Cost of Living in Lantana, TX

An Overview of Cost of Living in Lantana, TX

Understanding the cost of living in Lantana can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Lantana cost of living index is 151, which is 51% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.

If you value affordability in your search for a new place to live, Lantana may not be the most suitable option, as it stands out as one of the priciest areas in the entire United States. Only a small fraction of regions have a cost of living that is more than 20% higher than the national average, and regrettably, Lantana falls into this category, which may not align with your desire for an affordable place to call home.

Housing costs make up a big chunk of the cost of living in Lantana, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 145.6% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.

Recurring goods and services expenses like haircuts, toothpaste, gym memberships and movie nights are a big part of your spending and make up 33% of the cost of living index. In Lantana, these items will cost you 20.6% more than what most folks pay, making it a bit more expensive to live here.

Is Lantana Affordable?

Is Lantana an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Lantana is 128.2% higher than the national average, while the average monthly rent prices are 186.1% higher than average. The affordability of any location can also be influenced by median income levels. Lantana has a median household income of $172,731, which is 212.2% higher than the national average.

What Factors can Influence the Cost of Living in Lantana?

Utilities: Similar to the prices of any other goods or services, utility expenditures can exhibit substantial variability, influenced by factors such as climate, energy sources accessibility, geographical location and state regulations. Costs related to electricity, water, heating, and waste disposal can fluctuate, whether higher or lower, contingent on the city or state. In Lantana, the utilities index is 15.1% higher than the national average.

Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In Lantana, healthcare costs are 9.8% higher than the national average.

Housing: High demand for housing in desirable locations can drive up property prices and rental rates. This can be a primary contributor to a higher cost of living. While low demand for housing, especially in undesirable locations, can have the reverse effect and drive prices down, resulting in a lower cost of living. The housing index in Lantana, is 145.6% higher than the national average.

Where is the Data From?

The Lantana cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.