An Overview of Cost of Living in Lawrence, MA
Are you thinking about relocating, but curious about the potential cost of living in Lawrence? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Lawrence stands at 127, making it 27% 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.
The cost of living in Lawrence is among the highest in the country, making it a very expensive place to live. Only a small fraction of regions boast a cost of living that is at least 20% higher than the national average, and regrettably, Lawrence falls into this category, which may not be suitable for those seeking an economically favorable living environment.
Housing costs make up a big chunk of the cost of living in Lawrence, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 44% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.
Recurring essentials like haircuts, toothpaste, and entertainment, from movies to gym sessions, can really add up in your budget and make up 33% of the cost of living index. In Lawrence, you you will have to spend 21.6% more than average when compared to the typical prices for these items, making it a more expensive place to live.
What Do Locals Say About the Cost of Living in Lawrence?
Locals have the inside scoop on their city. So, we polled 5 residents in Lawrence to learn how they view the cost of living. We asked how they felt about the cost of living in their area, and if they thought that prices were increasing, decreasing or staying the same. The verdict? 40% find it reasonable with decreasing prices, but 60% think it's quite pricey, with prices that continue to rise.
Is Lawrence Affordable?
Is Lawrence affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Lawrence, for instance, where the median home price falls 52% higher than the national average, and monthly rent rates are 25.2% higher than usual. Additionally, median income levels contribute to the equation, with Lawrence flaunting a median household income of $45,045, 18.6% lower than the national norm.
What Factors can Influence the Cost of Living in Lawrence?
Utilities: Similar to the prices of any other goods or services, utility expenditures can exhibit substantial variability, influenced by factors such as climate, energy sources accessibility, geographical location and state regulations. Costs related to electricity, water, heating, and waste disposal can fluctuate, whether higher or lower, contingent on the city or state. In Lawrence, the utilities index is 33.9% higher than the national average.
Housing: When everyone's vying for homes in popular areas, it drives up property prices and rents, making the overall cost of living surge. On the flip side, in less sought-after locales, where housing demand is low, prices tend to dip, resulting in a more economical cost of living. In Lawrence, the housing index comes in at 44% higher than the national average.
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 Lawrence, healthcare costs are 12.9% higher than the national average.
Where is the Data From?
The Lawrence 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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