A+
19%
Overall NAT. AVG.
8%
Goods & Services NAT. AVG.
48%
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 Palatka Florida National
Cost of living8198100
Goods & Services9298100
Groceries9699100
Health care9496100
Housing5296100
Transportation10499100
Utilities8697100

An Overview of Cost of Living in Palatka, FL

Understanding the cost of living in Palatka 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 Palatka cost of living index is 81, which is 19% lower 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.

It's not uncommon for housing expenses to eat up a substantial portion of your income, oten exceeding 30%. The good news is that Palatka stands out by reporting housing costs that are 47.6% lower than the national average. This signifies that both homeownership and rental expenses in this region are considerably more affordable compared to the rest of the country. This favorable housing situation allows residents to allocate a more manageable portion of their income to housing, resulting in greater financial flexibility.

What Do Locals Say About the Cost of Living in Palatka?

Nobody knows their city better than the people who actually live there. So, we asked 7 local residents how they would rate the cost of living in Palatka and this is how they responded. 57% of people said that the cost of living was affordable, with prices decreasing, while 43% of people said that the cost of living was very expensive and prices continue to rise.

Is Palatka Affordable?

Is Palatka an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Palatka is 59.6% lower than the national average, while the average monthly rent prices are 19.6% lower than average. The affordability of any location can also be influenced by median income levels. Palatka has a median household income of $27,143, which is 50.9% lower than the national average.

What Factors can Influence the Cost of Living in Palatka?

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 Palatka, the healthcare costs are 5.6% lower than the national average.

Urbanization: Urban areas with a wealth of amenities and employment opportunities tend to come with a higher price tag for living. Why? Well, more people want to be there, which drives up home prices and rents. On the flip side, less densely populated rural areas or places where there's not as much demand usually mean fewer attractions, things to do and slower job growth. That often results in a lower cost of living.

Taxes: Regions that impose higher taxes, including sales and income taxes, can contribute to an increased cost of living. Higher taxes for everyday necessities such as clothing, utilities and food inevitably leads to higher expenditures. Additionally, a higher income tax rate can also play a role in elevating the overall cost of living. In Palatka, the prevailing sales tax rate starts at 6%, and income tax rates kick off at 0%.

Where is the Data From?

The cost of living data in Palatka 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 Palatka is 17% lower than the Florida average
  • The cost of living in Palatka is 19% lower than the national average
  • Palatka housing is 48% 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

Most Affordable Places to Live in and Around Palatka

See all the best places to live around Palatka

Compare Palatka, 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$33,571$2,798$783$1,007
      Renters$25,092$2,091$585$753
      A good way to judge both the affordability of the housing and the cost of living in Palatka 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. Palatka has a median income of about $33,571 for people who own homes. Based on that number, a maximum of $783 should be spent on expenses related to housing. Renters have a slightly different median income, which is $25,092. Based on this average, renters should spend no more than $585 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 Palatka National avg. Difference
      Haircut $22.56$24.267.0%
      Beauty Salon $62.28$45.5636.7%
      Toothpaste $3.65$3.701.5%
      Shampoo $1.41$1.2810.4%
      Movie $13.48$12.1311.1%
      Bowling $16.89$18.006.2%

      Groceries

      Item Palatka National avg. Difference
      Ground Beef $5.76$5.841.4%
      Fried Chicken $1.42$1.579.7%
      Milk $4.55$4.672.6%
      Potatoes $5.29$4.937.2%
      Pizza $10.99$12.099.1%
      Beer $11.00$10.415.7%

      Health Care

      Item Palatka National avg. Difference
      Optometrist $80.94$125.6835.6%
      Doctor $125.35$135.787.7%
      Dentist $103.14$113.299.0%
      Ibuprofen $10.54$10.651.0%
      Lipitor $490.06$468.604.6%

      Housing

      Item Palatka National avg. Difference
      Home Price $74,600.00$184,700.0059.6%
      Avg. Mortgage Payment $2,315.76$2,346.691.3%
      Apartment Rent $763.00$949.0019.6%

      Transportation

      Item Palatka National avg. Difference
      Gasoline $3.36$3.462.9%
      Tire Balancing $54.31$59.929.4%

      Utilities

      Item Palatka National avg. Difference
      All Electricity $162.33$193.9916.3%
      Phone $192.62$192.250.2%
      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.
      Interlachen, FL1,8437920.5%
      Pomona Park, FL1,1798515.1%
      Flagler Estates, FL3,3488712.6%
      Crescent City, FL1,7048911.4%
      East Palatka, FL1,625918.5%
      Palatka, FL10,3888118.6%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Liberty Lake, WA10,38112323.3%
      Vidalia, GA10,3808614.2%
      Danville, IN10,380972.9%
      Beverly Hills, MI10,37812726.9%
      Cambridge, OH10,3988416.0%
      Palatka, FL10,3888118.6%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.