Cost of Living in Lynnfield, MA
Housing
The housing market plays a significant role in determining the cost of living in Lynnfield, MA.
- Housing Index: 140.0 / 100
- Median Home Price is: $656,000
- Average Rent (2 BR Apartment): $2800 per month
- Average Rent (2 BR House): $2856 per month
Considering a move to Lynnfield, MA? The housing index of 140.0 indicates a relatively high cost of living. With a median home price of 656000, homeownership may be out of reach for many. If renting is your preferred option, expect to pay around 2800 for a 2-bedroom apartment or 2856 for a 2-bedroom house. It's worth noting that despite the upfront costs, homes in this area often appreciate over time, offering potential long-term investments as the region develops further.
Utilities
The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living in Lynnfield, MA.
- Electricity Price: $28.15 USD (median by state)
- Natural Gas Price: $21.62 USD per Thousand Cubic Feet (median by state)
- Other Utilities (water, garbage, etc.): $320 per month
Living in Lynnfield, MA could entail higher utility costs. Electricity costs sit at $28.15, while natural gas is priced at $21.62 per Thousand Cubic Feet — both aligning with state medians. Expect to budget about $320 monthly for other services like water and garbage. These utility expenses are vital considerations as they directly influence monthly living costs. Comparing these rates to other cities may help ascertain if Lynnfield is a financially viable option for your relocation.