A+
9%
Overall NAT. AVG.
7%
Goods & Services NAT. AVG.
38%
Housing NAT. AVG.
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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 Lake Station Indiana National
Cost of living9190100
Goods & Services10794100
Groceries10498100
Health care10896100
Housing6272100
Transportation10795100
Utilities89107100

An Overview of Cost of Living in Lake Station, IN

Knowing the cost of living in Lake Station allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Lake Station stands at 91, marking it 9% lower than the national average.

The cost of living in Lake Station aligns closely with the national average when compared to other cities across the nation. Everyday essentials such as groceries, goods and services, health care and utility bills are priced at a level consistent with the average in similar urban areas. Lake Station residents can anticipate that their daily expenses won't be significantly higher than those in an average city, ensuring that the cost of living remains manageable.

Is Lake Station Affordable?

Is Lake Station an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Lake Station, the median home price is 53.4% lower than what most folks pay across the country, and monthly rent prices are 0.8% lower than the usual rates. Income levels in Lake Station come in at $48,585, which is 12.2% lower than the national average.

What Factors can Influence the Cost of Living in Lake Station?

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.

Transportation: If public transportation is limited or not available, residents may need to own and maintain vehicles, which can add to the cost of living. Gas, insurance, regular maintenance and potentially lease or finance payments will all need to be paid on a monthly basis. In Lake Station, the transportation index is 7.2% higher than the national average.

Groceries: Grocery prices have seen substantial hikes in the last 2-3 years, with some markets witnessing food cost increases of over 20% during this period. Conversely, certain markets have experienced only moderate upticks. These variations in food expenses can have a substantial impact on the overall cost of living in any locality. In Lake Station, the groceries index is 3.5% higher than the national average.

Where is the Data From?

The cost of living data in Lake Station displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.

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Cost Of Living Quick Facts

  • The cost of living in Lake Station is 2% higher than the Indiana average
  • The cost of living in Lake Station is 9% lower than the national average
  • Lake Station housing is 38% lower than the national average
  • Indiana general sales tax is 37% higher than the national average
  • Indiana state income tax is 21% higher than the national average

Most Affordable Places to Live in and Around Lake Station

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Compare Lake Station, IN Cost of Living

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      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

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$52,619$4,385$1,228$1,579
      Renters$41,508$3,459$968$1,245
      To approximate the cost of living and the housing affordability in Lake Station, IN, we can look at the percentage of income that is available to be spent on monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side, a consumer should not spend more than 28% of his or her gross income on housing-related expenses and costs and not more than 36% of income on all expenses and debts. Homeowners in Lake Station have a median income of $52,619. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,228 per month to avoid calamity and poverty. The renters in the city have an income of about $41,508, which would make their monthly maximum allowable rental costs $968.

      Indiana Sales Tax

      State General Sales Tax With Max Surtax
      Indiana 7% 7%

      Indiana Income Tax

      State Income Tax (Low) Income Tax (High)
      Indiana 3.15% 3.15%

      Goods & Services

      Item Lake Station National avg. Difference
      Haircut $33.69$24.2638.9%
      Beauty Salon $53.44$45.5617.3%
      Toothpaste $3.75$3.701.4%
      Shampoo $1.27$1.281.1%
      Movie $17.91$12.1347.6%
      Bowling $24.58$18.0036.6%

      Groceries

      Item Lake Station National avg. Difference
      Ground Beef $5.28$5.849.5%
      Fried Chicken $1.42$1.579.7%
      Milk $4.87$4.674.3%
      Potatoes $4.90$4.930.7%
      Pizza $13.41$12.0910.9%
      Beer $10.00$10.414.0%

      Health Care

      Item Lake Station National avg. Difference
      Optometrist $118.27$125.685.9%
      Doctor $167.67$135.7823.5%
      Dentist $128.22$113.2913.2%
      Ibuprofen $10.97$10.652.9%
      Lipitor $382.34$468.6018.4%

      Housing

      Item Lake Station National avg. Difference
      Home Price $86,100.00$184,700.0053.4%
      Avg. Mortgage Payment $2,578.06$2,346.699.9%
      Apartment Rent $941.00$949.000.8%

      Transportation

      Item Lake Station National avg. Difference
      Gasoline $3.56$3.462.7%
      Tire Balancing $70.87$59.9218.3%

      Utilities

      Item Lake Station National avg. Difference
      All Electricity $148.58$193.9923.4%
      Phone $210.03$192.259.3%
      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.
      Wheeler, IN2291043.9%
      East Chicago, IN28,0448712.7%
      Gary, IN75,4868812.0%
      New Chicago, IN1,846918.6%
      Hammond, IN76,141927.7%
      Lake Station, IN11,952918.6%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Westview, FL11,9551088.4%
      Lansing, KS11,955973.4%
      Les Îles-de-la-Madeleine, QC11,947n/a 
      Pecos, TX11,9578514.9%
      Lantana, FL11,95811313.3%
      Lake Station, IN11,952918.6%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.