Cost of Living in Lancaster, PA
Housing
The housing market plays a significant role in determining the cost of living in Lancaster, PA.
- Housing Index: 120.0 / 100
- Median Home Price is: $200,000
- Average Rent (2 BR Apartment): $1600 per month
- Average Rent (2 BR House): $1640 per month
When considering moving to Lancaster, PA, the current housing index of 120.0 indicates a moderately priced market. With a median home price of 200000, buying a home may prove more economical than renting, especially when the average rent for a 2BR apartment is 1600 and a 2BR house is 1640. If homeownership is appealing, this could be a strategic moment to invest in a property. Keep in mind that mortgage rates fluctuate and could impact your decision. Research local amenities, schools, and future developments to assess long-term living quality.
Utilities
The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living in Lancaster, PA.
- Electricity Price: $17.68 USD (median by state)
- Natural Gas Price: $17.61 USD per Thousand Cubic Feet (median by state)
- Other Utilities (water, garbage, etc.): $250 per month
Living in Lancaster, PA could entail higher utility costs. Electricity costs sit at $17.68, while natural gas is priced at $17.61 per Thousand Cubic Feet — both aligning with state medians. Expect to budget about $250 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 Lancaster is a financially viable option for your relocation.