Gulf Gate Estates cost of living index

A general overview of the cost of living index for Gulf Gate Estates, FL is displayed above. In Gulf Gate Estates, FL, the overall cost of living index is 106, which is 7% higher than the Florida average and 6% higher 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 Gulf Gate Estates, FL, the city's goods and services are 15% higher than the Florida average and 14% higher than the U.S. average.

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Salary Calculator

Using the salary calculator lets you compare the salary you earn in Gulf Gate Estates, FL to what it is in other cities. It will let you know what your earnings would have to be in another city to have the same standard of living, as determined by the cost of living in each city. For example, if the cost of living in the area you want to move to is higher than the cost of living in Gulf Gate Estates, FL, you have to earn a higher income in order to still have the same standard of living. To operate the Gulf Gate Estates, FL salary calculator, put in the name of the other city, then move the slider to the point that represents the current income. The salary calculator will take care of the rest and tell you how much more or less you must earn in the new city. A Total breakdown of the cost of living is also provided.

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 Gulf Gate Estates, 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 Gulf Gate Estates, FL homeowners have a median income of $50,070. Using that number, you will come up with a maximum of $1,168 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $38,955, which means there is a maximum of $909 to be spent on the costs of renting a home or apartment.

Florida Sales Tax

Florida Income Tax

One thing to keep in mind when considering the cost of living in Gulf Gate Estates, 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 Gulf Gate Estates, FL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.