Cost Of Living in Lockwood, MT

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B+

4%

Overall NAT. AVG.

4%

Goods & Services NAT. AVG.

3%

Housing NAT. AVG.

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	Lockwood	Montana	National
Cost of living	104	101	100
Goods & Services	104	104	100
Groceries	101	103	100
Health care	104	98	100
Housing	103	99	100
Transportation	125	109	100
Utilities	93	93	100

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Cost Of Living Quick Facts

The cost of living in Lockwood is 3% higher than the Montana average
The cost of living in Lockwood is 4% higher than the national average
Lockwood housing is 3% higher than the national average
Montana general sales tax is 100% lower than the national average
Montana state income tax is 61% lower than the national average

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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	$64,784	$5,399	$1,512	$1,944
Renters	$34,583	$2,882	$807	$1,038

The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Lockwood, MT, as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Lockwood homeowners, is $64,784. This would allow for a maximum of $1,512 per month to be spent on housing costs. For renters, the median monthly income is $34,583 which would result in a maximum of $807 to be spent on rental costs.

Montana Sales Tax

State	General Sales Tax	With Max Surtax
Montana	0%	0%

Montana Income Tax

State	Income Tax (Low)	Income Tax (High)
Montana	1%	6.75%

Goods & Services

Item	Lockwood	National avg.	Difference
Haircut	$29.17	$24.26	20.2%
Beauty Salon	$41.59	$45.56	8.7%
Toothpaste	$4.10	$3.70	10.8%
Shampoo	$1.23	$1.28	3.9%
Movie	$12.47	$12.13	2.8%
Bowling	$17.73	$18.00	1.5%

Groceries

Item	Lockwood	National avg.	Difference
Ground Beef	$5.69	$5.84	2.5%
Fried Chicken	$1.40	$1.57	10.7%
Milk	$4.75	$4.67	1.6%
Potatoes	$4.54	$4.93	8.1%
Pizza	$12.10	$12.09	0.1%
Beer	$10.75	$10.41	3.3%

Health Care

Item	Lockwood	National avg.	Difference
Optometrist	$153.82	$125.68	22.4%
Doctor	$187.05	$135.78	37.8%
Dentist	$102.51	$113.29	9.5%
Ibuprofen	$10.61	$10.65	0.4%
Lipitor	$348.38	$468.60	25.7%

Housing

Item	Lockwood	National avg.	Difference
Home Price	$199,600.00	$184,700.00	8.1%
Avg. Mortgage Payment	$2,351.75	$2,346.69	0.2%
Apartment Rent	$853.00	$949.00	10.1%

Transportation

Item	Lockwood	National avg.	Difference
Gasoline	$3.45	$3.46	0.2%
Tire Balancing	$111.34	$59.92	85.8%

Utilities

Item	Lockwood	National avg.	Difference
All Electricity	$177.24	$193.99	8.6%
Phone	$183.03	$192.25	4.8%

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.
Shepherd, MT	944	105	4.7%
Worden, MT	481	100	0.1%
Ballantine, MT	352	108	8.1%
Huntley, MT	522	108	8.1%
Billings, MT	109,705	109	8.6%
Lockwood, MT	8,206	104	4.1%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Mount Joy, PA	8,204	102	2.0%
Kirkland Lake, ON	8,204	n/a
Westlake Village, CA	8,203	222	122.3%
Carl Junction, MO	8,202	94	6.4%
North Patchogue, NY	8,202	134	34.2%
Lockwood, MT	8,206	104	4.1%