D
29%
Overall NAT. AVG.
7%
Goods & Services NAT. AVG.
103%
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 Palm City Florida National
Cost of living12998100
Goods & Services9398100
Groceries9999100
Health care9796100
Housing20396100
Transportation9899100
Utilities10997100

An Overview of Cost of Living in Palm City, FL

Knowing the cost of living in Palm City allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Palm City stands at 129, marking it 29% higher than the national average.

The cost of living in Palm City is among the highest in the country, making it a very expensive place to live. Only a small fraction of regions boast a cost of living that is at least 20% higher than the national average, and regrettably, Palm City falls into this category, which may not be suitable for those seeking an economically favorable living environment.

When it comes to the cost of living in Palm City, 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 103.5% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.

Is Palm City Affordable?

Wondering if Palm City 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 Palm City, for example, the median home price is 112.1% higher than what folks pay nationally, and monthly rent is 83.4% higher than the usual rates. Plus, income levels matter too, with Palm City boasting a median household income of $100,272, which is 81.3% higher than the national average.

What Factors can Influence the Cost of Living in Palm City?

Subsidies: Some areas might offer government subsidies or assistance programs that help lower cost of living for residents. These programs can include anything from Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and crop subsidies. Areas that offer less subsidies, could see an increase in their cost of living.

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.

Housing: High demand for housing in desirable locations can drive up property prices and rental rates. This can be a primary contributor to a higher cost of living. While low demand for housing, especially in undesirable locations, can have the reverse effect and drive prices down, resulting in a lower cost of living. The housing index in Palm City, is 103.5% higher than the national average.

Where is the Data From?

The Palm City 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 Palm City is 32% higher than the Florida average
  • The cost of living in Palm City is 29% higher than the national average
  • Palm City housing is 103% 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 Palm City

See all the best places to live around Palm City

Compare Palm City, 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$105,557$8,796$2,463$3,167
      Renters$57,977$4,831$1,353$1,739
      The percentage of monthly income spent on housing related expenses can help predict the affordability of housing in Palm City, 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 Palm City, homeowners have a median income of $105,557. Using that number, a maximum of $2,463 per month should be allocated to housing expenses. For those who are renting instead of owning, the median income is $57,977, which means there is a maximum of $1,353 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 Palm City National avg. Difference
      Haircut $21.00$24.2613.4%
      Beauty Salon $56.83$45.5624.7%
      Toothpaste $3.68$3.700.6%
      Shampoo $1.32$1.283.1%
      Movie $13.10$12.137.9%
      Bowling $14.75$18.0018.1%

      Groceries

      Item Palm City National avg. Difference
      Ground Beef $5.85$5.840.2%
      Fried Chicken $1.45$1.578.0%
      Milk $4.52$4.673.2%
      Potatoes $5.38$4.939.0%
      Pizza $12.62$12.094.4%
      Beer $10.69$10.412.6%

      Health Care

      Item Palm City National avg. Difference
      Optometrist $78.20$125.6837.8%
      Doctor $139.80$135.783.0%
      Dentist $132.83$113.2917.3%
      Ibuprofen $10.32$10.653.1%
      Lipitor $526.92$468.6012.4%

      Housing

      Item Palm City National avg. Difference
      Home Price $391,700.00$184,700.00112.1%
      Avg. Mortgage Payment $2,007.04$2,346.6914.5%
      Apartment Rent $1,740.00$949.0083.4%

      Transportation

      Item Palm City National avg. Difference
      Gasoline $3.45$3.460.5%
      Tire Balancing $54.85$59.928.5%

      Utilities

      Item Palm City National avg. Difference
      All Electricity $144.67$193.9925.4%
      Phone $196.14$192.252.0%
      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.
      Rio, FL705982.4%
      Ocean Breeze Park, FL2147821.6%
      Indiantown, FL7,1258514.8%
      River Park, FL7,139937.0%
      Indian River Estates, FL6,5421000.5%
      Palm City, FL25,03812929.3%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      University Park, TX25,027247146.5%
      Edgewood, MD25,0651054.8%
      De Pere, WI25,009972.5%
      Timberwood Park, TX25,00312424.4%
      Muskego, WI25,07711716.7%
      Palm City, FL25,03812929.3%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.