D-
28%
Overall NAT. AVG.
6%
Goods & Services NAT. AVG.
84%
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 The Hammocks Florida National
Cost of living12898100
Goods & Services10698100
Groceries10499100
Health care9696100
Housing18496100
Transportation10399100
Utilities10397100

An Overview of Cost of Living in The Hammocks, FL

Understanding the cost of living in The Hammocks 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 The Hammocks cost of living index is 128, which is 28% 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 The Hammocks 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, The Hammocks falls into this category, which may not be suitable for those seeking an economically favorable living environment.

Housing costs are a very significant part of the The Hammocks cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 84% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.

Is The Hammocks Affordable?

Is The Hammocks an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in The Hammocks, the median home price is 81.9% higher than what most folks pay across the country, and monthly rent prices are 88.9% higher than the usual rates. Income levels in The Hammocks come in at $73,502, which is 32.9% higher than the national average.

What Factors can Influence the Cost of Living in The Hammocks?

Subsidies: Certain cities or states may institute government subsidies or assistance programs designed to alleviate the financial burdens associated with the cost of living for their residents. These programs encompass a variety 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 farm subsidies. Areas that provide fewer subsidies may see an uptick in their overall cost of living.

Healthcare: The costs associated with healthcare and insurance premiums can exhibit notable disparities based on the city or state of residence. Access to healthcare facilities, out-of-pocket expenses for medical appointments, dental care charges, prescription medication costs and specialized medical care expenses all contribute to variations in the cost of living. In The Hammocks, healthcare costs are 4.2% lower 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 The Hammocks, the housing index comes in at 84% higher than the national average.

Where is the Data From?

The cost of living data in The Hammocks 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 The Hammocks is 31% higher than the Florida average
  • The cost of living in The Hammocks is 28% higher than the national average
  • The Hammocks housing is 84% 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 The Hammocks

See all the best places to live around The Hammocks

Compare The Hammocks, 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$90,472$7,539$2,111$2,714
      Renters$53,489$4,457$1,248$1,605
      A good way to judge both the affordability of the housing and the cost of living in The Hammocks 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. The Hammocks has a median income of about $90,472 for people who own homes. Based on that number, a maximum of $2,111 should be spent on expenses related to housing. Renters have a slightly different median income, which is $53,489. Based on this average, renters should spend no more than $1,248 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 The Hammocks National avg. Difference
      Haircut $20.53$24.2615.4%
      Beauty Salon $88.07$45.5693.3%
      Toothpaste $3.51$3.705.2%
      Shampoo $1.53$1.2819.7%
      Movie $14.35$12.1318.2%
      Bowling $23.67$18.0031.5%

      Groceries

      Item The Hammocks National avg. Difference
      Ground Beef $6.11$5.844.6%
      Fried Chicken $1.40$1.5711.2%
      Milk $4.60$4.671.5%
      Potatoes $5.24$4.936.2%
      Pizza $14.13$12.0916.9%
      Beer $11.44$10.419.9%

      Health Care

      Item The Hammocks National avg. Difference
      Optometrist $98.49$125.6821.6%
      Doctor $127.08$135.786.4%
      Dentist $107.83$113.294.8%
      Ibuprofen $11.10$10.654.2%
      Lipitor $490.35$468.604.6%

      Housing

      Item The Hammocks National avg. Difference
      Home Price $336,000.00$184,700.0081.9%
      Avg. Mortgage Payment $3,109.00$2,346.6932.5%
      Apartment Rent $1,793.00$949.0088.9%

      Transportation

      Item The Hammocks National avg. Difference
      Gasoline $3.49$3.460.8%
      Tire Balancing $64.09$59.927.0%

      Utilities

      Item The Hammocks 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.
      Homestead Base, FL7251044.2%
      Medley, FL1,0538712.6%
      Gladeview, FL13,490981.8%
      West Little River, FL32,2931033.3%
      Brownsville, FL17,4751055.1%
      The Hammocks, FL63,68712828.1%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Pflugerville, TX63,6101087.8%
      Haverhill, MA63,78312929.4%
      Port Orange, FL63,8151033.1%
      Fredericton, NB63,818n/a 
      Dundalk, MD63,8261021.7%
      The Hammocks, FL63,68712828.1%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.