Indian River Estates cost of living index

A general overview of the cost of living index for Indian River Estates, FL is displayed above. In Indian River Estates, FL, the overall cost of living index is 95, which is 5% lower than the Florida average and 5% 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 Indian River Estates, FL, the city's goods and services are 1% higher than the Florida average and equal to the U.S. average.

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Salary Calculator

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

The affordability of the housing market in Indian River Estates, FL as well as the overall cost of living can be indicated accurately by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should ever be used on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Indian River Estates, FL homeowners, the median income is $42,459. This indicates that a monthly maximum of $991 should be spent by homeowners on all housing related costs. Renters have a median income of $15,288. This indicates that renters should have a maximum of $357 used for their rent related monthly costs.

Florida Sales Tax

Florida Income Tax

For those who live in Indian River Estates, 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.

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