Lake Mary cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
IndexLake MaryFloridaNational
Cost of living index11499100
IndexLake MaryFloridaNational
Goods & Services index9599100
Groceries index102105100
Health care index8898100
Housing index15096100
Transportation index94100100
Utilities index111103100
Here we can see a simple outline of the cost of living in Lake Mary, FL. As you can see, with the average cost of living in Lake Mary, FL being 114, that puts it 14% higher than the average of Florida and 14% higher than our nation's average. This simple outline of the cost of living index was formulated using prices of: goods and services (weighted 33%), housing prices (weighted 30%), groceries (weighted 13%), utilities (weighted 10%), transportation (weighted 9%), and health care (weighted 5%). Thus, goods/services, along with housing influences the majority of the cost of living index. The price of daily goods and services is a valuable and reliable number to be aware of when considering the general price of the city's goods. In the case of Lake Mary, FL, the price of goods and services are 4% lower than the average of Florida as well as 5% lower than the nation's average.

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Did you know?

  • The cost of living in Lake Mary is 14% higher than the Florida average.
  • The cost of living in Lake Mary is 14% higher than the national average.
  • The cost of housing in Lake Mary is 50% 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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Compare Lake Mary, FL Cost of living To Other Cities

Salary Calculator

This is how much you would need to earn in
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Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
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Use the salary calculator to compare your current income in Lake Mary, FL to any other city in the country. The calculator will tell you how much income you would need to make in a particular city to live at the same level based on the cost of living in each city. For example, if the cost of living in the city you are looking to move to is higher than that of Lake Mary, FL, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Lake Mary, FL salary calculator, enter the name of the new city, then move the slider to your current salary level. The salary calculator will do the rest and let you know if your salary would need to increase or decrease for the new city. You will also see a complete overview of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$106,122$8,844$2,476$3,184
Renters$62,807$5,234$1,465$1,884
The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Lake Mary, FL as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Lake Mary, FL homeowners, is $106,122. This would allow for a maximum of $2,476 per month to be spent on housing costs. For renters, the median monthly income is $62,807 which would result in a maximum of $1,465 to be spent on rental costs.

Florida Sales Tax

StateGeneral Sales TaxWith Max Surtax
Florida6%7.5%

Florida Income Tax

StateIncome Tax (Low)Income Tax (High)
Florida0%0%
When you are determining the total cost of living in Lake Mary, FL you will want to make sure you consider both the Florida sales tax and the Florida income tax rates. Sales tax come in the form of taxes levied on both services and goods that are sold. The sales tax rates are different state to state and range from zero sales tax to higher than 7%. The sales tax in Florida is 6%, with the highest surtax being 7.5%. Tax that is on income by the government is income tax. Different states have different income tax rates and these rates can be higher or lower dependent on the corresponding tax bracket. The state income tax rates are different state to state and range from no income tax to more than 9% income tax. The income tax rates in Florida have a range from 0% to 0%.

Goods & Services

ItemLake MaryNational avg.Difference
Haircut $14.78$16.098.1%
Beauty Salon $41.60$37.3311.4%
Toothpaste $2.49$2.451.8%
Shampoo $0.93$1.007.0%
Movie $10.59$10.283.0%
Bowling $5.28$4.937.0%

Groceries

ItemLake MaryNational avg.Difference
Ground Beef $4.03$3.805.9%
Fried Chicken $1.23$1.4012.1%
Milk $2.43$2.0121.2%
Potatoes $3.74$3.0124.1%
Pizza $8.59$9.8913.1%
Beer $10.34$8.9016.2%

Health Care

ItemLake MaryNational avg.Difference
Optometrist $79.06$102.1622.6%
Doctor $79.27$108.3626.8%
Dentist $79.99$92.5313.6%
Ibuprofen $10.31$9.2811.1%
Lipitor $449.88$425.825.6%

Housing

ItemLake MaryNational avg.Difference
Home Price $268,800.00$184,700.0045.5%
Avg. Mortgage Payment $1,009.92$1,202.4416.0%
Apartment Rent $1,530.00$949.0061.2%

Transportation

ItemLake MaryNational avg.Difference
Gasoline $2.12$2.245.4%
Tire Balancing $43.13$46.296.8%

Utilities

ItemLake MaryNational avg.Difference
All Electricity$181.04$165.969.1%
Phone $32.85$28.6814.5%
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, StatePopulationCost of Living IndexNational Avg.
Paradise Heights, FL63281-19%
Pine Lakes, FL62383-17%
Clarcona, FL3,00885-15%
Orlovista, FL5,81486-14%
Zellwood, FL3,08286-14%
Lake Mary, FL15,47811414%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Fullerton, PA15,4781000%
Franklin Park, NJ15,45412424%
Roanoke Rapids, NC15,45491-9%
New Port Richey, FL15,50386-14%
Long Beach, MS15,45093-7%
Lake Mary, FL15,47811414%
Source: The Lake Mary, FL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.