Oakleaf Plantation cost of living index

An overview of the general cost of living index for Oakleaf Plantation, FL is displayed above for your reference. Residents in Oakleaf Plantation, FL enjoy a cost of living index of 102. This index is 3% higher than the Florida average, and 2% 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 Oakleaf Plantation, FL, the average cost of goods and services is 1% lower than it is in Florida, and it is 2% 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 Oakleaf Plantation, 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 Oakleaf Plantation, FL, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Oakleaf Plantation, 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

If you want to find a good determining factor for the cost of living and the general affordability of housing in Oakleaf Plantation, FL, all you must look at is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Oakleaf Plantation, FL, the median monthly income is $85,750 for those who own their own homes. Under the standard rule, that income level would allow for $2,001 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $70,592, per the median income in the area. That would allow for renters to spend up to $1,647 on monthly rental expenses.

Florida Sales Tax

Florida Income Tax

When you are determining the total cost of living in Oakleaf Plantation, FL you will want to make sure you consider both the Florida sales tax and the Florida income tax rates. Sales tax come in the form of taxes levied on both services and goods that are sold. The sales tax rates are different state to state and range from zero sales tax to higher than 7%. The sales tax in Florida is 6%, with the highest surtax being 7.5%. Tax that is on income by the government is income tax. Different states have different income tax rates and these rates can be higher or lower dependent on the corresponding tax bracket. The state income tax rates are different state to state and range from no income tax to more than 9% income tax. The income tax rates in Florida have a 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 Oakleaf Plantation, FL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.