Cost Of Living in Inverness Highlands South, FL

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	Inverness Highlands South	Florida	National
Cost of living	90	98	100
Goods & Services	92	98	100
Groceries	96	99	100
Health care	94	96	100
Housing	81	96	100
Transportation	104	99	100
Utilities	86	97	100

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Cost Of Living Quick Facts

The cost of living in Inverness Highlands South is 8% lower than the Florida average
The cost of living in Inverness Highlands South is 10% lower than the national average
Inverness Highlands South housing is 19% lower 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

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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	$48,083	$4,007	$1,122	$1,443
Renters	$43,750	$3,646	$1,021	$1,313

A good indicator of the general affordability of housing in Inverness Highlands South, FL, is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Inverness Highlands South, the median monthly income is $48,083 for those who own their own homes. Under the standard rule, that income level would allow for $1,122 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $43,750, per the median income in the area. That would allow for renters to spend up to $1,021 on monthly rental expenses.

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	Inverness Highlands South	National avg.	Difference
Haircut	$22.56	$24.26	7.0%
Beauty Salon	$62.28	$45.56	36.7%
Toothpaste	$3.65	$3.70	1.5%
Shampoo	$1.41	$1.28	10.4%
Movie	$13.48	$12.13	11.1%
Bowling	$16.89	$18.00	6.2%

Groceries

Item	Inverness Highlands South	National avg.	Difference
Ground Beef	$5.76	$5.84	1.4%
Fried Chicken	$1.42	$1.57	9.7%
Milk	$4.55	$4.67	2.6%
Potatoes	$5.29	$4.93	7.2%
Pizza	$10.99	$12.09	9.1%
Beer	$11.00	$10.41	5.7%

Health Care

Item	Inverness Highlands South	National avg.	Difference
Optometrist	$80.94	$125.68	35.6%
Doctor	$125.35	$135.78	7.7%
Dentist	$103.14	$113.29	9.0%
Ibuprofen	$10.54	$10.65	1.0%
Lipitor	$490.06	$468.60	4.6%

Housing

Item	Inverness Highlands South	National avg.	Difference
Home Price	$131,800.00	$184,700.00	28.6%
Avg. Mortgage Payment	$2,315.76	$2,346.69	1.3%
Apartment Rent	$988.00	$949.00	4.1%

Transportation

Item	Inverness Highlands South	National avg.	Difference
Gasoline	$3.36	$3.46	2.9%
Tire Balancing	$54.31	$59.92	9.4%

Utilities

Item	Inverness Highlands South	National avg.	Difference
All Electricity	$162.33	$193.99	16.3%
Phone	$192.62	$192.25	0.2%

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.
Istachatta, FL	62	94	6.2%
Lake Lindsey, FL	0	94	6.2%
Bushnell, FL	3,170	80	19.9%
Homosassa Springs, FL	14,566	83	17.4%
Lake Panasoffkee, FL	4,049	83	16.8%
Inverness Highlands South, FL	7,114	90	10.0%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Ville Platte, LA	7,117	80	20.5%
Pinson, AL	7,108	94	5.8%
New London, WI	7,121	91	8.5%
Parkville, MO	7,122	122	21.8%
Pacific, WA	7,122	127	27.3%
Inverness Highlands South, FL	7,114	90	10.0%

Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.

Cost of Living in Inverness Highlands South, FL