Lynn 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.
IndexLynnMassachusettsNational
Cost of living index127131100
IndexLynnMassachusettsNational
Goods & Services index130120100
Groceries index106107100
Health care index135120100
Housing index133165100
Transportation index111106100
Utilities index141123100
Displayed above is a general overview of the Lynn, MA cost of living index. The overall cost of living index in Lynn, MA is 127, which is 3% lower than the Massachusetts average and 27% higher than the national average. The cost of living index is created from the following categories: goods/services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). As you can see, goods/services and housing make up the majority of the overall cost of living index. Everyday goods and services can be a good indicator of the general cost of goods in a given city. In this case, the goods and services in Lynn, MA are 8% higher than the Massachusetts average and 30% higher than the national average.
How would you rate the cost of living in Lynn?View resultsWrite a review to give others more information about this area.
Is the cost of living increasing or decreasing in Lynn?View resultsWrite a review to give others more information about this area.

Did you know?

  • The cost of living in Lynn is 3% lower than the Massachusetts average.
  • The cost of living in Lynn is 27% higher than the national average.
  • The cost of housing in Lynn is 33% higher than the national average.
  • Massachusetts general sales tax is 23% higher than the national average.
  • Massachusetts state income tax is 129% higher than the national average.

Find Real Estate Listings In Lynn

Location
Price
Bedrooms
Bathrooms
 

New Real Estate Listings In Lynn

Compare Lynn, MA Cost of living To Other Cities

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
The salary calculator is used in order to provide a comparison of your current salary in Lynn, MA to another city of your choice. The calculator will inform you of what your salary needs to be in any specific city in order for you to maintain your living standard based on what the city’s cost of living is. As an example, if you are seeking to move to a city that has a higher cost of living compared to Lynn, MA, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Lynn, MA salary calculator, input the new city’s name and then move the slider to indicate your current income. The salary calculator will now process the numbers and show you whether you need to earn more or less in the chosen city. A comprehensive breakdown of the cost of living will also be shown.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$84,633$7,053$1,975$2,539
Renters$31,421$2,618$733$943
A good way to judge both the affordability of the housing and the cost of living is by simply calculating the maximum that a person should spend on housing in Lynn, MA, otherwise known as the debt-to-income ratio (DTI). The safest way to live in the city is to avoid spending more than 28 percent of the gross income that one earns on costs that pertain to housing and no more than 36 percent on all expenses and debts. Lynn, MA has a median income of about $84,633 for people who own homes. Based on that number, a person should spend a maximum of $1,975 on expenses related to housing. Renters have a slightly different median income, which is $31,421. Based on this average, renters should spend no more than $733 on all of their rental costs if they want to maintain a non-impoverished standard of living.

Massachusetts Sales Tax

StateGeneral Sales TaxWith Max Surtax
Massachusetts6.25%6.25%

Massachusetts Income Tax

StateIncome Tax (Low)Income Tax (High)
Massachusetts5.1%5.1%
When you are determining the total cost of living in Lynn, MA you will want to make sure you consider both the Massachusetts sales tax and the Massachusetts income tax rates. Sales tax come in the form of taxes levied on both services and goods that are sold. The sales tax rates are different state to state and range from zero sales tax to higher than 7%. The sales tax in Massachusetts is 6.25%, with the highest surtax being 6.25%. Tax that is on income by the government is income tax. Different states have different income tax rates and these rates can be higher or lower dependent on the corresponding tax bracket. The state income tax rates are different state to state and range from no income tax to more than 9% income tax. The income tax rates in Massachusetts have a range from 5.1% to 5.1%.

Goods & Services

ItemLynnNational avg.Difference
Haircut $21.98$16.0936.7%
Beauty Salon $51.87$37.3338.9%
Toothpaste $2.26$2.457.8%
Shampoo $1.05$1.004.6%
Movie $13.47$10.2831.0%
Bowling $8.95$4.9381.4%

Groceries

ItemLynnNational avg.Difference
Ground Beef $3.72$3.802.3%
Fried Chicken $1.56$1.4011.9%
Milk $1.98$2.011.5%
Potatoes $3.73$3.0123.9%
Pizza $10.62$9.897.5%
Beer $9.97$8.9012.0%

Health Care

ItemLynnNational avg.Difference
Optometrist $105.58$102.163.4%
Doctor $190.52$108.3675.8%
Dentist $126.73$92.5337.0%
Ibuprofen $9.19$9.281.0%
Lipitor $419.01$425.821.6%

Housing

ItemLynnNational avg.Difference
Home Price $263,700.00$184,700.0042.8%
Avg. Mortgage Payment $2,207.99$1,202.4483.6%
Apartment Rent $1,055.00$949.0011.2%

Transportation

ItemLynnNational avg.Difference
Gasoline $2.25$2.240.1%
Tire Balancing $61.72$46.2933.3%

Utilities

ItemLynnNational avg.Difference
All Electricity$238.05$165.9643.4%
Phone $39.99$28.6839.4%
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.
Chelsea, MA38,24413030%
Salem, MA42,80413434%
Revere, MA53,16513535%
Everett, MA44,63613838%
Peabody, MA52,23513838%
Lynn, MA92,07412727%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Santa Monica, CA92,247217117%
Miami Beach, FL91,78412929%
Boca Raton, FL91,70213030%
Westminster, CA91,63514848%
Lawrence, KS92,61199-1%
Lynn, MA92,07412727%
Source: The Lynn, MA cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.