A+
16%
Overall NAT. AVG.
6%
Goods & Services NAT. AVG.
41%
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 Lockport New York National
Cost of living84117100
Goods & Services94108100
Groceries97102100
Health care101103100
Housing59145100
Transportation95105100
Utilities94100100

An Overview of Cost of Living in Lockport, NY

The cost of living in Lockport 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 Lockport is 84, which is 16% lower than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

Lockport housing costs are 40.7% less than the national average, making this area an affordable place to live. Your net income can be heavily impacted by housing expenses, at times exceeding 30%. Fortunately, this area demonstrates that both homeownership and renting costs are significantly more budget-friendly than in the rest of the country. With such favorable housing affordability, Lockport residents can earmark a more manageable portion of their income to housing.

Is Lockport Affordable?

Is Lockport 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 Lockport, the median home price is 48.2% lower than what most folks pay across the country, and monthly rent prices are 23% lower than the usual rates. Income levels in Lockport come in at $46,706, which is 15.6% lower than the national average.

What Factors can Influence the Cost of Living in Lockport?

Taxes: Areas with higher taxes, including sales taxes and income taxes, can contribute to a higher cost of living. Paying more tax for everyday goods and services like clothing and food will result in higher costs, as will paying a higher rate of income tax. The general sales tax rate in Lockport starts at 4% and the income tax rates start at 4%.

Housing: When there's a high demand for housing in trendy places, it can cause property prices and rental rates to soar, leading to a significantly higher cost of living. Conversely, in less desirable locations, where demand is low, prices tend to decrease, resulting in a more budget-friendly cost of living. In Lockport, the housing index is 40.7% lower 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 Lockport, the groceries index is 3.1% lower than the national average.

Where is the Data From?

The Lockport 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 Lockport is 28% lower than the New York average
  • The cost of living in Lockport is 16% lower than the national average
  • Lockport housing is 41% lower than the national average
  • New York general sales tax is 22% lower than the national average
  • New York state income tax is 54% higher than the national average

Most Affordable Places to Live in and Around Lockport

See all the best places to live around Lockport

Compare Lockport, NY 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$70,238$5,853$1,639$2,107
      Renters$31,993$2,666$746$960
      The affordability of the housing market in Lockport, NY as well as the overall cost of living can be predicted by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Lockport homeowners, the median income is $70,238. This indicates that a monthly maximum of $1,639 should be spent by homeowners on all housing related costs. Renters have a median income of $31,993. This indicates that renters would have a maximum of $746 for their rent related monthly costs.

      New York Sales Tax

      State General Sales Tax With Max Surtax
      New York 4% 8.875%

      New York Income Tax

      State Income Tax (Low) Income Tax (High)
      New York 4% 10.9%

      Goods & Services

      Item Lockport National avg. Difference
      Haircut $21.65$24.2610.8%
      Beauty Salon $53.07$45.5616.5%
      Toothpaste $3.61$3.702.5%
      Shampoo $1.30$1.281.8%
      Movie $12.76$12.135.2%
      Bowling $14.60$18.0018.9%

      Groceries

      Item Lockport National avg. Difference
      Ground Beef $6.16$5.845.5%
      Fried Chicken $1.39$1.5711.4%
      Milk $4.67$4.670.0%
      Potatoes $5.26$4.936.5%
      Pizza $10.99$12.099.1%
      Beer $10.47$10.410.6%

      Health Care

      Item Lockport National avg. Difference
      Optometrist $75.93$125.6839.6%
      Doctor $103.92$135.7823.5%
      Dentist $149.67$113.2932.1%
      Ibuprofen $10.42$10.652.2%
      Lipitor $464.18$468.600.9%

      Housing

      Item Lockport National avg. Difference
      Home Price $95,600.00$184,700.0048.2%
      Avg. Mortgage Payment $2,421.64$2,346.693.2%
      Apartment Rent $731.00$949.0023.0%

      Transportation

      Item Lockport National avg. Difference
      Gasoline $3.46$3.460.1%
      Tire Balancing $48.79$59.9218.6%

      Utilities

      Item Lockport National avg. Difference
      All Electricity $173.44$193.9910.6%
      Phone $195.54$192.251.7%
      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.
      South Lockport, NY8,3448020.4%
      Middleport, NY1,8898317.4%
      Barker, NY6058316.7%
      Tonawanda city, NY14,9918416.5%
      Newfane, NY3,2408415.8%
      Lockport, NY20,4208415.7%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Northfield, MN20,3991032.7%
      Elko, NV20,3961032.7%
      Suwanee, GA20,44412020.4%
      Forest Lake, MN20,39311111.0%
      Golden, CO20,39114645.6%
      Lockport, NY20,4208415.7%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.