Deerfield Beach cost of living index

An overview of the general cost of living index for Deerfield Beach, FL is displayed above for your reference. Residents in Deerfield Beach, FL enjoy a cost of living index of 98. This index is 2% lower than the Florida average, and 2% lower than the national average. The following categories are used when determining the cost of living index for any given city: health care (5%), transportation (9%), utilities (10%), groceries (13%), housing (30%), and goods/services (33%). Clearly, housing and goods/services make up the majority of the formula for calculating the cost of living index. Because of this, the general cost of living for any given area can be estimated by looking at the cost of everyday goods in that area. For those living in Deerfield Beach, FL, the average cost of goods and services is 4% higher than it is in Florida, and it is 3% higher than the national average.

Find Real Estate Listings In Deerfield Beach

New Real Estate Listings In Deerfield Beach

Real Estate Listings In Deerfield Beach

The best places in Florida

Salary Calculator

The salary calculator is used in order to provide a comparison of your current salary in Deerfield Beach, 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 Deerfield Beach, FL, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Deerfield Beach, 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

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 Deerfield Beach, 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. Deerfield Beach, FL has a median income of about $45,121 for people who own homes. Based on that number, a person should spend a maximum of $1,053 on expenses related to housing. Renters have a slightly different median income, which is $37,156. Based on this average, renters should spend no more than $867 on all of their rental costs if they want to maintain a non-impoverished standard of living.

Florida Sales Tax

Florida Income Tax

One thing to keep in mind when considering the cost of living in Deerfield Beach, FL is the Florida sales tax and Florida income tax rates. Sales taxes are taxes that are collected on most goods or services sold. Sales taxes can vary by state and can be as high as 7% and as low as 0% as not every state imposes a sales tax. The Florida sales tax rate is 6% and the maximum surtax that can be charged is 7.5%. Income tax is the tax imposed on income by both the federal and state government. The income tax rates varies by individual state and will also be higher or lower depending on the applicable tax bracket. The rates of state income tax can vary from 0% to more than 9%. The Florida income tax rates range from 0% to 0%.

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.

Nearby cities with low cost of living

Cities with similar population

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