F
27%
Overall NAT. AVG.
22%
Goods & Services NAT. AVG.
44%
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 Lawrence Massachusetts National
Cost of living127133100
Goods & Services122122100
Groceries105105100
Health care113113100
Housing144165100
Transportation118118100
Utilities134134100

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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Cost Of Living Quick Facts

  • The cost of living in Lawrence is 5% lower than the Massachusetts average
  • The cost of living in Lawrence is 27% higher than the national average
  • Lawrence housing is 44% higher than the national average
  • Massachusetts general sales tax is 22% higher than the national average
  • Massachusetts state income tax is 93% higher than the national average

Most Affordable Places to Live in and Around Lawrence

See all the best places to live around Lawrence

Compare Lawrence, MA 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$78,869$6,572$1,840$2,366
      Renters$36,148$3,012$843$1,085
      The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Lawrence, MA, 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 Lawrence homeowners, is $78,869. This would allow for a maximum of $1,840 per month to be spent on housing costs. For renters, the median monthly income is $36,148 which would result in a maximum of $843 to be spent on rental costs.

      Massachusetts Sales Tax

      State General Sales Tax With Max Surtax
      Massachusetts 6.25% 6.25%

      Massachusetts Income Tax

      State Income Tax (Low) Income Tax (High)
      Massachusetts 5% 9%

      Goods & Services

      Item Lawrence National avg. Difference
      Haircut $43.72$24.2680.2%
      Beauty Salon $65.56$45.5643.9%
      Toothpaste $3.53$3.704.7%
      Shampoo $1.49$1.2816.4%
      Movie $15.49$12.1327.6%
      Bowling $29.33$18.0063.0%

      Groceries

      Item Lawrence National avg. Difference
      Ground Beef $5.48$5.846.2%
      Fried Chicken $1.45$1.578.0%
      Milk $4.76$4.671.9%
      Potatoes $4.99$4.931.1%
      Pizza $12.52$12.093.6%
      Beer $10.21$10.411.9%

      Health Care

      Item Lawrence National avg. Difference
      Optometrist $123.17$125.682.0%
      Doctor $157.89$135.7816.3%
      Dentist $149.22$113.2931.7%
      Ibuprofen $11.39$10.656.9%
      Lipitor $384.69$468.6017.9%

      Housing

      Item Lawrence National avg. Difference
      Home Price $280,800.00$184,700.0052.0%
      Avg. Mortgage Payment $4,745.89$2,346.69102.2%
      Apartment Rent $1,188.00$949.0025.2%

      Transportation

      Item Lawrence National avg. Difference
      Gasoline $3.43$3.460.9%
      Tire Balancing $97.39$59.9262.5%

      Utilities

      Item Lawrence National avg. Difference
      All Electricity $302.72$193.9956.0%
      Phone $187.85$192.252.3%
      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.
      Hudson, NH7,23012020.2%
      Derry, NH22,89112120.8%
      Lowell, MA111,31112827.6%
      Haverhill, MA63,78312929.4%
      Amesbury Town, MA17,47413332.7%
      Lawrence, MA80,02212726.7%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Pleasanton, CA79,975226126.2%
      Mountain View, CA80,104283182.8%
      Brooklyn Park, MN80,1731054.8%
      Alameda, CA79,827207107.4%
      Saint-Jérôme, QC79,702n/a 
      Lawrence, MA80,02212726.7%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.