Westwood Lakes 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.
IndexWestwood LakesFloridaNational
Cost of living index111100100
IndexWestwood LakesFloridaNational
Goods & Services index106101100
Groceries index107105100
Health care index10497100
Housing index12095100
Transportation index117105100
Utilities index97102100
Here we can see a simple outline of the cost of living in Westwood Lakes, FL. As you can see, with the average cost of living in Westwood Lakes, FL being 111, that puts it 11% higher than the average of Florida and 11% higher than our nation's average. This simple outline of the cost of living index was formulated using prices of: goods and services (weighted 33%), housing prices (weighted 30%), groceries (weighted 13%), utilities (weighted 10%), transportation (weighted 9%), and health care (weighted 5%). Thus, goods/services, along with housing influences the majority of the cost of living index. The price of daily goods and services is a valuable and reliable number to be aware of when considering the general price of the city's goods. In the case of Westwood Lakes, FL, the price of goods and services are 6% higher than the average of Florida as well as 6% higher than the nation's average.

Did you know?

  • The cost of living in Westwood Lakes is 11% higher than the Florida average.
  • The cost of living in Westwood Lakes is 11% higher than the national average.
  • The cost of housing in Westwood Lakes is 20% 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 Westwood Lakes, 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 Westwood Lakes, 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 Westwood Lakes, FL, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Westwood Lakes, 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$54,688$4,557$1,276$1,641
Renters$31,759$2,647$741$953
If you want to find a good determining factor for the cost of living and the general affordability of housing in Westwood Lakes, 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 Westwood Lakes, FL, the median monthly income is $54,688 for those who own their own homes. Under the standard rule, that income level would allow for $1,276 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $31,759, per the median income in the area. That would allow for renters to spend up to $741 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%
For those who live in Westwood Lakes, FL and want to know what the true cost of living is, they ought to look at both the Florida income tax rate and the Florida sales tax rate. By sales tax, we mean the taxes that are included whenever a person is purchasing any goods or services. The amount that is taxed depends upon the particular state, where some states have a sales tax of zero percent while others can have a tax higher than seven percent. In Florida, the sales tax is 6%, while the most you'll pay in surtax is 7.5%. There is also income tax to consider, which is based upon the amount of money made in a year. Just like sales tax, income tax depends upon the particular state but also depends upon what tax bracket the person is in. Income tax for the state can be higher than nine percent in some states to zero percent in others. For those that live in Florida, the income tax rate ranges between 0% to 0%.

Goods & Services

ItemWestwood LakesNational 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

ItemWestwood LakesNational 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

ItemWestwood LakesNational 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

ItemWestwood LakesNational avg.Difference
Home Price $194,600.00$175,700.0010.8%
Avg. Mortgage Payment $1,310.50$1,081.0321.2%
Apartment Rent $1,316.00$920.0043.0%

Transportation

ItemWestwood LakesNational avg.Difference
Gasoline $2.32$2.0911.1%
Tire Balancing $59.59$45.2931.6%

Utilities

ItemWestwood LakesNational 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.
Fisher Island, FL2401066%
Medley, FL94090-10%
Brownsville, FL14,83593-7%
Opa-locka, FL15,86794-6%
West Little River, FL31,22695-5%
Westwood Lakes, FL11,86011111%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Camden, AR11,86182-18%
Fortuna, CA11,86312222%
Pennsville, NJ11,8641044%
Beachwood, OH11,85512121%
Florida City, FL11,85396-4%
Westwood Lakes, FL11,86011111%
Source: The Westwood Lakes, FL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.