A-
6%
Overall NAT. AVG.
7%
Goods & Services NAT. AVG.
29%
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 Lake Magdalene Florida National
Cost of living10698100
Goods & Services9398100
Groceries10099100
Health care9296100
Housing12996100
Transportation10099100
Utilities9997100

An Overview of Cost of Living in Lake Magdalene, FL

Understanding the cost of living in Lake Magdalene 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 Lake Magdalene cost of living index is 106, which is 6% 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 Lake Magdalene aligns closely with the national average when compared to other cities across the nation. Everyday essentials such as groceries, goods and services, health care and utility bills are priced at a level consistent with the average in similar urban areas. Lake Magdalene residents can anticipate that their daily expenses won't be significantly higher than those in an average city, ensuring that the cost of living remains manageable.

Housing costs significantly influence the Lake Magdalene cost of living index, typically accounting for a substantial portion of one's post-tax income. Regrettably, within this particular region, expenses related to both residential ownership and renting exceeded those observed in an average city by 29.2%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.

Is Lake Magdalene Affordable?

Wondering if Lake Magdalene is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Lake Magdalene, for example, the median home price is 33.9% higher than what folks pay nationally, and monthly rent is 18.1% higher than the usual rates. Plus, income levels matter too, with Lake Magdalene boasting a median household income of $66,623, which is 20.4% higher than the national average.

What Factors can Influence the Cost of Living in Lake Magdalene?

Taxes: Locations with elevated tax rates, encompassing both sales and income taxes, can be a factor in driving up the cost of living. When you're paying more in taxes for everyday goods and services, it naturally translates into higher expenses. Similarly, a higher income tax rate can also contribute to an overall higher cost of living. In Lake Magdalene, the standard sales tax rate starts at 6%, and the income tax rates commence at 0%.

Housing: When there's a high demand for housing in trendy places, it can cause property prices and rental rates to soar, leading to a significantly higher cost of living. Conversely, in less desirable locations, where demand is low, prices tend to decrease, resulting in a more budget-friendly cost of living. In Lake Magdalene, the housing index is 29.2% higher than the national average.

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 Lake Magdalene, healthcare costs are 8% lower than the national average.

Where is the Data From?

The Lake Magdalene cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.

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Cost Of Living Quick Facts

  • The cost of living in Lake Magdalene is 9% higher than the Florida average
  • The cost of living in Lake Magdalene is 6% higher than the national average
  • Lake Magdalene housing is 29% 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 Lake Magdalene

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Compare Lake Magdalene, 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$80,588$6,716$1,880$2,418
      Renters$44,652$3,721$1,042$1,340
      The percentage of monthly income spent on housing related expenses can help predict the affordability of housing in Lake Magdalene, FL, as well as what the overall cost of living might be. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payments and not more than 36 percent of income on all expenses and debts. In Lake Magdalene, homeowners have a median income of $80,588. Using that number, a maximum of $1,880 per month should be allocated to housing expenses. For those who are renting instead of owning, the median income is $44,652, which means there is a maximum of $1,042 to be spent on the costs of renting a home or apartment.

      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 Lake Magdalene National avg. Difference
      Haircut $15.67$24.2635.4%
      Beauty Salon $54.72$45.5620.1%
      Toothpaste $3.67$3.700.8%
      Shampoo $1.48$1.2815.3%
      Movie $8.61$12.1329.1%
      Bowling $19.67$18.009.3%

      Groceries

      Item Lake Magdalene National avg. Difference
      Ground Beef $6.06$5.843.8%
      Fried Chicken $1.48$1.575.7%
      Milk $4.56$4.672.3%
      Potatoes $5.34$4.938.1%
      Pizza $8.38$12.0930.6%
      Beer $10.69$10.412.6%

      Health Care

      Item Lake Magdalene National avg. Difference
      Optometrist $146.67$125.6816.7%
      Doctor $122.32$135.789.9%
      Dentist $103.33$113.298.8%
      Ibuprofen $10.74$10.650.8%
      Lipitor $523.90$468.6011.8%

      Housing

      Item Lake Magdalene National avg. Difference
      Home Price $247,300.00$184,700.0033.9%
      Avg. Mortgage Payment $1,846.50$2,346.6921.3%
      Apartment Rent $1,121.00$949.0018.1%

      Transportation

      Item Lake Magdalene National avg. Difference
      Gasoline $3.42$3.461.0%
      Tire Balancing $57.28$59.924.4%

      Utilities

      Item Lake Magdalene National avg. Difference
      All Electricity $219.66$193.9913.2%
      Phone $194.37$192.251.1%
      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.
      Moon Lake, FL4,2348317.1%
      New Port Richey, FL16,5428713.0%
      South Highpoint, FL5,8448812.5%
      Elfers, FL12,9158811.7%
      New Port Richey East, FL10,6519010.2%
      Lake Magdalene, FL32,1801066.1%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Westlake, OH32,1541098.9%
      Rome, NY32,217964.5%
      Goleta, CA32,14219191.5%
      College Park, MD32,22113332.5%
      Eastpointe, MI32,221909.8%
      Lake Magdalene, FL32,1801066.1%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.