Fernandina Beach cost of living index

An overview of the general cost of living index for Fernandina Beach, FL is displayed above for your reference. Residents in Fernandina Beach, FL enjoy a cost of living index of 110. This index is 11% higher than the Florida average, and 10% higher 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 Fernandina Beach, FL, the average cost of goods and services is 1% lower than it is in Florida, and it is 2% lower than the national average.

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Salary Calculator

Use the salary calculator to compare your current salary in Fernandina Beach, FL to any other city. The salary calculator will tell you how much you would need to earn in any given city to maintain the same standard of living based on the cost of living in each city. For example, if the cost of living in the city you are looking to relocate to is higher than the cost of living in Fernandina Beach, FL, then you would need to earn more income in order to maintain the same standard of living. To use the Fernandina Beach, FL salary calculator, simply enter in the name of the new city, then adjust the slider to your current income. The salary calculator will do the rest and let you know if you need to earn more or less in the new city. You will also see a complete breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

How much of your monthly income goes to housing can tell you whether or not you can afford housing in Fernandina Beach, FL, as well as what the average cost of living is. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payment and not more than 36 percent of income on all expenses and debts. In Fernandina Beach, FL homeowners have a median income of $67,631. Using that number, you will come up with a maximum of $1,578 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $36,164, which means there is a maximum of $844 to be spent on the costs of renting a home or apartment.

Florida Sales Tax

Florida Income Tax

The Florida sales tax and Florida income tax rates should definitely be considered when determining the overall cost of living in Fernandina Beach, FL. Sales taxes are taxes that are imposed onto goods and services sold. Sales taxes do vary by state and can range from no tax at all to upwards of 7%. The Florida sales tax is 6% and the maximum surtax is 7.5%. Income tax is the tax imposed on income by the government. The income tax rates will vary by state and will also increase or decrease depending on the corresponding tax bracket. State income tax rates can range from anywhere from no tax at all 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.

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