Lealman cost of living index

An overview of the general cost of living index for Lealman, FL is displayed above for your reference. Residents in Lealman, FL enjoy a cost of living index of 87. This index is 13% lower than the Florida average, and 13% lower 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 Lealman, 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 Lealman, 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 Lealman, FL, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Lealman, 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

The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Lealman, 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 Lealman, FL homeowners, is $34,953. This would allow for a maximum of $816 per month to be spent on housing costs. For renters, the median monthly income is $21,638 which would result in a maximum of $505 to be spent on rental costs.

Florida Sales Tax

Florida Income Tax

One thing to keep in mind when considering the cost of living in Lealman, FL is the Florida sales tax and Florida income tax rates. Sales taxes are taxes that are collected on most goods or services sold. Sales taxes can vary by state and can be as high as 7% and as low as 0% as not every state imposes a sales tax. The Florida sales tax rate is 6% and the maximum surtax that can be charged is 7.5%. Income tax is the tax imposed on income by both the federal and state government. The income tax rates varies by individual state and will also be higher or lower depending on the applicable tax bracket. The rates of state income tax can vary from 0% to more than 9%. The Florida income tax rates range from 0% 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 Lealman, FL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.