Cost of living in Lawrence research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Lawrence is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in Massachusetts, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Lawrence is 120, with 100 being the average.
The cost of living index in Lawrence is 1.2x higher than the national average.
Lawrence ranks as the #29 cheapest in Massachusetts out of 113.
Lawrence ranks as the #4,798 cheapest out of 6,412 in the US.
The median home value in Lawrence is $311,500.
The median income in Lawrence is $47,542.
According to the most recent data on the cost of living, Lawrence has an overall cost of living index of 120, which is 1.2x higher than the national index of 100.
Compared to Massachusetts, Lawrence has a cost of living index that's 0.8x lower than Massachusetts's index of 143.
The standard of living in Lawrence ranks as #29 most affordable out of the 113 places we measured in Massachusetts. By definition, that implies Lawrence ranks as the #84 most expensive place in the Bay State.
For more reading on life in Lawrence, check out:
Six factors go into calculating the cost of living index in Lawrence. Here is how it fairs on each of the criteria:
The Services index in Lawrence is 128.
The Groceries index in Lawrence is 115.
The Health index in Lawrence is 119.
The Housing index in Lawrence is 120.
The Transportation index in Lawrence is 107.
The Utilities index in Lawrence is 123.
|Living Expense||Lawrence||Massachusetts||National Average|
Housing swings affordability the most between places in Massachusetts, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2017-2021. The key points are:
The Median Home Value in Lawrence is $311,500.
The Median Rent in Lawrence is $1,303.
The Median Income in Lawrence is $47,542.
The Home Value To Income in Lawrence is 6.6x.
The Rent To Monthly Income in Lawrence is 0.33x.
|Median Home Value||$311,500||$424,700||$244,900|
|Home Value To Income||6.6x||4.8x||3.5x|
|Rent To Monthly Income||0.33x||0.19x||0.2x|
The cost of living varies in the cities and towns around Lawrence. Here's a quick look at the cost of living in the most populous nearby places:
Lowell, MA has a cost of living index of 119, 1.0x Lawrence.
Haverhill, MA has a cost of living index of 117, 1.0x Lawrence.
Arlington, MA has a cost of living index of 162, 1.4x Lawrence.
|City||Population||Cost Of Living||Vs. Lawrence|