Newberry cost of living index

A general summary of the cost of living index in Newberry, FL is shown above. Compared to the state average of Florida the cost of living index in Newberry, FL is 96, which is 3% lower than the average in Florida and compared to the national average it is 4% 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 Newberry, FL goods and services come in at 4% lower than the average in Florida and are 5% lower than compared to the nationwide average.

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Salary Calculator

Using the salary calculator lets you compare the salary you earn in Newberry, FL to what it is in other cities. It will let you know what your earnings would have to be in another city to have the same standard of living, as determined by the cost of living in each city. For example, if the cost of living in the area you want to move to is higher than the cost of living in Newberry, FL, you have to earn a higher income in order to still have the same standard of living. To operate the Newberry, FL salary calculator, put in the name of the other city, then move the slider to the point that represents the current income. The salary calculator will take care of the rest and tell you how much more or less you must earn in the new city. A Total breakdown of the cost of living is also provided.

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 Newberry, 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 Newberry, FL homeowners have a median income of $71,583. Using that number, you will come up with a maximum of $1,670 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $25,000, which means there is a maximum of $583 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 Newberry, 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 Newberry, FL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.