A+
2%
Overall NAT. AVG.
5%
Goods & Services NAT. AVG.
0%
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 Springs Florida National
Cost of living10298100
Goods & Services10598100
Groceries10499100
Health care9396100
Housing10096100
Transportation10199100
Utilities10397100

An Overview of Cost of Living in Palm Springs, FL

The cost of living in Palm Springs 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 Palm Springs is 102, which is 2% 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 Palm Springs 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. Palm Springs 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.

Is Palm Springs Affordable?

Is Palm Springs affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Palm Springs, for instance, where the median home price falls 13.2% lower than the national average, and monthly rent rates are 29.4% higher than usual. Additionally, median income levels contribute to the equation, with Palm Springs flaunting a median household income of $47,808, 13.6% lower than the national norm.

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

Transportation: When public transportation options are limited or non-existent, residents frequently resort to vehicle ownership, which can significantly contribute to the overall cost of living. Monthly financial obligations encompass fuel, insurance, regular maintenance and potentially lease or financing expenses. In Palm Springs, the transportation index is 1.1% higher than the national average.

Housing: When everyone's vying for homes in popular areas, it drives up property prices and rents, making the overall cost of living surge. On the flip side, in less sought-after locales, where housing demand is low, prices tend to dip, resulting in a more economical cost of living. In Palm Springs, the housing index comes in at 0.4% lower than the national average.

Subsidies: Certain cities or states may implement government subsidies or assistance programs with the goal of alleviating the cost of living pressures on their residents. These programs encompass a broad spectrum of support mechanisms, including 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 farming subsidies. Areas offering fewer subsidies may experience a rise in their cost of living.

Where is the Data From?

The Palm Springs cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Palm Springs is 5% higher than the Florida average
  • The cost of living in Palm Springs is 2% higher than the national average
  • Palm Springs housing is equal to 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 Springs

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Compare Palm Springs, 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$57,500$4,792$1,342$1,725
      Renters$41,755$3,480$974$1,253
      A good way to judge both the affordability of the housing and the cost of living in Palm Springs 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. Palm Springs has a median income of about $57,500 for people who own homes. Based on that number, a maximum of $1,342 should be spent on expenses related to housing. Renters have a slightly different median income, which is $41,755. Based on this average, renters should spend no more than $974 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 Palm Springs 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 Palm Springs 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 Palm Springs 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 Palm Springs National avg. Difference
      Home Price $160,400.00$184,700.0013.2%
      Avg. Mortgage Payment $3,476.17$2,346.6948.1%
      Apartment Rent $1,228.00$949.0029.4%

      Transportation

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

      Utilities

      Item Palm Springs 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.
      Plantation Mobile Home Park, FL1,6538713.1%
      Mangonia Park, FL2,228973.0%
      Lake Worth, FL36,838981.6%
      San Castle, FL4,0611010.5%
      Royal Palm Estates, FL1,6151011.1%
      Palm Springs, FL25,1681022.1%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Fountain Hills, AZ25,16713837.6%
      Homewood, AL25,17012323.0%
      Haines City, FL25,178963.9%
      Austin, MN25,1809010.0%
      Caledonia, WI25,1821054.6%
      Palm Springs, FL25,1681022.1%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.