An Overview of Cost of Living in Lufkin, TX
The cost of living in Lufkin affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Lufkin is 88, which is 12% lower than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.
Everyday necessities such as clothing, personal hygiene products and recreational activities collectively contribute to the overall cost of living. The favorable news is that in Lufkin, these essential goods and services are priced 10.2% below the national average. This translates to the ability to procure essential items and indulge in leisure activities without depleting one's financial resources excessively. With the resulting savings, individuals have the opportunity to allocate additional funds towards their savings or other financial objectives.
What Do Locals Say About the Cost of Living in Lufkin?
The most insightful perspective on a city comes from its residents. We recently surveyed 6 locals to gauge their perception of the cost of living in Lufkin. The feedback revealed that 33% of respondents found the cost of living to be reasonable, with prices on the decline, while 67% regarded it as notably expensive with prices that continue to rise.
Is Lufkin Affordable?
Is Lufkin 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 Lufkin, for instance, where the median home price falls 35.8% lower than the national average, and monthly rent rates are 11.4% lower than usual. Additionally, median income levels contribute to the equation, with Lufkin flaunting a median household income of $48,369, 12.6% lower than the national norm.
What Factors can Influence the Cost of Living in Lufkin?
Utilities: Like everything else, utilities costs can range significantly depending on factors like climate, energy sources available, location and even state regulations. Things like electricity, water, heating and waste disposal costs can be higher or lower, depending on the city or state. The utilities index in Lufkin comes in at 12.2% higher than the national average.
Groceries: Grocery costs have continued to increase significantly over the last 2-3 years. In some markets the cost of food has gone up by more than 20% in that period. While other markets have managed to see only a moderate uptick. These food costs can have a major impact on the cost of living in any area. In Lufkin, the groceries index is 4.1% lower than the national average.
Urbanization: Urban areas with extensive amenities and job opportunities tend to have a higher cost of living due to increased demand for services and relocation, resulting in higher home prices and higher rents. Less densely populated rural areas, or areas with less demand tend to have fewer amenities and slower job growth, which results in a lower cost of living.
Where is the Data From?
The Lufkin cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.
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