Cost Of Living in Islamorada, Village of Islands, FL

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F

70%

Overall NAT. AVG.

6%

Goods & Services NAT. AVG.

223%

Housing NAT. AVG.

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	Islamorada, Village of Islands	Florida	National
Cost of living	170	98	100
Goods & Services	106	98	100
Groceries	104	99	100
Health care	96	96	100
Housing	323	96	100
Transportation	103	99	100
Utilities	103	97	100

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Cost Of Living Quick Facts

The cost of living in Islamorada, Village of Islands is 74% higher than the Florida average
The cost of living in Islamorada, Village of Islands is 70% higher than the national average
Islamorada, Village of Islands housing is 223% higher 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	$78,793	$6,566	$1,838	$2,364
Renters	$61,339	$5,112	$1,431	$1,840

A good way to judge both the affordability of the housing and the cost of living in Islamorada, Village of Islands is by simply calculating the maximum that should be spent on housing, otherwise known as the debt-to-income ratio (DTI). The plan is to avoid spending more than 28 percent of the gross income on costs that pertain to housing and no more than 36 percent on all expenses and debts. Islamorada, Village of Islands has a median income of about $78,793 for people who own homes. Based on that number, a maximum of $1,838 should be spent on expenses related to housing. Renters have a slightly different median income, which is $61,339. Based on this average, renters should spend no more than $1,431 on all rental costs if they want to maintain a non-impoverished standard of living.

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	Islamorada, Village of Islands	National avg.	Difference
Haircut	$20.53	$24.26	15.4%
Beauty Salon	$88.07	$45.56	93.3%
Toothpaste	$3.51	$3.70	5.2%
Shampoo	$1.53	$1.28	19.7%
Movie	$14.35	$12.13	18.2%
Bowling	$23.67	$18.00	31.5%

Groceries

Item	Islamorada, Village of Islands	National avg.	Difference
Ground Beef	$6.11	$5.84	4.6%
Fried Chicken	$1.40	$1.57	11.2%
Milk	$4.60	$4.67	1.5%
Potatoes	$5.24	$4.93	6.2%
Pizza	$14.13	$12.09	16.9%
Beer	$11.44	$10.41	9.9%

Health Care

Item	Islamorada, Village of Islands	National avg.	Difference
Optometrist	$98.49	$125.68	21.6%
Doctor	$127.08	$135.78	6.4%
Dentist	$107.83	$113.29	4.8%
Ibuprofen	$11.10	$10.65	4.2%
Lipitor	$490.35	$468.60	4.6%

Housing

Item	Islamorada, Village of Islands	National avg.	Difference
Home Price	$708,400.00	$184,700.00	283.5%
Avg. Mortgage Payment	$3,109.00	$2,346.69	32.5%
Apartment Rent	$1,709.00	$949.00	80.1%

Transportation

Item	Islamorada, Village of Islands	National avg.	Difference
Gasoline	$3.49	$3.46	0.8%
Tire Balancing	$64.09	$59.92	7.0%

Utilities

Item	Islamorada, Village of Islands	National avg.	Difference
All Electricity	$200.94	$193.99	3.6%
Phone	$194.37	$192.25	1.1%

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.
Layton, FL	107	137	36.7%
Key Largo, FL	9,670	141	40.9%
Tavernier, FL	1,980	147	46.8%
Islamorada, Village of Islands, FL	6,384	170	69.7%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Ranchettes, WY	6,384	120	19.9%
Belpre, OH	6,387	89	11.1%
West Yarmouth, MA	6,388	127	27.1%
Horseheads, NY	6,388	95	5.3%
Laurel Bay, SC	6,388	100	0.1%
Islamorada, Village of Islands, FL	6,384	170	69.7%