A
8%
Overall NAT. AVG.
1%
Goods & Services NAT. AVG.
32%
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 Goldenrod Florida National
Cost of living10898100
Goods & Services10198100
Groceries9899100
Health care9296100
Housing13296100
Transportation9599100
Utilities9097100

An Overview of Cost of Living in Goldenrod, FL

Understanding the cost of living in Goldenrod can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Goldenrod cost of living index is 108, which is 8% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.

The cost of living in Goldenrod closely mirrors the national average in comparison to other cities nationwide. Essential items such as groceries, goods and services, health care and utilities are priced at a level consistent with similar urban areas. This means that residents of Goldenrod can anticipate that their daily expenses will remain reasonably in line with those of an average city, contributing to a manageable cost of living.

Housing costs make up a big chunk of the cost of living in Goldenrod, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 32.4% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.

Is Goldenrod Affordable?

Is Goldenrod 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 Goldenrod, the median home price is 29.7% higher than the national average and monthly rent prices are 38.7% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Goldenrod boasting a median household income of $52,467, 5.2% lower than the national average.

What Factors can Influence the Cost of Living in Goldenrod?

Healthcare: Healthcare costs and insurance premiums can undergo substantial fluctuations based on the city or state of residence. Elements such as the availability of healthcare facilities, out-of-pocket costs for medical consultations, dental expenses, prescription medication charges and specialized medical care fees all contribute to variations in the cost of living. In Goldenrod, healthcare costs are 7.6% lower than the national average.

Urbanization: Larger, urban areas boasting abundant amenities and robust employment prospects often exhibit a heightened cost of living, driven by the increased demand for services and residential relocation. Consequently, this leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural locales or regions marked by diminished demand typically offer a more limited range of amenities and experience slower job market expansion. This translates into a more affordable cost of living.

Taxes: Cities that impose higher taxes, including sales and income taxes, can contribute to an escalated cost of living. The added expense of taxes on everyday goods like clothing and food naturally results in higher overall costs. Similarly, a higher income tax rate can further elevate the cost of living. In Goldenrod, the general sales tax rate starts at 6%, and income tax rates begin at 0%.

Where is the Data From?

The cost of living data in Goldenrod displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.

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Cost Of Living Quick Facts

  • The cost of living in Goldenrod is 10% higher than the Florida average
  • The cost of living in Goldenrod is 8% higher than the national average
  • Goldenrod housing is 32% 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 Goldenrod

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Compare Goldenrod, FL Cost of Living

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      Salary Calculator

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      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$78,390$6,533$1,829$2,352
      Renters$38,432$3,203$897$1,153
      A good way to judge both the affordability of the housing and the cost of living in Goldenrod 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. Goldenrod has a median income of about $78,390 for people who own homes. Based on that number, a maximum of $1,829 should be spent on expenses related to housing. Renters have a slightly different median income, which is $38,432. Based on this average, renters should spend no more than $897 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 Goldenrod National avg. Difference
      Haircut $26.53$24.269.4%
      Beauty Salon $55.13$45.5621.0%
      Toothpaste $3.84$3.703.8%
      Shampoo $1.48$1.2815.8%
      Movie $13.54$12.1311.6%
      Bowling $19.87$18.0010.4%

      Groceries

      Item Goldenrod National avg. Difference
      Ground Beef $6.26$5.847.1%
      Fried Chicken $1.40$1.5711.0%
      Milk $4.58$4.671.9%
      Potatoes $5.23$4.936.0%
      Pizza $13.13$12.098.6%
      Beer $11.07$10.416.3%

      Health Care

      Item Goldenrod National avg. Difference
      Optometrist $118.44$125.685.8%
      Doctor $137.00$135.780.9%
      Dentist $125.36$113.2910.7%
      Ibuprofen $10.89$10.652.2%
      Lipitor $446.86$468.604.6%

      Housing

      Item Goldenrod National avg. Difference
      Home Price $239,500.00$184,700.0029.7%
      Avg. Mortgage Payment $2,463.53$2,346.695.0%
      Apartment Rent $1,316.00$949.0038.7%

      Transportation

      Item Goldenrod National avg. Difference
      Gasoline $3.39$3.462.1%
      Tire Balancing $57.07$59.924.8%

      Utilities

      Item Goldenrod National avg. Difference
      All Electricity $190.71$193.991.7%
      Phone $194.67$192.251.3%
      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.
      Lake Butler city, FL2,1858118.7%
      Clarcona, FL4,6878911.1%
      Eatonville, FL2,399937.0%
      Taft, FL1,573945.8%
      Oak Ridge, FL23,596955.5%
      Goldenrod, FL12,3411087.9%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Terrace, BC12,342n/a 
      Lincolnwood, IL12,33813838.4%
      Streator, IL12,3378613.8%
      Gulfport, FL12,3341032.9%
      New Baltimore, MI12,3331054.6%
      Goldenrod, FL12,3411087.9%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.