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.
A general summary of the cost of living index in Lakewood Park, FL is shown above. Compared to the state average of Florida the cost of living index in Lakewood Park, FL is 92, which is 8% lower than the average in Florida and compared to the national average it is 8% lower than. The cost of living index is made up of several categories. These are transportation at 9%, utilities at 10%, goods and services at 33%, housing at 30%, groceries at 13%, and health care at 5%. The bulk of the cost of living index comes from the categories of goods and services and housing. If you look at everyday goods and services they can be a good indicator in a certain city of the general costs of goods there. In Lakewood Park, FL goods and services come in at 1% higher than the average in Florida and are equal to compared to the nationwide average.
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Did you know?
The cost of living in Lakewood Park is 8% lower than the Florida average.
The cost of living in Lakewood Park is 8% lower than the national average.
The cost of housing in Lakewood Park 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.
Compare Lakewood Park, FL Cost of living To Other Cities
This is how much you would need to earn in Price difference in compared to
Cost of living index
Goods & Services index
Health care index
Use the salary calculator to compare your current salary in Lakewood Park, FL to any other city. The salary calculator will tell you how much you would need to earn in any given city to maintain the same standard of living based on the cost of living in each city. For example, if the cost of living in the city you are looking to relocate to is higher than the cost of living in Lakewood Park, FL, then you would need to earn more income in order to maintain the same standard of living. To use the Lakewood Park, FL salary calculator, simply enter in the name of the new city, then adjust the slider to your current income. The salary calculator will do the rest and let you know if you need to earn more or less in the new city. You will also see a complete breakdown of the cost of living.
Median Income & Debt-To-Income Ratio
Max Budget (28% DTI)
Max Budget (36% DTI)
How much of your monthly income goes to housing can tell you whether or not you can afford housing in Lakewood Park, 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 Lakewood Park, FL homeowners have a median income of $52,871. Using that number, you will come up with a maximum of $1,234 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $47,585, which means there is a maximum of $1,110 to be spent on the costs of renting a home or apartment.
Florida Sales Tax
General Sales Tax
With Max Surtax
Florida Income Tax
Income Tax (Low)
Income Tax (High)
The Florida sales tax and Florida income tax rates should definitely be considered when determining the overall cost of living in Lakewood Park, FL. Sales taxes are taxes that are imposed onto goods and services sold. Sales taxes do vary by state and can range from no tax at all to upwards of 7%. The Florida sales tax is 6% and the maximum surtax is 7.5%. Income tax is the tax imposed on income by the government. The income tax rates will vary by state and will also increase or decrease depending on the corresponding tax bracket. State income tax rates can range from anywhere from no tax at all to more than 9%. The Florida income tax rates range from 0% to 0%.
Goods & Services
Avg. Mortgage Payment
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.