Silver Springs Shores 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.
IndexSilver Springs ShoresFloridaNational
Cost of living index8999100
IndexSilver Springs ShoresFloridaNational
Goods & Services index9899100
Groceries index103102100
Health care index10297100
Housing index5895100
Transportation index103100100
Utilities index111103100
The above illustration supplies generalized information for the Silver Springs Shores, FL cost of living index. Compared to other cities in Florida and cities across the country, the cost of living index in Silver Springs Shores, FL is 89, which is 10% lower than the Florida average and 11% lower 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 Silver Springs Shores, FL are 2% lower than the average for Florida and 2% lower than the rest of the country.

Did you know?

  • The cost of living in Silver Springs Shores is 10% lower than the Florida average.
  • The cost of living in Silver Springs Shores is 11% lower than the national average.
  • The cost of housing in Silver Springs Shores is 42% 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 Silver Springs Shores, FL Cost of living To Other Cities

Salary Calculator

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Cost of living index
Goods & Services index
Groceries index
Health care index
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The salary calculator is used in order to provide a comparison of your current salary in Silver Springs Shores, FL to another city of your choice. The calculator will inform you of what your salary needs to be in any specific city in order for you to maintain your living standard based on what the city’s cost of living is. As an example, if you are seeking to move to a city that has a higher cost of living compared to Silver Springs Shores, FL, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Silver Springs Shores, FL salary calculator, input the new city’s name and then move the slider to indicate your current income. The salary calculator will now process the numbers and show you whether you need to earn more or less in the chosen city. A comprehensive breakdown of the cost of living will also be shown.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$28,272$2,356$660$848
Renters$29,750$2,479$694$893
The affordability of the housing market in Silver Springs Shores, 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 Silver Springs Shores, FL homeowners, the median income is $28,272. This indicates that a monthly maximum of $660 should be spent by homeowners on all housing related costs. Renters have a median income of $29,750. This indicates that renters should have a maximum of $694 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 assessing the complete cost of living in Silver Springs Shores, FL, the Florida income tax and the Florida sales tax percentages should unquestionably be taken into consideration. Sales taxes aren't just levies imposed onto sold goods, but they also include taxes that are charged when services are provided for a fee. The rates are different from state to state and can run has high as 7 percent. Some states have no sales tax at all. The Florida maximum surtax is 7.5%, and the Florida sales tax is 6%. By contrast, income tax is an unfortunate obligation that is charged by the government against earnings. Just like sales taxes, the rates for income taxes differ from state to state. They also decrease or increase according to the individual's tax bracket. Tax rates can run as high as 9 percent, with a minimum of zero. Income tax rates range from 0% to 0% in Florida.

Goods & Services

ItemSilver Springs ShoresNational avg.Difference
Haircut $14.72$15.565.4%
Beauty Salon $29.44$36.1118.5%
Toothpaste $2.96$2.4719.9%
Shampoo $0.91$0.965.7%
Movie $11.33$10.1311.8%
Bowling $4.87$4.742.8%

Groceries

ItemSilver Springs ShoresNational avg.Difference
Ground Beef $4.21$3.985.6%
Fried Chicken $1.55$1.419.9%
Milk $2.33$2.0613.1%
Potatoes $3.13$2.985.1%
Pizza $8.97$9.475.3%
Beer $9.30$8.795.8%

Health Care

ItemSilver Springs ShoresNational avg.Difference
Optometrist $72.83$101.0427.9%
Doctor $99.88$107.447.0%
Dentist $97.67$90.428.0%
Ibuprofen $10.76$9.2815.9%
Lipitor $437.48$426.502.6%

Housing

ItemSilver Springs ShoresNational avg.Difference
Home Price $71,500.00$175,700.0059.3%
Avg. Mortgage Payment $1,015.81$1,133.2310.4%
Apartment Rent $911.00$920.001.0%

Transportation

ItemSilver Springs ShoresNational avg.Difference
Gasoline $2.05$1.992.7%
Tire Balancing $46.66$45.762.0%

Utilities

ItemSilver Springs ShoresNational avg.Difference
All Electricity$169.18$163.813.3%
Phone $34.66$28.3922.1%
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.
Belleview, FL4,58590-10%
Ocala, FL56,91893-7%
Lady Lake, FL14,13890-10%
The Villages, FL61,0461088%
Silver Springs Shores, FL6,55189-11%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Lake Hallie, WI6,550100-0%
Greenbrier, TN6,55094-6%
Shady Side, MD6,55013030%
Oyster Bay, NY6,54817272%
Hobart, WA6,54815050%
Silver Springs Shores, FL6,55189-11%
Source: The Silver Springs Shores, FL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.