A+
1%
Overall NAT. AVG.
8%
Goods & Services NAT. AVG.
11%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Sugarmill Woods Florida National
Cost of living9998100
Goods & Services9298100
Groceries9699100
Health care9496100
Housing11196100
Transportation10499100
Utilities8697100

An Overview of Cost of Living in Sugarmill Woods, FL

The cost of living in Sugarmill Woods affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Sugarmill Woods is 99, which is 1% lower than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

The cost of living in Sugarmill Woods is about average when compared to all other cities across the nation. You can expect that everyday items like food, goods and services and utility bills will be no more expensive than any other average city. Residents can anticipate living expenses that remain in line with the national average, ensuring a manageable financial burden, making it an attractive choice for those seeking affordability without the constraints of higher everyday expenditures.

Is Sugarmill Woods Affordable?

Is Sugarmill Woods affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Sugarmill Woods, the median home price is 7.6% higher than the national average and monthly rent prices are 20.3% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Sugarmill Woods boasting a median household income of $54,309, 1.8% lower than the national average.

What Factors can Influence the Cost of Living in Sugarmill Woods?

Housing: Elevated demand for housing within coveted locales has the propensity to escalate both property values and rental rates, thereby serving as a primary catalyst for an augmented cost of living. Conversely, areas witnessing diminished housing demand, particularly within less desirable environs, often experience an inversely proportional effect, leading to price reductions and subsequently contributing to a more modest cost of living. In Sugarmill Woods, the housing index is 11.4% higher than the national average.

Subsidies: Certain cities or states may implement government subsidies or assistance programs with the goal of alleviating the cost of living pressures on their residents. These programs encompass a broad spectrum of support mechanisms, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farming subsidies. Areas offering fewer subsidies may experience a rise in their cost of living.

Urbanization: Larger, urban centers, known for their wealth of amenities and strong employment prospects, often exhibit an elevated cost of living, primarily attributable to the heightened demand for services and residential relocation. Consequently, this scenario leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural areas or regions characterized by diminished demand typically provide a more limited array of amenities and experience slower job market growth, resulting in a more affordable cost of living.

Where is the Data From?

The cost of living in Sugarmill Woods, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Sugarmill Woods is 1% higher than the Florida average
  • The cost of living in Sugarmill Woods is 1% lower than the national average
  • Sugarmill Woods housing is 11% higher than the national average
  • Florida general sales tax is 18% higher than the national average
  • Florida state income tax is 100% lower than the national average

Most Affordable Places to Live in and Around Sugarmill Woods

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Compare Sugarmill Woods, FL Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$58,125$4,844$1,356$1,744
      Renters$37,612$3,134$878$1,128
      A good way to judge both the affordability of the housing and the cost of living in Sugarmill Woods is by simply calculating the maximum that should be spent on housing, otherwise known as the debt-to-income ratio (DTI). The plan is to avoid spending more than 28 percent of the gross income on costs that pertain to housing and no more than 36 percent on all expenses and debts. Sugarmill Woods has a median income of about $58,125 for people who own homes. Based on that number, a maximum of $1,356 should be spent on expenses related to housing. Renters have a slightly different median income, which is $37,612. Based on this average, renters should spend no more than $878 on all rental costs if they want to maintain a non-impoverished standard of living.

      Florida Sales Tax

      State General Sales Tax With Max Surtax
      Florida 6% 7.5%

      Florida Income Tax

      State Income Tax (Low) Income Tax (High)
      Florida 0% 0%

      Goods & Services

      Item Sugarmill Woods National avg. Difference
      Haircut $22.56$24.267.0%
      Beauty Salon $62.28$45.5636.7%
      Toothpaste $3.65$3.701.5%
      Shampoo $1.41$1.2810.4%
      Movie $13.48$12.1311.1%
      Bowling $16.89$18.006.2%

      Groceries

      Item Sugarmill Woods National avg. Difference
      Ground Beef $5.76$5.841.4%
      Fried Chicken $1.42$1.579.7%
      Milk $4.55$4.672.6%
      Potatoes $5.29$4.937.2%
      Pizza $10.99$12.099.1%
      Beer $11.00$10.415.7%

      Health Care

      Item Sugarmill Woods National avg. Difference
      Optometrist $80.94$125.6835.6%
      Doctor $125.35$135.787.7%
      Dentist $103.14$113.299.0%
      Ibuprofen $10.54$10.651.0%
      Lipitor $490.06$468.604.6%

      Housing

      Item Sugarmill Woods National avg. Difference
      Home Price $198,800.00$184,700.007.6%
      Avg. Mortgage Payment $2,315.76$2,346.691.3%
      Apartment Rent $1,142.00$949.0020.3%

      Transportation

      Item Sugarmill Woods National avg. Difference
      Gasoline $3.36$3.462.9%
      Tire Balancing $54.31$59.929.4%

      Utilities

      Item Sugarmill Woods National avg. Difference
      All Electricity $162.33$193.9916.3%
      Phone $192.62$192.250.2%
      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.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Pine Island, FL50963.8%
      Istachatta, FL62946.2%
      Lake Lindsey, FL0946.2%
      Bayport, FL0963.8%
      Brooksville, FL8,3848317.4%
      Sugarmill Woods, FL10,424990.9%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Del Aire, CA10,42418382.8%
      Little Canada, MN10,4231055.1%
      Newcastle, OK10,425973.3%
      Silverton, OR10,42612222.5%
      Union City, TN10,4268217.8%
      Sugarmill Woods, FL10,424990.9%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.