D-
29%
Overall NAT. AVG.
6%
Goods & Services NAT. AVG.
87%
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 Westwood Lakes Florida National
Cost of living12998100
Goods & Services10698100
Groceries10499100
Health care9696100
Housing18796100
Transportation10399100
Utilities10397100

An Overview of Cost of Living in Westwood Lakes, FL

Are you thinking about relocating, but curious about the potential cost of living in Westwood Lakes? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Westwood Lakes stands at 129, making it 29% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

If affordability is among your top priorities when searching for a new place to live, this area may not be the ideal fit, as the cost of living in Westwood Lakes is among the most expensive in the United States. Just a minority of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Westwood Lakes falls into this category, which may not align with your goal of finding a budget-friendly living environment.

Housing costs significantly influence the Westwood Lakes cost of living index, typically accounting for a substantial portion of one's post-tax income. Regrettably, within this particular region, expenses related to both residential ownership and renting exceeded those observed in an average city by 87.1%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.

Is Westwood Lakes Affordable?

Is Westwood Lakes 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 Westwood Lakes, the median home price is 89.6% higher than what most folks pay across the country, and monthly rent prices are 81.5% higher than the usual rates. Income levels in Westwood Lakes come in at $66,713, which is 20.6% higher than the national average.

What Factors can Influence the Cost of Living in Westwood Lakes?

Housing: When there's a high demand for housing in trendy places, it can cause property prices and rental rates to soar, leading to a significantly higher cost of living. Conversely, in less desirable locations, where demand is low, prices tend to decrease, resulting in a more budget-friendly cost of living. In Westwood Lakes, the housing index is 87.1% higher than the national average.

Groceries: Over the past 2-3 years, grocery expenses have experienced substantial upward trends. In certain markets, food prices have surged by over 20% during this period, while others have witnessed more modest increases. These fluctuations in food costs can wield significant influence over the overall cost of living in a given region. In Westwood Lakes, the groceries index is 4% higher than the national average.

Transportation: If public transportation is limited or not available, residents may need to own and maintain vehicles, which can add to the cost of living. Gas, insurance, regular maintenance and potentially lease or finance payments will all need to be paid on a monthly basis. In Westwood Lakes, the transportation index is 2.6% higher than the national average.

Where is the Data From?

The Westwood Lakes 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 Westwood Lakes is 32% higher than the Florida average
  • The cost of living in Westwood Lakes is 29% higher than the national average
  • Westwood Lakes housing is 87% 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 Westwood Lakes

See all the best places to live around Westwood Lakes

Compare Westwood Lakes, 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$81,635$6,803$1,905$2,449
      Renters$41,198$3,433$961$1,236
      A good indicator of the general affordability of housing in Westwood Lakes, 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 Westwood Lakes, the median monthly income is $81,635 for those who own their own homes. Under the standard rule, that income level would allow for $1,905 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $41,198, per the median income in the area. That would allow for renters to spend up to $961 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 Westwood Lakes 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 Westwood Lakes 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 Westwood Lakes 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 Westwood Lakes National avg. Difference
      Home Price $350,100.00$184,700.0089.6%
      Avg. Mortgage Payment $3,109.00$2,346.6932.5%
      Apartment Rent $1,722.00$949.0081.5%

      Transportation

      Item Westwood Lakes National avg. Difference
      Gasoline $3.49$3.460.8%
      Tire Balancing $64.09$59.927.0%

      Utilities

      Item Westwood Lakes 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.
      Medley, FL1,0538712.6%
      Gladeview, FL13,490981.8%
      Opa-locka, FL16,0081010.7%
      West Little River, FL32,2931033.3%
      Brownsville, FL17,4751055.1%
      Westwood Lakes, FL11,08612929.0%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Big Lake, MN11,0851087.7%
      New Albany, OH11,08514242.4%
      Lake Grove, NY11,08314646.5%
      Sonoma, CA11,08219696.0%
      Two Rivers, WI11,0798515.3%
      Westwood Lakes, FL11,08612929.0%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.