West Melbourne cost of living index

Here we can see a simple outline of the cost of living in West Melbourne, FL. As you can see, with the average cost of living in West Melbourne, FL being 103, that puts it 4% higher than the average of Florida and 3% 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 West Melbourne, FL, the price of goods and services are 1% higher than the average of Florida as well as equal to the nation's average.

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Salary Calculator

Using the salary calculator lets you compare the salary you earn in West Melbourne, FL to what it is in other cities. It will let you know what your earnings would have to be in another city to have the same standard of living, as determined by the cost of living in each city. For example, if the cost of living in the area you want to move to is higher than the cost of living in West Melbourne, FL, you have to earn a higher income in order to still have the same standard of living. To operate the West Melbourne, FL salary calculator, put in the name of the other city, then move the slider to the point that represents the current income. The salary calculator will take care of the rest and tell you how much more or less you must earn in the new city. A Total breakdown of the cost of living is also provided.

Median Income & Debt-To-Income Ratio

The affordability of the housing market in West Melbourne, 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 West Melbourne, FL homeowners, the median income is $65,575. This indicates that a monthly maximum of $1,530 should be spent by homeowners on all housing related costs. Renters have a median income of $49,023. This indicates that renters should have a maximum of $1,144 used for their rent related monthly costs.

Florida Sales Tax

Florida Income Tax

For those who live in West Melbourne, 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 West Melbourne, FL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.