A-
9%
Overall NAT. AVG.
5%
Goods & Services NAT. AVG.
24%
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 Margate Florida National
Cost of living10998100
Goods & Services10598100
Groceries10499100
Health care9396100
Housing12496100
Transportation10199100
Utilities10397100

An Overview of Cost of Living in Margate, FL

The cost of living in Margate affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Margate is 109, which is 9% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

The cost of living in Margate 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 Margate can anticipate that their daily expenses will remain reasonably in line with those of an average city, contributing to a manageable cost of living.

When it comes to the cost of living in Margate, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 23.6% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.

Is Margate Affordable?

Wondering if Margate 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 Margate, for example, the median home price is 16.6% higher than what folks pay nationally, and monthly rent is 40.1% higher than the usual rates. Plus, income levels matter too, with Margate boasting a median household income of $46,460, which is 16% lower than the national average.

What Factors can Influence the Cost of Living in Margate?

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 Margate, the standard sales tax rate starts at 6%, and the income tax rates commence at 0%.

Healthcare: Healthcare costs and insurance premiums can fluctuate greatly based on the city or state. Access to healthcare facilities, out-of-pocket expenses for doctor\’s visits, dentist costs, medication costs and specialized care costs can all impact the cost of living. In Margate, the healthcare costs are 6.6% lower than the national average.

Groceries: The costs associated with groceries have witnessed substantial increases over the past 2-3 years. In select markets, food prices have escalated by more than 20% during this timeframe, whereas others have seen more restrained upticks. The variances in food expenses can exert a considerable influence on the overall cost of living in a given locale. In Margate, the groceries index is 4.3% higher than the national average.

Where is the Data From?

The cost of living in Margate, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Margate is 12% higher than the Florida average
  • The cost of living in Margate is 9% higher than the national average
  • Margate housing is 24% 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 Margate

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Compare Margate, 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$53,153$4,429$1,240$1,595
      Renters$33,999$2,833$793$1,020
      The affordability of the housing market in Margate, FL as well as the overall cost of living can be predicted 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 be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Margate homeowners, the median income is $53,153. This indicates that a monthly maximum of $1,240 should be spent by homeowners on all housing related costs. Renters have a median income of $33,999. This indicates that renters would have a maximum of $793 for their rent related monthly costs.

      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 Margate National avg. Difference
      Haircut $22.18$24.268.6%
      Beauty Salon $73.78$45.5661.9%
      Toothpaste $3.50$3.705.6%
      Shampoo $1.49$1.2816.0%
      Movie $13.42$12.1310.6%
      Bowling $23.13$18.0028.5%

      Groceries

      Item Margate National avg. Difference
      Ground Beef $5.79$5.840.8%
      Fried Chicken $1.40$1.5711.2%
      Milk $4.58$4.672.0%
      Potatoes $5.27$4.936.8%
      Pizza $14.00$12.0915.8%
      Beer $11.23$10.417.9%

      Health Care

      Item Margate National avg. Difference
      Optometrist $113.16$125.6810.0%
      Doctor $114.67$135.7815.5%
      Dentist $106.72$113.295.8%
      Ibuprofen $10.94$10.652.7%
      Lipitor $489.98$468.604.6%

      Housing

      Item Margate National avg. Difference
      Home Price $215,300.00$184,700.0016.6%
      Avg. Mortgage Payment $3,476.17$2,346.6948.1%
      Apartment Rent $1,330.00$949.0040.1%

      Transportation

      Item Margate National avg. Difference
      Gasoline $3.43$3.460.9%
      Tire Balancing $63.46$59.925.9%

      Utilities

      Item Margate National avg. Difference
      All Electricity $200.94$193.993.6%
      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.
      Lauderdale Lakes, FL36,063973.2%
      Franklin Park, FL1,549981.7%
      Roosevelt Gardens, FL2,068991.0%
      Watergate, FL3,6581044.5%
      Lauderhill, FL71,8271044.5%
      Margate, FL58,4651099.3%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Orland Park, IL58,38011515.3%
      Corvallis, OR58,61212524.5%
      Des Plaines, IL58,31611414.2%
      South Whittier, CA58,61614949.1%
      Medford, MA58,29016565.2%
      Margate, FL58,4651099.3%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.