A+
12%
Overall NAT. AVG.
3%
Goods & Services NAT. AVG.
28%
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 Lake City Florida National
Cost of living8898100
Goods & Services9798100
Groceries9699100
Health care9896100
Housing7296100
Transportation9399100
Utilities9097100

An Overview of Cost of Living in Lake City, FL

Understanding the cost of living in Lake City 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 Lake City cost of living index is 88, which is 12% 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.

Is Lake City Affordable?

Is Lake City affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Lake City, the median home price is 36.5% lower than the national average and monthly rent prices are 8.7% lower than the typical rates. Additionally, the median income levels play a role in affordability, with Lake City boasting a median household income of $40,397, 27% lower than the national average.

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

Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In Lake City, healthcare costs are 1.7% lower than the national average.

Groceries: Grocery expenditures have undergone notable escalation over the last 2-3 years. In some markets, the cost of food products has surged by more than 20%, while others have experienced only modest increments. These fluctuations in food costs can have a significant impact on the overall cost of living in any region. In Lake City, the groceries index registers 4.3% lower than the national average.

Housing: A sought-after location with high housing demand often leads to increased property values and rental rates, which can significantly inflate the overall cost of living. Conversely, areas with low housing demand, particularly in less desirable locales, tend to experience the opposite effect, causing prices to drop and contributing to a more affordable cost of living. In Lake City, the housing index stands at 28.2% lower than the national average.

Where is the Data From?

The cost of living in Lake City, 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 Lake City is 10% lower than the Florida average
  • The cost of living in Lake City is 12% lower than the national average
  • Lake City housing is 28% 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 Lake City

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Compare Lake 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$55,758$4,647$1,301$1,673
      Renters$27,351$2,279$638$821
      A good indicator of the general affordability of housing in Lake City, FL, is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Lake City, the median monthly income is $55,758 for those who own their own homes. Under the standard rule, that income level would allow for $1,301 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $27,351, per the median income in the area. That would allow for renters to spend up to $638 on monthly rental expenses.

      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 Lake City National avg. Difference
      Haircut $19.97$24.2617.7%
      Beauty Salon $52.72$45.5615.7%
      Toothpaste $3.70$3.700.0%
      Shampoo $1.01$1.2820.9%
      Movie $12.00$12.131.1%
      Bowling $10.00$18.0044.4%

      Groceries

      Item Lake City National avg. Difference
      Ground Beef $6.00$5.842.7%
      Fried Chicken $1.43$1.579.3%
      Milk $4.49$4.673.9%
      Potatoes $5.52$4.9311.9%
      Pizza $12.16$12.090.6%
      Beer $9.84$10.415.5%

      Health Care

      Item Lake City National avg. Difference
      Optometrist $120.50$125.684.1%
      Doctor $118.67$135.7812.6%
      Dentist $115.95$113.292.3%
      Ibuprofen $10.04$10.655.8%
      Lipitor $530.12$468.6013.1%

      Housing

      Item Lake City National avg. Difference
      Home Price $117,300.00$184,700.0036.5%
      Avg. Mortgage Payment $1,961.97$2,346.6916.4%
      Apartment Rent $866.00$949.008.7%

      Transportation

      Item Lake City National avg. Difference
      Gasoline $3.28$3.465.3%
      Tire Balancing $53.83$59.9210.2%

      Utilities

      Item Lake City National avg. Difference
      All Electricity $164.25$193.9915.3%
      Phone $190.47$192.250.9%
      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.
      White Springs, FL9668119.3%
      Watertown, FL2,3818415.6%
      Five Points, FL1,276918.5%
      Lake City, FL12,1668811.8%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Abbeville, LA12,1678416.0%
      Mendota, CA12,1731044.5%
      James Island, SC12,15712423.9%
      Parker, SC12,1758614.2%
      Braselton, GA12,17811414.3%
      Lake City, FL12,1668811.8%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.