The Hammocks 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.
IndexThe HammocksFloridaNational
Cost of living index113100100
IndexThe HammocksFloridaNational
Goods & Services index106101100
Groceries index107105100
Health care index10497100
Housing index13095100
Transportation index117105100
Utilities index97102100
A general summary of the cost of living index in The Hammocks, FL is shown above. Compared to the state average of Florida the cost of living index in The Hammocks, FL is 113, which is 13% higher than the average in Florida and compared to the national average it is 13% 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 The Hammocks, FL goods and services come in at 6% higher than the average in Florida and are 6% higher than compared to the nationwide average.

Did you know?

  • The cost of living in The Hammocks is 13% higher than the Florida average.
  • The cost of living in The Hammocks is 13% higher than the national average.
  • The cost of housing in The Hammocks is 30% 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 The Hammocks, FL Cost of living To Other Cities

Salary Calculator

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Using the salary calculator lets you compare the salary you earn in The Hammocks, FL to what it is in other cities. It will let you know what your earnings would have to be in another city to have the same standard of living, as determined by the cost of living in each city. For example, if the cost of living in the area you want to move to is higher than the cost of living in The Hammocks, FL, you have to earn a higher income in order to still have the same standard of living. To operate the The Hammocks, FL salary calculator, put in the name of the other city, then move the slider to the point that represents the current income. The salary calculator will take care of the rest and tell you how much more or less you must earn in the new city. A Total breakdown of the cost of living is also provided.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$73,834$6,153$1,723$2,215
Renters$37,669$3,139$879$1,130
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 The Hammocks, 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. The Hammocks, FL has a median income of about $73,834 for people who own homes. Based on that number, a person should spend a maximum of $1,723 on expenses related to housing. Renters have a slightly different median income, which is $37,669. Based on this average, renters should spend no more than $879 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 you are determining the total cost of living in The Hammocks, 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

ItemThe HammocksNational avg.Difference
Haircut $15.60$14.596.9%
Beauty Salon $45.00$34.6829.8%
Toothpaste $2.70$2.479.2%
Shampoo $1.07$1.024.7%
Movie $10.81$9.879.5%
Bowling $8.26$4.3988.1%

Groceries

ItemThe HammocksNational avg.Difference
Ground Beef $5.13$4.4814.6%
Fried Chicken $1.57$1.467.2%
Milk $2.71$2.3615.0%
Potatoes $3.39$3.0610.7%
Pizza $8.99$9.242.7%
Beer $8.43$8.632.3%

Health Care

ItemThe HammocksNational avg.Difference
Optometrist $80.50$99.7819.3%
Doctor $97.86$105.036.8%
Dentist $97.00$88.709.4%
Ibuprofen $10.49$9.4111.5%
Lipitor $332.58$298.5011.4%

Housing

ItemThe HammocksNational avg.Difference
Home Price $217,700.00$175,700.0023.9%
Avg. Mortgage Payment $1,310.50$1,081.0321.2%
Apartment Rent $1,319.00$920.0043.4%

Transportation

ItemThe HammocksNational avg.Difference
Gasoline $2.32$2.0911.1%
Tire Balancing $59.59$45.2931.6%

Utilities

ItemThe HammocksNational 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.
Homestead Base, FL1,07080-20%
Medley, FL94090-10%
Brownsville, FL14,83593-7%
West Little River, FL31,22695-5%
Leisure City, FL24,12596-4%
The Hammocks, FL54,83311313%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Weymouth Town, MA54,81513737%
Paramount, CA54,81311818%
Hempstead, NY54,80114848%
South Hill, WA54,87811616%
Buckeye, AZ54,92793-7%
The Hammocks, FL54,83311313%
Source: The The Hammocks, FL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.