Lakeland Highlands cost of living index

An overview of the general cost of living index for Lakeland Highlands, FL is displayed above for your reference. Residents in Lakeland Highlands, FL enjoy a cost of living index of 107. This index is 8% higher than the Florida average, and 7% higher than the national average. The following categories are used when determining the cost of living index for any given city: health care (5%), transportation (9%), utilities (10%), groceries (13%), housing (30%), and goods/services (33%). Clearly, housing and goods/services make up the majority of the formula for calculating the cost of living index. Because of this, the general cost of living for any given area can be estimated by looking at the cost of everyday goods in that area. For those living in Lakeland Highlands, FL, the average cost of goods and services is 2% lower than it is in Florida, and it is 3% lower than the national average.

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Salary Calculator

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

How much of your monthly income goes to housing can tell you whether or not you can afford housing in Lakeland Highlands, FL, as well as what the average cost of living is. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payment and not more than 36 percent of income on all expenses and debts. In Lakeland Highlands, FL homeowners have a median income of $86,423. Using that number, you will come up with a maximum of $2,016 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $58,264, which means there is a maximum of $1,359 to be spent on the costs of renting a home or apartment.

Florida Sales Tax

Florida Income Tax

When considering the overall cost of living expenses in Lakeland Highlands, FL, it's important to take into account the sales tax for Florida, as well as the rate for income tax in Florida. Goods and services sold to consumers in any state have some form of sales tax. Each state has its own tax code, which means that sales tax rates vary from state to state, ranging from over 7% in some states to as low as 0% in others. The maximum surtax for Florida is 7.5%, and the sales tax in the state of Florida is 6%. Alternatively, the tax imposed on your income by the state government is known as income tax. The rate for this tax also varies from state to state, and your rate is affected by your tax bracket, which is determined by your level of income. Income tax rates might be as high as 9%, down to as low as 0%. The range for income tax rates in Florida starts from 0% and goes up 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 Lakeland Highlands, FL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.