A+
17%
Overall NAT. AVG.
8%
Goods & Services NAT. AVG.
44%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; 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 Homosassa Springs Florida National
Cost of living8398100
Goods & Services9298100
Groceries9699100
Health care9496100
Housing5696100
Transportation10499100
Utilities8697100

An Overview of Cost of Living in Homosassa Springs, FL

Knowing the cost of living in Homosassa Springs allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Homosassa Springs stands at 83, marking it 17% lower than the national average.

It's not uncommon for housing expenses to eat up a substantial portion of your income, oten exceeding 30%. The good news is that Homosassa Springs stands out by reporting housing costs that are 43.5% lower than the national average. This signifies that both homeownership and rental expenses in this region are considerably more affordable compared to the rest of the country. This favorable housing situation allows residents to allocate a more manageable portion of their income to housing, resulting in greater financial flexibility.

Is Homosassa Springs Affordable?

Is Homosassa Springs affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Homosassa Springs, for instance, where the median home price falls 53.2% lower than the national average, and monthly rent rates are 21% lower than usual. Additionally, median income levels contribute to the equation, with Homosassa Springs flaunting a median household income of $40,387, 27% lower than the national norm.

What Factors can Influence the Cost of Living in Homosassa Springs?

Housing: A sought-after location with high housing demand often leads to increased property values and rental rates, which can significantly inflate the overall cost of living. Conversely, areas with low housing demand, particularly in less desirable locales, tend to experience the opposite effect, causing prices to drop and contributing to a more affordable cost of living. In Homosassa Springs, the housing index stands at 43.5% lower than the national average.

Urbanization: Larger, urban hubs brimming with ample amenities and robust employment opportunities often showcase a heightened cost of living. This surge is primarily attributed to the amplified demand for services and increased residential migration, culminating in elevated home prices and elevated rental rates. Conversely, less densely populated rural locales or regions characterized by reduced demand tend to offer a more limited array of amenities and undergo slower job market growth, ultimately yielding a more affordable cost of living.

Subsidies: Certain regions may provide government subsidies or assistance initiatives designed to alleviate the cost of living burden on their residents. These programs encompass a wide range of support mechanisms, such as Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farming subsidies. Areas with fewer subsidy offerings might experience an elevation in their cost of living.

Where is the Data From?

The Homosassa Springs cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.

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Cost Of Living Quick Facts

  • The cost of living in Homosassa Springs is 15% lower than the Florida average
  • The cost of living in Homosassa Springs is 17% lower than the national average
  • Homosassa Springs housing is 44% 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

Most Affordable Places to Live in and Around Homosassa Springs

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Compare Homosassa Springs, FL Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      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$43,635$3,636$1,018$1,309
      Renters$35,608$2,967$831$1,068
      A good indicator of the general affordability of housing in Homosassa Springs, FL, 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 Homosassa Springs, the median monthly income is $43,635 for those who own their own homes. Under the standard rule, that income level would allow for $1,018 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $35,608, per the median income in the area. That would allow for renters to spend up to $831 on monthly rental expenses.

      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 Homosassa Springs National avg. Difference
      Haircut $22.56$24.267.0%
      Beauty Salon $62.28$45.5636.7%
      Toothpaste $3.65$3.701.5%
      Shampoo $1.41$1.2810.4%
      Movie $13.48$12.1311.1%
      Bowling $16.89$18.006.2%

      Groceries

      Item Homosassa Springs National avg. Difference
      Ground Beef $5.76$5.841.4%
      Fried Chicken $1.42$1.579.7%
      Milk $4.55$4.672.6%
      Potatoes $5.29$4.937.2%
      Pizza $10.99$12.099.1%
      Beer $11.00$10.415.7%

      Health Care

      Item Homosassa Springs National avg. Difference
      Optometrist $80.94$125.6835.6%
      Doctor $125.35$135.787.7%
      Dentist $103.14$113.299.0%
      Ibuprofen $10.54$10.651.0%
      Lipitor $490.06$468.604.6%

      Housing

      Item Homosassa Springs National avg. Difference
      Home Price $86,500.00$184,700.0053.2%
      Avg. Mortgage Payment $2,315.76$2,346.691.3%
      Apartment Rent $750.00$949.0021.0%

      Transportation

      Item Homosassa Springs National avg. Difference
      Gasoline $3.36$3.462.9%
      Tire Balancing $54.31$59.929.4%

      Utilities

      Item Homosassa Springs National avg. Difference
      All Electricity $162.33$193.9916.3%
      Phone $192.62$192.250.2%
      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.
      Lake Lindsey, FL0946.2%
      Hernando, FL8,9778416.1%
      Beverly Hills, FL9,4848415.7%
      Inverness, FL7,3998514.9%
      Inverness Highlands North, FL2,7228614.2%
      Homosassa Springs, FL14,5668317.4%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Thibodaux, LA14,565928.5%
      Roanoke Rapids, NC14,5628812.3%
      Saraland, AL14,561927.5%
      Pewaukee, WI14,56112221.8%
      Gantt, SC14,5569010.0%
      Homosassa Springs, FL14,5668317.4%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.