Hernando, Florida Cost Of Living

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B+

Overall 14%

Goods & Services 9%

Housing 47%

Date & Last Updated: This data reflects 2022 and was released from C2ER in January, 2022; this is the most current data available.

The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index	Hernando	Florida	National
Cost of living	86	99	100
Goods & Services	91	98	100
Groceries	97	106	100
Health care	95	99	100
Housing	53	96	100
Transportation	106	99	100
Utilities	135	105	100

Key findings

The cost of living in Hernando is 13% lower than the Florida average
The cost of living in Hernando is 14% lower than the national average
Hernando housing is 47% lower than the national average
Florida general sales tax is 18% higher than the national average
Florida state income tax is 100% lower than the national average

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Price difference in compared to

Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$32,239	$2,687	$752	$967
Renters	$13,867	$1,156	$324	$416

The percentage of monthly income spent on housing related expenses can help predict the affordability of housing in Hernando, FL, as well as what the overall cost of living might be. 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 payments and not more than 36 percent of income on all expenses and debts. In Hernando, homeowners have a median income of $32,239. Using that number, a maximum of $752 per month should be allocated to housing expenses. For those who are renting instead of owning, the median income is $13,867, which means there is a maximum of $324 to be spent on the costs of renting a home or apartment.

Florida Sales Tax

State	General Sales Tax	With Max Surtax
Florida	6%	7.5%

Florida Income Tax

State	Income Tax (Low)	Income Tax (High)
Florida	0%	0%

Goods & Services

Item	Hernando	National avg.	Difference
Haircut	$20.75	$20.27	2.3%
Beauty Salon	$41.64	$40.39	3.1%
Toothpaste	$2.30	$2.36	2.7%
Shampoo	$0.98	$1.08	8.9%
Movie	$12.11	$10.99	10.2%
Bowling	$14.13	$15.49	8.8%

Groceries

Item	Hernando	National avg.	Difference
Ground Beef	$3.73	$4.30	13.3%
Fried Chicken	$1.43	$1.40	2.2%
Milk	$2.01	$2.20	8.9%
Potatoes	$3.20	$3.22	0.6%
Pizza	$8.75	$10.74	18.6%
Beer	$12.37	$9.60	28.9%

Health Care

Item	Hernando	National avg.	Difference
Optometrist	$89.27	$109.73	18.6%
Doctor	$106.52	$118.34	10.0%
Dentist	$100.44	$100.94	0.5%
Ibuprofen	$9.37	$9.93	5.6%
Lipitor	$462.29	$469.53	1.5%

Housing

Item	Hernando	National avg.	Difference
Home Price	$85,600.00	$184,700.00	53.7%
Avg. Mortgage Payment	$1,018.08	$1,229.62	17.2%
Apartment Rent	$639.00	$949.00	32.7%

Transportation

Item	Hernando	National avg.	Difference
Gasoline	$2.60	$2.71	4.2%
Tire Balancing	$63.50	$51.86	22.5%

Utilities

Item	Hernando	National avg.	Difference
All Electricity	$273.11	$170.84	59.9%
Phone	$191.68	$187.18	2.4%

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

City	Population	Cost of Living Index	National Avg.
Dunnellon, FL	1,910	85	15.1%
Homosassa Springs, FL	13,273	85	15.0%
Lake Panasoffkee, FL	3,376	85	14.9%
Beverly Hills, FL	9,073	85	14.6%
Floral City, FL	5,152	88	12.3%
Hernando, FL	9,300	86	13.7%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Moncks Corner, SC	9,300	97	2.6%
Presque Isle, ME	9,298	92	8.3%
Greenwood, AR	9,296	87	13.3%
Mound, MN	9,306	107	7.4%
Cowichan Valley B, BC	9,293	n/a
Hernando, FL	9,300	86	13.7%

Source: This data reflects 2021 and was released from C2ER in January, 2022; this is the most current data available.