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Cost of Living in Lawrence

Is it better to rent or buy in Lawrence? Explore median costs, utility estimates, and run the numbers on your own budget to see how far your income goes.

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Rent vs. Buy Affordability Calculator

Adjust the sliders to match your scenario. We recommend keeping total housing costs under 40% of your gross income.

$74,910
$1,129/mo

Median in area: $1,129

$315,239

Median in area: $315,239

$63,048

If you Rent

🔑
$1,312 /mo
Base Rent$1,129
Est. Utilities$183
% of Income21.0%
Pre-tax Residual$4,931

If you Buy

🏠
$2,226 /mo
P&I (6.5%)$1,594
Taxes & Ins$449
Est. Utilities$183
% of Income35.7%
Pre-tax Residual$4,016

Cost of Living FAQs

Is it cheaper to rent or buy in Lawrence?›

Based on median housing data, renting is currently more affordable on a monthly basis in Lawrence. The estimated all-in monthly cost for renting is $1,312, while owning a median-priced home with a 20% down payment is roughly $2,226 per month (a difference of $914).

How much do utilities cost in Lawrence?›

The average monthly utility cost (electricity and natural gas) for a typical home in Lawrence is approximately $183. This estimate uses local utility rate schedules combined with median energy consumption profiles.

What is a good salary to live comfortably in Lawrence?›

To comfortably afford the median rent and utilities in Lawrence without exceeding the recommended 30% housing-to-income threshold, a household should earn a gross salary of approximately $52,480 per year.