Mims cost of living index

Here we can see a simple outline of the cost of living in Mims, FL. As you can see, with the average cost of living in Mims, FL being 87, that puts it 13% lower than the average of Florida and 13% lower 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 Mims, 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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Salary Calculator

Use the salary calculator to compare your current salary in Mims, 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 Mims, FL, then you would need to earn more income in order to maintain the same standard of living. To use the Mims, 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

A good way to judge both the affordability of the housing and the cost of living is by simply calculating the maximum that a person should spend on housing in Mims, FL, otherwise known as the debt-to-income ratio (DTI). The safest way to live in the city is to avoid spending more than 28 percent of the gross income that one earns on costs that pertain to housing and no more than 36 percent on all expenses and debts. Mims, FL has a median income of about $54,341 for people who own homes. Based on that number, a person should spend a maximum of $1,268 on expenses related to housing. Renters have a slightly different median income, which is $0. Based on this average, renters should spend no more than $0 on all of their rental costs if they want to maintain a non-impoverished standard of living.

Florida Sales Tax

Florida Income Tax

The Florida sales tax and Florida income tax rates should definitely be considered when determining the overall cost of living in Mims, 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

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 Mims, FL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.