Siesta Key cost of living index

Here we can see a simple outline of the cost of living in Siesta Key, FL. As you can see, with the average cost of living in Siesta Key, FL being 160, that puts it 61% higher than the average of Florida and 60% higher 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 Siesta Key, FL, the price of goods and services are 15% higher than the average of Florida as well as 14% higher than the nation's average.

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Salary Calculator

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

If you want to find a good determining factor for the cost of living and the general affordability of housing in Siesta Key, 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 Siesta Key, FL, the median monthly income is $88,264 for those who own their own homes. Under the standard rule, that income level would allow for $2,059 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $59,868, per the median income in the area. That would allow for renters to spend up to $1,397 on monthly rental expenses.

Florida Sales Tax

Florida Income Tax

For those who live in Siesta Key, FL and want to know what the true cost of living is, they ought to look at both the Florida income tax rate and the Florida sales tax rate. By sales tax, we mean the taxes that are included whenever a person is purchasing any goods or services. The amount that is taxed depends upon the particular state, where some states have a sales tax of zero percent while others can have a tax higher than seven percent. In Florida, the sales tax is 6%, while the most you'll pay in surtax is 7.5%. There is also income tax to consider, which is based upon the amount of money made in a year. Just like sales tax, income tax depends upon the particular state but also depends upon what tax bracket the person is in. Income tax for the state can be higher than nine percent in some states to zero percent in others. For those that live in Florida, the income tax rate ranges between 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 Siesta Key, FL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.