Destin cost of living index

The above illustration supplies generalized information for the Destin, FL cost of living index. Compared to other cities in Florida and cities across the country, the cost of living index in Destin, FL is 110, which is 11% higher than the Florida average and 10% higher 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 Destin, FL are 8% lower than the average for Florida and 9% lower than the rest of the country.

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Salary Calculator

The salary calculator allows you to compare how much your current salary in Destin, FL would be worth in another city. In other words, the salary calculator will adjust the figure you enter for cost of living so that you can determine how much more or much less you would need to earn while maintaining your current quality of living. If you are considering relocating to a more expensive city than Destin, FL, the calculator will tell you how much more you need to earn so you can assess job offers more accurately. The Destin, FL salary calculator is easy to use. All you do is enter the name of another city, then move the slider to your current income. After that, the salary calculator will crunch the numbers for you and give you the information you need about the place you are considering going. Additionally, it will show a detailed breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Destin, FL as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Destin, FL homeowners, is $75,926. This would allow for a maximum of $1,771 per month to be spent on housing costs. For renters, the median monthly income is $55,439 which would result in a maximum of $1,293 to be spent on rental costs.

Florida Sales Tax

Florida Income Tax

When assessing the complete cost of living in Destin, 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 Destin, FL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.