A+
15%
Overall NAT. AVG.
6%
Goods & Services NAT. AVG.
40%
Housing NAT. AVG.
Search Homes for Sale
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 Lackawanna New York National
Cost of living85117100
Goods & Services94108100
Groceries97102100
Health care101103100
Housing60145100
Transportation95105100
Utilities94100100

An Overview of Cost of Living in Lackawanna, NY

Getting a feel for the cost of living in Lackawanna is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Lackawanna is 85, which is 15% lower than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.

Is Lackawanna Affordable?

Is Lackawanna an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Lackawanna is 46.2% lower than the national average, while the average monthly rent prices are 24.9% lower than average. The affordability of any location can also be influenced by median income levels. Lackawanna has a median household income of $39,984, which is 27.7% lower than the national average.

What Factors can Influence the Cost of Living in Lackawanna?

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 Lackawanna, the housing index stands at 39.8% lower than the national average.

Healthcare: Healthcare costs and insurance premiums can fluctuate greatly based on the city or state. Access to healthcare facilities, out-of-pocket expenses for doctor\’s visits, dentist costs, medication costs and specialized care costs can all impact the cost of living. In Lackawanna, the healthcare costs are 0.9% higher than the national average.

Urbanization: Larger, urban areas boasting abundant amenities and robust employment prospects often exhibit a heightened cost of living, driven by the increased demand for services and residential relocation. Consequently, this leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural locales or regions marked by diminished demand typically offer a more limited range of amenities and experience slower job market expansion. This translates into a more affordable cost of living.

Where is the Data From?

The cost of living in Lackawanna, 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.

New Real Estate Listings in Lackawanna Area
Search Homes for Sale in Lackawanna, NY

Cost Of Living Quick Facts

  • The cost of living in Lackawanna is 28% lower than the New York average
  • The cost of living in Lackawanna is 15% lower than the national average
  • Lackawanna housing is 40% lower than the national average
  • New York general sales tax is 22% lower than the national average
  • New York state income tax is 77% higher than the national average

Most Affordable Places to Live in and Around Lackawanna

See all the best places to live around Lackawanna

Compare Lackawanna, NY Cost of Living

      vs
      How would you rate the cost of living in Lackawanna?
      Write a review to give others more information about this area.
      Is the cost of living increasing or decreasing in Lackawanna?
      Write a review to give others more information about this area.
      See all Lackawanna poll results

      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$56,123$4,677$1,309$1,684
      Renters$25,242$2,104$589$757
      To approximate the cost of living and the housing affordability in Lackawanna, NY, we can look at the percentage of income that is available to be spent on monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side, a consumer should not spend more than 28% of his or her gross income on housing-related expenses and costs and not more than 36% of income on all expenses and debts. Homeowners in Lackawanna have a median income of $56,123. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,309 per month to avoid calamity and poverty. The renters in the city have an income of about $25,242, which would make their monthly maximum allowable rental costs $589.

      New York Sales Tax

      State General Sales Tax With Max Surtax
      New York 4% 8.875%

      New York Income Tax

      State Income Tax (Low) Income Tax (High)
      New York 4% 10.9%

      Goods & Services

      Item Lackawanna National avg. Difference
      Haircut $21.65$24.2610.8%
      Beauty Salon $53.07$45.5616.5%
      Toothpaste $3.61$3.702.5%
      Shampoo $1.30$1.281.8%
      Movie $12.76$12.135.2%
      Bowling $14.60$18.0018.9%

      Groceries

      Item Lackawanna National avg. Difference
      Ground Beef $6.16$5.845.5%
      Fried Chicken $1.39$1.5711.4%
      Milk $4.67$4.670.0%
      Potatoes $5.26$4.936.5%
      Pizza $10.99$12.099.1%
      Beer $10.47$10.410.6%

      Health Care

      Item Lackawanna National avg. Difference
      Optometrist $75.93$125.6839.6%
      Doctor $103.92$135.7823.5%
      Dentist $149.67$113.2932.1%
      Ibuprofen $10.42$10.652.2%
      Lipitor $464.18$468.600.9%

      Housing

      Item Lackawanna National avg. Difference
      Home Price $99,400.00$184,700.0046.2%
      Avg. Mortgage Payment $2,421.64$2,346.693.2%
      Apartment Rent $713.00$949.0024.9%

      Transportation

      Item Lackawanna National avg. Difference
      Gasoline $3.46$3.460.1%
      Tire Balancing $48.79$59.9218.6%

      Utilities

      Item Lackawanna National avg. Difference
      All Electricity $173.44$193.9910.6%
      Phone $195.54$192.251.7%
      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.
      Sloan, NY3,5478316.8%
      Tonawanda city, NY14,9918416.5%
      Buffalo, NY255,8058614.5%
      Lake Erie Beach, NY3,3748614.3%
      Blasdell, NY2,6598613.9%
      Lackawanna, NY17,7518515.5%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Maitland, FL17,74912727.3%
      Gretna, LA17,746946.0%
      Ocean Springs, MS17,756963.9%
      Miramichi, NB17,761n/a 
      Selma, AL17,7628218.2%
      Lackawanna, NY17,7518515.5%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.