Lancaster's Living Costs Significantly Lower Than National Average

November 29, 2023  /  Ted Cox

A recent report published by doxo, a renowned bill payment and financial services company, has shed light on the cost of living in Lancaster, Kentucky, revealing it to be substantially lower than the national average.

The report, titled "U.S. Mobile Phone Market Size and Household Spending Report 2023," featured in Fierce Wireless, provides a detailed analysis of household expenditures across the United States, including specific data for more than 4,000 cities.

Key Findings:

  • National vs. Lancaster Mobile Phone Bills: The report states that the average American household spends about $119 per month on mobile phone services. Contrastingly, residents of Lancaster pay significantly less, averaging $79 per month, which is 33.6% lower than the national average.

  • Overall Monthly Expenditures: In Lancaster, the average household spends approximately $1,536 per month, or $18,436 annually, on the ten most common household bills. This positions Lancaster as the 50th most expensive city in Kentucky for household expenses.

  • Comparative Cost of Living: When compared to the national average monthly cost of living, which stands at $2,046, Lancaster's living costs are 24.9% lower. Additionally, these costs are 10.2% lower than Kentucky's state average of $1,710.

  • Income vs. Expenses: In Lancaster, household bills constitute about 33% of the annual household income, which averages $56,393.

Detailed Breakdown of Household Bills in Lancaster:

  • Mortgage: The average monthly mortgage payment is $920.

  • Rent: Average rent costs are about $734 per month.

  • Auto Loans: Residents pay an average of $437 monthly for auto loans.

  • Utilities: Utility bills average $307 per month.

  • Health Insurance: Monthly health insurance costs average $101.

  • Auto Insurance: The average auto insurance payment is $188 monthly.

  • Cable & Internet: Monthly costs for cable and internet services average $79.

  • Mobile Phone Services: As previously mentioned, the average cost is $79 per month.

  • Alarm & Security: These services average $99 per month.

  • Life Insurance: The average monthly payment for life insurance is $81.

The report from doxo provides an insightful overview of the financial landscape for households in Lancaster, offering valuable data for current and prospective residents. The company has also made this information available in an easily digestible infographic format on their website, offering a comprehensive view of living costs in Lancaster.

For those seeking further details or expert analysis, doxo has expressed readiness to address queries and can facilitate contact with their cost of living experts.

This report serves as an important resource for understanding the economic environment of Lancaster, highlighting its affordability in comparison to both state and national averages. It offers a lens into the financial commitments of the average household in the region, contributing to a broader understanding of the economic landscape across the United States.