Lakewood, NY, offers a cost of living that is slightly below the nationwide average, making it a potentially attractive location for budget-conscious individuals. The overall cost of living index for Lakewood stands at 94, which is 6% lower than the national average of 100. This index considers various expenses, including housing, groceries, utilities, transportation, healthcare, and miscellaneous items.
Specifically, housing costs in Lakewood are 15% below the national average, making it a more affordable choice for those looking to own or rent a home. While groceries and miscellaneous expenses also hover around the national average, transportation and utilities show minor savings. Healthcare costs in Lakewood match the national average, offering no extra expenses or savings in this critical area.
The cost of living in Lakewood, NY, offers a more affordable living experience compared to the nationwide average. Housing costs, for example, are about 15% lower, with an index of 85 compared to the national average of 100. This makes housing more accessible for residents in Lakewood.
Other areas, such as groceries, utilities, and miscellaneous expenses, are also below the national average. Groceries have a cost of living index of 98, which is just 2% higher than the national average. Utilities stand at 92, which means residents pay 8% less than the average American. Miscellaneous costs are at 98, again nearly matching the national average. Transportation costs are slightly lower, with an index of 95, meaning residents spend 5% less on getting around. Healthcare costs match the national average at 100, providing no significant difference in this important area. Overall, Lakewood offers a cost of living that is slightly lower than the nationwide average in several key areas.
