,136$4,033
Renters$67,612$5,634$1,578$2,029
If you want to find a good determining factor for the cost of living and the general affordability of housing in Parkland, FL, all you must look at is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Parkland, FL, the median monthly income is $134,418 for those who own their own homes. Under the standard rule, that income level would allow for $3,136 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $67,612, per the median income in the area. That would allow for renters to spend up to $1,578 on monthly rental expenses.

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 Parkland, 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

ItemParklandNational avg.Difference
Haircut $12.83$14.5912.1%
Beauty Salon $49.75$34.6843.5%
Toothpaste $2.91$2.4717.7%
Shampoo $1.03$1.020.8%
Movie $12.41$9.8725.8%
Bowling $4.53$4.393.1%

Groceries

ItemParklandNational avg.Difference
Ground Beef $5.12$4.4814.4%
Fried Chicken $1.56$1.466.6%
Milk $2.82$2.3619.7%
Potatoes $3.32$3.068.4%
Pizza $8.99$9.242.7%
Beer $8.02$8.637.1%

Health Care

ItemParklandNational avg.Difference
Optometrist $95.80$99.784.0%
Doctor $87.00$105.0317.2%
Dentist $87.40$88.701.5%
Ibuprofen $11.59$9.4123.1%
Lipitor $332.58$298.5011.4%

Housing

ItemParklandNational avg.Difference
Home Price $473,000.00$175,700.00169.2%
Avg. Mortgage Payment $1,564.37$1,081.0344.7%
Apartment Rent $2,001.00$920.00117.5%

Transportation

ItemParklandNational avg.Difference
Gasoline $2.35$2.0912.6%
Tire Balancing $59.59$45.2931.6%

Utilities

ItemParklandNational avg.Difference
All Electricity$166.37$170.802.6%
Phone $27.52$28.262.6%
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.
Franklin Park, FL1,00090-10%
Lauderdale Lakes, FL33,71091-9%
Lauderhill, FL69,08293-7%
Watergate, FL3,14293-7%
Washington Park, FL1,51494-6%
Parkland, FL25,89514747%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Greenville, TX25,89293-7%
Lochearn, MD25,8881033%
Xenia, OH25,90390-10%
Batavia, IL25,90511313%
South Pasadena, CA25,91418989%
Parkland, FL25,89514747%
Source: The Parkland, FL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.