Lake City, Florida Cost Of Living

Buy Rent

B+

Overall 13%

Goods & Services 4%

Housing 37%

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	Lake City	Florida	National
Cost of living	87	99	100
Goods & Services	96	98	100
Groceries	100	106	100
Health care	100	99	100
Housing	63	96	100
Transportation	98	99	100
Utilities	94	105	100

Key findings

The cost of living in Lake City is 13% lower than the Florida average
The cost of living in Lake City is 13% lower than the national average
Lake City housing is 37% 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	$48,036	$4,003	$1,121	$1,441
Renters	$27,420	$2,285	$640	$823

A good indicator of the general affordability of housing in Lake City, 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 Lake City, the median monthly income is $48,036 for those who own their own homes. Under the standard rule, that income level would allow for $1,121 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $27,420, per the median income in the area. That would allow for renters to spend up to $640 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	Lake City	National avg.	Difference
Haircut	$14.39	$20.27	29.0%
Beauty Salon	$48.17	$40.39	19.2%
Toothpaste	$2.37	$2.36	0.6%
Shampoo	$0.93	$1.08	13.9%
Movie	$11.78	$10.99	7.2%
Bowling	$7.00	$15.49	54.8%

Groceries

Item	Lake City	National avg.	Difference
Ground Beef	$4.93	$4.30	14.8%
Fried Chicken	$1.13	$1.40	19.5%
Milk	$2.81	$2.20	27.6%
Potatoes	$4.22	$3.22	31.0%
Pizza	$9.92	$10.74	7.6%
Beer	$9.94	$9.60	3.6%

Health Care

Item	Lake City	National avg.	Difference
Optometrist	$110.17	$109.73	0.4%
Doctor	$121.92	$118.34	3.0%
Dentist	$94.83	$100.94	6.0%
Ibuprofen	$10.21	$9.93	2.8%
Lipitor	$483.77	$469.53	3.0%

Housing

Item	Lake City	National avg.	Difference
Home Price	$100,700.00	$184,700.00	45.5%
Avg. Mortgage Payment	$1,044.86	$1,229.62	15.0%
Apartment Rent	$772.00	$949.00	18.7%

Transportation

Item	Lake City	National avg.	Difference
Gasoline	$2.62	$2.71	3.3%
Tire Balancing	$51.96	$51.86	0.2%

Utilities

Item	Lake City	National avg.	Difference
All Electricity	$152.26	$170.84	10.9%
Phone	$187.11	$187.18	0.0%

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.
Five Points, FL	1,063	79	21.1%
White Springs, FL	871	84	16.1%
Watertown, FL	3,451	86	13.7%
Lake City, FL	12,137	87	13.3%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Babylon, NY	12,130	151	51.3%
Neosho, MO	12,144	79	20.5%
Speedway, IN	12,145	87	13.0%
Palmer Town, MA	12,145	106	6.4%
Portland, TN	12,125	90	10.4%
Lake City, FL	12,137	87	13.3%

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