Big Pine Key cost of living index

A general overview of the cost of living index for Big Pine Key, FL is displayed above. In Big Pine Key, FL, the overall cost of living index is 124, which is 25% higher than the Florida average and 24% higher than the U.S. average. The following categories are used to calculate the overall cost of living index: goods/services (33%), housing (30%), groceries (13%), utilities (10%), transportation (9%) and health care (5%). From the list, it is clear that the categories of goods/services and housing are responsible for the largest portions of the overall cost of living index. As a general rule, everyday goods and services provide an accurate measure of the general cost of goods in any given city. In the case of Big Pine Key, FL, the city's goods and services are 3% higher than the Florida average and 1% higher than the U.S. average.

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Salary Calculator

Use the salary calculator to compare your current income in Big Pine Key, 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 Big Pine Key, FL, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Big Pine Key, 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

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 Big Pine Key, 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. Big Pine Key, FL has a median income of about $56,111 for people who own homes. Based on that number, a person should spend a maximum of $1,309 on expenses related to housing. Renters have a slightly different median income, which is $61,019. Based on this average, renters should spend no more than $1,424 on all of their rental costs if they want to maintain a non-impoverished standard of living.

Florida Sales Tax

Florida Income Tax

When assessing the complete cost of living in Big Pine Key, 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

Groceries

Health Care

Housing

Transportation

Utilities

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.

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Source: The Big Pine Key, FL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.