Spring Hill cost of living index

Here we can see a simple outline of the cost of living in Spring Hill, FL. As you can see, with the average cost of living in Spring Hill, FL being 93, that puts it 6% lower than the average of Florida and 7% 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 Spring Hill, FL, the price of goods and services are 2% lower than the average of Florida as well as 3% lower than the nation's average.

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Salary Calculator

The salary calculator is meant to help you compare your salary in Spring Hill, FL to your potential earning power in another city. This can help you deduce what your salary would need to be in any given city in order for you to live the same lifestyle that you do in your current city. In other words, if you plan on moving to a city where the cost of living is higher than in Spring Hill, FL, you'll have to make more money in the new city in order to maintain the lifestyle you currently enjoy. To use the Spring Hill, FL salary calculator, simply input the new city, then move the adjustable slider to match your current income. Once you've selected your income, the calculator will determine if that income is sufficient to support your standard of living in the new city you entered. The calculator will also supply you with a rundown of living costs in the new city.

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 Spring Hill, 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 Spring Hill, FL homeowners have a median income of $47,053. Using that number, you will come up with a maximum of $1,098 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $32,314, which means there is a maximum of $754 to be spent on the costs of renting a home or apartment.

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