Fort Walton Beach cost of living index

A general overview of the cost of living index for Fort Walton Beach, FL is displayed above. In Fort Walton Beach, FL, the overall cost of living index is 97, which is 2% lower than the Florida average and 3% lower 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 Fort Walton Beach, FL, the city's goods and services are 2% lower than the Florida average and 3% lower than the U.S. average.

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Salary Calculator

The salary calculator allows you to compare how much your current salary in Fort Walton Beach, 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 Fort Walton Beach, FL, the calculator will tell you how much more you need to earn so you can assess job offers more accurately. The Fort Walton Beach, 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 Fort Walton Beach, 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 Fort Walton Beach, FL homeowners, is $66,830. This would allow for a maximum of $1,559 per month to be spent on housing costs. For renters, the median monthly income is $31,710 which would result in a maximum of $740 to be spent on rental costs.

Florida Sales Tax

Florida Income Tax

One thing to keep in mind when considering the cost of living in Fort Walton 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.

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