Lakeland, TN Cost Of Living
Cost Of Living In Lakeland, TN Summary
Cost of living in Lakeland 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 Lakeland is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in Tennessee, 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 Lakeland is 107, with 100 being the average.
The cost of living index in Lakeland is 1.1x higher than the national average.
Lakeland ranks as the #92 cheapest in Tennessee out of 109.
Lakeland ranks as the #3,374 cheapest out of 6,489 in the US.
The median home value in Lakeland is $450,042.
The median income in Lakeland is $113,843.
Table Of Contents
Lakeland's Overall Cost Of Living
Higher Than The National Average
What is the cost of living in Lakeland, TN?
According to the most recent data on the cost of living, Lakeland has an overall cost of living index of 107, which is 1.1x higher than the national index of 100.
Compared to Tennessee, Lakeland has a cost of living index that's 1.2x higher than Tennessee's index of 90.
The standard of living in Lakeland ranks as #92 most affordable out of the 109 places we measured in Tennessee. By definition, that implies Lakeland ranks as the #17 most expensive place in the Volunteer State.
For more reading on life in Lakeland, check out:
In Tennessee
In America
Lakeland Cost Of Living Vs. Tennessee
Six factors go into calculating the cost of living index in Lakeland. Here is how it fairs on each of the criteria:
The Services index in Lakeland is 92.
The Groceries index in Lakeland is 100.
The Health index in Lakeland is 85.
The Housing index in Lakeland is 144.
The Transportation index in Lakeland is 88.
The Utilities index in Lakeland is 91.
| Living Expense | Lakeland | Tennessee | National Average | |
|---|---|---|---|---|
| Overall | 107 | 90 | 100 | |
| Services | 92 | 93 | 100 | |
| Groceries | 100 | 99 | 100 | |
| Health | 85 | 87 | 100 | |
| Housing | 144 | 81 | 100 | |
| Transportation | 88 | 89 | 100 | |
| Utilities | 91 | 95 | 100 | |
Lakeland, TN Housing Cost Breakdown
Housing swings affordability the most between places in Tennessee, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2019-2023. The key points are:
The Median Home Value in Lakeland is $450,042.
The Median Rent in Lakeland is $1,611.
The Median Income in Lakeland is $113,843.
The Home Value To Income in Lakeland is 4.0x.
The Rent To Monthly Income in Lakeland is 0.17x.
Median Home Value
Median Rent
Median Income
Lakeland, TN Costs By Category
Detailed Lakeland Services Costs Vs. Tennessee
Detailed Lakeland Groceries Costs Vs. Tennessee
Detailed Lakeland Health Costs Vs. Tennessee
Detailed Lakeland Transportation Costs Vs. Tennessee
Detailed Lakeland Utilities Costs Vs. Tennessee
Lakeland SnackAbility
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Cost Of Living In Cities Around Lakeland
The cost of living varies in the cities and towns around Lakeland. Here's a quick look at the cost of living in the most populous nearby places:
Memphis, TN has a cost of living index of 84, 0.8x Lakeland.
Bartlett, TN has a cost of living index of 99, 0.9x Lakeland.
Collierville, TN has a cost of living index of 114, 1.1x Lakeland.
| City | Population | Cost Of Living | Vs. Lakeland |
|---|---|---|---|
| Memphis, TN | 629,063 | 84 | 0.8x |
| Bartlett, TN | 56,998 | 99 | 0.9x |
| Collierville, TN | 51,212 | 114 | 1.1x |
| Germantown, TN | 40,812 | 115 | 1.1x |
| Arlington, TN | 14,989 | 110 | 1.0x |
| Millington, TN | 11,117 | 89 | 0.8x |
| Atoka, TN | 10,237 | 101 | 0.9x |
| Oakland, TN | 9,544 | 101 | 0.9x |
| Munford, TN | 6,459 | 98 | 0.9x |
