Cost of Living in Lackawanna, NY

With a cost of living index of 69, Lackawanna, NY is one of the most affordable cities in the country. Living here is 31% cheaper than the national average and 43% below the New York state average of 111. Lackawanna is a smaller community of 19,779 residents, where everyday costs can differ substantially from nearby larger cities.

Housing costs are the biggest factor in Lackawanna's cost of living. The median monthly rent is $823 (38% below the US median of $1,319), and the median home value sits at $126,500 (59% below the national median of $304,900). At current prices, the median home costs roughly 2.6x the median household income — well within traditional affordability guidelines.

The median household income in Lackawanna is $48,185, which is 36% lower than the national median of $75,149. Residents spend roughly 20% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

Climate is another factor for anyone considering a move to Lackawanna. The area sees an average annual temperature of 48.8°F, with summers averaging 70°F and winters around 28°F. Annual rainfall totals 40.7 inches spread over roughly 166 days. Cold winters mean higher heating bills, an important cost-of-living consideration.

Everyday prices in the Buffalo-Cheektowaga, NY (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 5 are priced lower than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.