F
28%
Overall NAT. AVG.
22%
Goods & Services NAT. AVG.
47%
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 Lowell Massachusetts National
Cost of living128133100
Goods & Services122122100
Groceries105105100
Health care113113100
Housing147165100
Transportation118118100
Utilities134134100

An Overview of Cost of Living in Lowell, MA

Knowing the cost of living in Lowell 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 Lowell stands at 128, marking it 28% higher than the national average.

If affordability is among your top priorities when searching for a new place to live, this area may not be the ideal fit, as the cost of living in Lowell is among the most expensive in the United States. Just a minority of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Lowell falls into this category, which may not align with your goal of finding a budget-friendly living environment.

Housing costs are a major factor in the Lowell cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 46.9% higher than what's typical in an average city. That includes the prices of homes and rents, as well as 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 Lowell, 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 Lowell?

The most insightful perspective on a city comes from its residents. We recently surveyed 15 locals to gauge their perception of the cost of living in Lowell. The feedback revealed that 47% of respondents found the cost of living to be reasonable, with prices on the decline, while 53% regarded it as notably expensive with prices that continue to rise.

Is Lowell Affordable?

Is Lowell 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 Lowell, the median home price is 54.4% higher than what most folks pay across the country, and monthly rent prices are 29.5% higher than the usual rates. Income levels in Lowell come in at $62,196, which is 12.4% higher than the national average.

What Factors can Influence the Cost of Living in Lowell?

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 Lowell, the utilities index is 33.9% higher than the national average.

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 Lowell, the transportation index is 17.5% higher than the national average.

Taxes: Regions that impose higher taxes, including sales and income taxes, can contribute to an increased cost of living. Higher taxes for everyday necessities such as clothing, utilities and food inevitably leads to higher expenditures. Additionally, a higher income tax rate can also play a role in elevating the overall cost of living. In Lowell, the prevailing sales tax rate starts at 6.25%, and income tax rates kick off at 5%.

Where is the Data From?

The cost of living data in Lowell 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 Lowell is 4% lower than the Massachusetts average
  • The cost of living in Lowell is 28% higher than the national average
  • Lowell housing is 47% 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 Lowell

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Compare Lowell, 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$90,412$7,534$2,109$2,713
      Renters$42,250$3,521$986$1,268
      A good indicator of the general affordability of housing in Lowell, MA, is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Lowell, the median monthly income is $90,412 for those who own their own homes. Under the standard rule, that income level would allow for $2,109 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $42,250, per the median income in the area. That would allow for renters to spend up to $986 on monthly rental expenses.

      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 Lowell 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 Lowell 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 Lowell 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 Lowell National avg. Difference
      Home Price $285,200.00$184,700.0054.4%
      Avg. Mortgage Payment $4,745.89$2,346.69102.2%
      Apartment Rent $1,229.00$949.0029.5%

      Transportation

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

      Utilities

      Item Lowell 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%
      Pepperell, MA2,68512424.5%
      Lawrence, MA80,02212726.7%
      Nashua, NH89,05212625.8%
      Ayer, MA2,55112726.7%
      Lowell, MA111,31112827.6%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Centennial, CO111,33114040.1%
      Downey, CA111,26316262.0%
      Pompano Beach, FL111,20211110.5%
      Antioch, CA111,46814746.8%
      Thunder Bay, ON111,499n/a 
      Lowell, MA111,31112827.6%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.