Fort Myers Beach cost of living index

A general summary of the cost of living index in Fort Myers Beach, FL is shown above. Compared to the state average of Florida the cost of living index in Fort Myers Beach, FL is 120, which is 21% higher than the average in Florida and compared to the national average it is 20% higher than. The cost of living index is made up of several categories. These are transportation at 9%, utilities at 10%, goods and services at 33%, housing at 30%, groceries at 13%, and health care at 5%. The bulk of the cost of living index comes from the categories of goods and services and housing. If you look at everyday goods and services they can be a good indicator in a certain city of the general costs of goods there. In Fort Myers Beach, FL goods and services come in at 5% lower than the average in Florida and are 6% lower than compared to the nationwide average.

Find Real Estate Listings In Fort Myers Beach

New Real Estate Listings In Fort Myers Beach

Real Estate Listings In Fort Myers Beach

The best places in Florida

Salary Calculator

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

If you want to find a good determining factor for the cost of living and the general affordability of housing in Fort Myers Beach, 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 Fort Myers Beach, FL, the median monthly income is $61,788 for those who own their own homes. Under the standard rule, that income level would allow for $1,442 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $47,446, per the median income in the area. That would allow for renters to spend up to $1,107 on monthly rental expenses.

Florida Sales Tax

Florida Income Tax

For those who live in Fort Myers Beach, 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

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