Palm Valley cost of living index

The above illustration supplies generalized information for the Palm Valley, FL cost of living index. Compared to other cities in Florida and cities across the country, the cost of living index in Palm Valley, FL is 126, which is 27% higher than the Florida average and 26% higher than that for the entire country. The index is comprised of the following criteria: cost of retail goods and services (33%), groceries (13%), health care (5%), housing (30%), cost of public/private transportation (9%) and utilities (10%). Everyday goods and services, along with housing account for 63 percent of the total cost of living index. Goods and services that are a necessity regardless of location provide an accurate general sense of the cost of living in one city versus another. As seen above, the cost of retail goods and services in Palm Valley, FL are 1% lower than the average for Florida and 2% lower than the rest of the country.

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Salary Calculator

Use the salary calculator to compare your current income in Palm Valley, FL to any other city in the country. The calculator will tell you how much income you would need to make in a particular city to live at the same level based on the cost of living in each city. For example, if the cost of living in the city you are looking to move to is higher than that of Palm Valley, FL, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Palm Valley, FL salary calculator, enter the name of the new city, then move the slider to your current salary level. The salary calculator will do the rest and let you know if your salary would need to increase or decrease for the new city. You will also see a complete overview 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 Palm Valley, 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. Palm Valley, FL has a median income of about $111,197 for people who own homes. Based on that number, a person should spend a maximum of $2,594 on expenses related to housing. Renters have a slightly different median income, which is $49,881. Based on this average, renters should spend no more than $1,164 on all of their rental costs if they want to maintain a non-impoverished standard of living.

Florida Sales Tax

Florida Income Tax

When considering the overall cost of living expenses in Palm Valley, 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 Palm Valley, FL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.