Cost Of Living in Lakes, AK

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	Lakes	Alaska	National
Cost of living	121	129	100
Goods & Services	117	120	100
Groceries	124	124	100
Health care	140	148	100
Housing	130	135	100
Transportation	112	115	100
Utilities	112	158	100

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Cost Of Living Quick Facts

The cost of living in Lakes is 6% lower than the Alaska average
The cost of living in Lakes is 21% higher than the national average
Lakes housing is 30% higher than the national average
Alaska general sales tax is 100% lower than the national average
Alaska state income tax is 100% lower than the national average

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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	$96,270	$8,023	$2,246	$2,888
Renters	$53,466	$4,456	$1,247	$1,604

To approximate the cost of living and the housing affordability in Lakes, AK, we can look at the percentage of income that is available to be spent on monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side, a consumer should not spend more than 28% of his or her gross income on housing-related expenses and costs and not more than 36% of income on all expenses and debts. Homeowners in Lakes have a median income of $96,270. Therefore, the amount that a consumer should spend on housing costs should be no more than $2,246 per month to avoid calamity and poverty. The renters in the city have an income of about $53,466, which would make their monthly maximum allowable rental costs $1,247.

Alaska Sales Tax

State	General Sales Tax	With Max Surtax
Alaska	0%	7%

Alaska Income Tax

State	Income Tax (Low)	Income Tax (High)
Alaska	0%	0%

Goods & Services

Item	Lakes	National avg.	Difference
Haircut	$28.21	$24.26	16.3%
Beauty Salon	$47.27	$45.56	3.7%
Toothpaste	$3.81	$3.70	2.9%
Shampoo	$1.31	$1.28	2.0%
Movie	$13.19	$12.13	8.7%
Bowling	$18.08	$18.00	0.5%

Groceries

Item	Lakes	National avg.	Difference
Ground Beef	$6.62	$5.84	13.3%
Fried Chicken	$2.45	$1.57	55.6%
Milk	$5.09	$4.67	9.0%
Potatoes	$5.98	$4.93	21.2%
Pizza	$12.76	$12.09	5.5%
Beer	$13.48	$10.41	29.5%

Health Care

Item	Lakes	National avg.	Difference
Optometrist	$247.07	$125.68	96.6%
Doctor	$215.28	$135.78	58.6%
Dentist	$153.23	$113.29	35.3%
Ibuprofen	$12.38	$10.65	16.2%
Lipitor	$522.08	$468.60	11.4%

Housing

Item	Lakes	National avg.	Difference
Home Price	$250,900.00	$184,700.00	35.8%
Avg. Mortgage Payment	$3,534.94	$2,346.69	50.6%
Apartment Rent	$1,091.00	$949.00	15.0%

Transportation

Item	Lakes	National avg.	Difference
Gasoline	$3.93	$3.46	13.5%
Tire Balancing	$65.07	$59.92	8.6%

Utilities

Item	Lakes	National avg.	Difference
All Electricity	$232.09	$193.99	19.6%
Phone	$189.01	$192.25	1.7%

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.
Houston, AK	1,952	110	9.6%
Knik River, AK	807	115	14.7%
Buffalo Soapstone, AK	937	115	15.4%
Palmer, AK	7,359	116	16.3%
Meadow Lakes, AK	8,307	120	19.6%
Lakes, AK	8,944	121	21.5%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Cameron, MO	8,941	87	12.6%
La Grange, KY	8,938	99	0.9%
Woodway, TX	8,936	109	9.0%
Old Orchard Beach, ME	8,952	109	9.2%
Willow Street, PA	8,953	119	19.5%
Lakes, AK	8,944	121	21.5%

Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.

Cost of Living in Lakes, AK