What is Cost of Living?
Cost of living, simply put, is the amount of money an individual would need in order to maintain a certain standard of living in a particular location. If you are considering moving to a new city, state, or country, this information would be very helpful, providing a reliable estimate of how much the basic goods and services in this area would cost. Such statistics would be vital in your decision making, helping you assess whether you can afford to live comfortably in that area.
There is no single resource for cost of living. Various agencies provide this information to the public after thorough research. The process of determining the cost of living in a particular location involves selecting a representative sample of goods and services and checking their prices, taking into account the relative weight of these items on a typical family’s budget for a year.
2020 Cost of Living Index in Jupiter Island, FL
The cost of living index is a theoretical price index that measures the relative cost of living in particular locations over a specific period of time. As an index, the cost of living in the primary location is always set at 100, while the indexes for the other location/s being compared to it would either be higher or lower, reflecting the actual costs of the basic goods and services in these locations.
If you are planning to move to Jupiter Island, Florida and would want to know whether you can afford the cost of living in this island, you can refer to the cost of living index table below. This table shows the most recent cost of living indexes for Jupiter Island, as well as the ones for the state of Florida and the United States. In this table, the primary location is the United States, so all of the indexes under this column are valued at 100, while the indexes of Jupiter Island and Florida are more or less than 100, based on the actual values of the basic expenses in these locations.
As you can see from the table above, the overall cost of living index in Jupiter Island is 757.9 – significantly higher than the state and national indexes. The huge gap is primarily driven by its Housing index, which is at 2246.7, as the median home cost in this location as of September 2019 is $5,194,300; whereas, the median home cost for the state of Florida is $237,100, just a little over the national average home cost of $231,200. The rest of the indexes are not too high compared to the national average, and utilities and transportation are even lower compared to the national average.
Cost of Food and Groceries in Jupiter Island, FL
The difference between the average cost of some of the individual food items in Jupiter Island compared to the national average range from 3% to 38%. Fast food seems to be cheaper here. For example, pizza in this island costs around $9.99, 3.9% lower than the national average $10.39. Fried chicken also costs less here, at $1.33, 4.7% lower than the national average of $1.40. As for basic food items at the grocery store, the average cost of milk is $2.71, 38.1% higher than the national average of $1.96; potatoes are priced 15.6% higher at $3.68 compared to the national average of $3.18; and ground beef is also 10% more expensive at $4.29 compared to the national average price of $3.90.
Cost of Basic Services in Jupiter Island, FL
Having a haircut in Jupiter Island is typically cheaper, at $16.67, while the national average cost is $17.49. If you are going to the salon for a hair treatment, however, the average cost is $43.33, which is 13.5% higher than the national average of $38.17. If you love going to the movies, here’s some good news – a movie ticket only costs about $6.21, 42.1% cheaper than the national average of $10.72.
Jupiter Island, FL Housing Costs
Majority of the houses in Jupiter Island are occupied by homeowners, at 90.49%; while the remaining 9.51 % are occupied by renters. As mentioned earlier, the median home price in the island is $5,194,300. The average listing price of homes, on the other hand is $5,032,691. The median price per square foot is $2,795.94. If you are planning to rent your home on certain months, the average nightly rate ranges from $179 to $227.
Utility Costs in Jupiter Island, FL
Utility costs in Jupiter Island are more expensive than the national average. Total monthly electricity costs average at $208.89, 24.6% higher than the national average of $167.60. Phone expenses average at $185.34, 13.4% higher than the national average of $163.42.
Cost of Health Care in Jupiter Island, FL
Overall, the cost of health care in Jupiter Island is relatively more expensive than the rest of the nation. For instance, a visit to an optometrist costs around $164.33, which is 54.5% higher than what the other states pay on average, at $106.34. An appointment with a general physician costs approximately $130.00 on average, while the same check up anywhere else in the country would average $115.25. The cost of going to the dentist, however, is only slightly higher than the national average of $98.38, at around $101.75.
Transportation in Jupiter Island, FL
The average one-way commute in Jupiter Island takes about 26.3 minutes – a little shorter compared to the national average of 26.4 minutes. When it comes to commuting to work, 54.3% of residents drive their own car alone, 10.5% ride in a carpool, and 7.8% take public transportation. The remaining 20.2% work from home.
Major taxes collected in the state of Florida include sales and use tax, intangible tax, and corporate income taxes. There is no personal income tax imposed by the state. The combined 2020 sales tax rate for Martin County, where Jupiter Island is located, is 6.5% – comprised of the Florida state sales tax rate which is currently 6% and the Martin County sales tax rate which is 0.5%. Property tax is collected at the county level. Martin County uses a complicated formula to determine the property tax owed on any individual property, but to give you an idea, the median property tax based on the median Martin County property value of $254,900 is $2,315 per year, about 0.91% of a property’s assessed fair market value as property tax.
Moving to Jupiter Island, FL
If you are considering moving to Jupiter Island, Florida, knowledge of the cost of living in this island would greatly help you assess if you would be able to afford the same lifestyle here as you have been in your current location. And, if you are interested in buying a home in this wonderful part of Florida, I will be more than happy to show you all your best options. Feel free to give me a call at 561-781-0810 or send me an email at email@example.com if you have any questions or if you would like to schedule an appointment.