The Crossings cost of living index

An overview of the general cost of living index for The Crossings, FL is displayed above for your reference. Residents in The Crossings, FL enjoy a cost of living index of 115. This index is 16% higher than the Florida average, and 15% 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 The Crossings, FL, the average cost of goods and services is 3% higher than it is in Florida, and it is 1% higher 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 The Crossings, 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 The Crossings, FL, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the The Crossings, 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

The affordability of the housing market in The Crossings, FL as well as the overall cost of living can be indicated accurately by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should ever be used on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among The Crossings, FL homeowners, the median income is $67,245. This indicates that a monthly maximum of $1,569 should be spent by homeowners on all housing related costs. Renters have a median income of $51,066. This indicates that renters should have a maximum of $1,191 used for their rent related monthly costs.

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