Lakes cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
IndexLakesAlaskaNational
Cost of living index124133100
IndexLakesAlaskaNational
Goods & Services index121119100
Groceries index123128100
Health care index138143100
Housing index129135100
Transportation index124146100
Utilities index109159100
A general overview of the cost of living index for Lakes, AK is displayed above. In Lakes, AK, the overall cost of living index is 124, which is 7% lower than the Alaska average and 24% higher than the U.S. average. The following categories are used to calculate the overall cost of living index: goods/services (33%), housing (30%), groceries (13%), utilities (10%), transportation (9%) and health care (5%). From the list, it is clear that the categories of goods/services and housing are responsible for the largest portions of the overall cost of living index. As a general rule, everyday goods and services provide an accurate measure of the general cost of goods in any given city. In the case of Lakes, AK, the city's goods and services are 2% higher than the Alaska average and 21% higher than the U.S. average.

Did you know?

  • The cost of living in Lakes is 7% lower than the Alaska average.
  • The cost of living in Lakes is 24% higher than the national average.
  • The cost of housing in Lakes is 29% higher than the national average.
  • Alaska general sales tax is 100% lower than the national average.
  • Alaska state income tax is 100% lower than the national average.

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Compare Lakes, AK Cost of living To Other Cities

Salary Calculator

This is how much you would need to earn in
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Groceries index
Health care index
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The salary calculator allows you to compare how much your current salary in Lakes, AK would be worth in another city. In other words, the salary calculator will adjust the figure you enter for cost of living so that you can determine how much more or much less you would need to earn while maintaining your current quality of living. If you are considering relocating to a more expensive city than Lakes, AK, the calculator will tell you how much more you need to earn so you can assess job offers more accurately. The Lakes, AK salary calculator is easy to use. All you do is enter the name of another city, then move the slider to your current income. After that, the salary calculator will crunch the numbers for you and give you the information you need about the place you are considering going. Additionally, it will show a detailed breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$94,805$7,900$2,212$2,844
Renters$48,553$4,046$1,133$1,457
One can approximate the cost of living and the housing affordability in Lakes, AK by the percentage of a person’s income that he or she spends on the monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side and keep one’s head above the water, a consumer should never spend more than 28 percent of his or her gross income on housing-related expenses and costs and not more than 36 percent of income on all expenses and debts. Homeowners in Lakes, AK have a median income of $94,805. Therefore, the amount that a consumer should spend on housing costs should be no more than $2,212 per month to avoid calamity and poverty. The renters in the city have an income of about $48,553, which would make their monthly maximum allowable rental costs $1,133.

Alaska Sales Tax

StateGeneral Sales TaxWith Max Surtax
Alaska0%7%

Alaska Income Tax

StateIncome Tax (Low)Income Tax (High)
Alaska0%0%
One thing to keep in mind when considering the cost of living in Lakes, AK is the Alaska sales tax and Alaska income tax rates. Sales taxes are taxes that are collected on most goods or services sold. Sales taxes can vary by state and can be as high as 7% and as low as 0% as not every state imposes a sales tax. The Alaska sales tax rate is 0% and the maximum surtax that can be charged is 7%. Income tax is the tax imposed on income by both the federal and state government. The income tax rates varies by individual state and will also be higher or lower depending on the applicable tax bracket. The rates of state income tax can vary from 0% to more than 9%. The Alaska income tax rates range from 0% to 0%.

Goods & Services

ItemLakesNational avg.Difference
Haircut $19.20$14.5931.6%
Beauty Salon $51.20$34.6847.6%
Toothpaste $2.93$2.4718.5%
Shampoo $1.25$1.0222.3%
Movie $10.83$9.879.7%
Bowling $4.56$4.393.8%

Groceries

ItemLakesNational avg.Difference
Ground Beef $5.27$4.4817.7%
Fried Chicken $1.49$1.461.8%
Milk $2.37$2.360.6%
Potatoes $4.59$3.0649.9%
Pizza $10.00$9.248.2%
Beer $9.75$8.6312.9%

Health Care

ItemLakesNational avg.Difference
Optometrist $182.40$99.7882.8%
Doctor $169.40$105.0361.3%
Dentist $127.80$88.7044.1%
Ibuprofen $9.20$9.412.3%
Lipitor $310.51$298.504.0%

Housing

ItemLakesNational avg.Difference
Home Price $236,400.00$175,700.0034.5%
Avg. Mortgage Payment $1,842.82$1,081.0370.5%
Apartment Rent $1,073.00$920.0016.6%

Transportation

ItemLakesNational avg.Difference
Gasoline $2.79$2.0933.3%
Tire Balancing $44.30$45.292.2%

Utilities

ItemLakesNational avg.Difference
All Electricity$203.76$170.8019.3%
Phone $27.01$28.264.4%
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, StatePopulationCost of Living IndexNational Avg.
Houston, AK2,05811313%
Palmer, AK6,25011616%
Buffalo Soapstone, AK87811717%
Knik River, AK69011717%
Meadow Lakes, AK7,13911919%
Lakes, AK9,34512424%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Fife, WA9,34611313%
Lowell, IN9,34796-4%
Harleysville, PA9,34812727%
Groton, CT9,34812020%
Silverton, OR9,34211313%
Lakes, AK9,34512424%
Source: The Lakes, AK cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.