Lloydminster Cost of Living: Lloydminster, AB Living Expenses Guide
Lloydminster, located in both Alberta and Saskatchewan, is a dynamic and growing city with a widely accessible cost of living. Delve into the economic aspects of residing in this bi-provincial city, including housing costs, utility expenses, transportation, and day-to-day living expenses. Understanding the cost of living here is vital for anyone considering moving to Lloydminster. The insights provided offer a comprehensive view of what one can expect financially, encompassing both the challenges and opportunities that come with life in Lloydminster.
Housing Costs in Lloydminster
A wide range of homes is available in Lloydminster, including single-family homes, townhouses, and condos. About 70% of people own their homes in Lloydminster, and 30% rent. Overall, home prices are moderate in Lloydminster compared to other nearby cities.
Median Home Prices
Home prices in Lloydminster range from the low $200s up to $2.1 million. The median price for homes in this city sits in the mid-$300s, which is one of the biggest factors in Lloydminster being one of the most affordable cities in Alberta. There are numerous options, including enormous estates, incredible mansions, and contemporary condos. Contemporary, modern, and historic homes are among the most popular.
Rental costs in Lloydminster are generally a bit higher in the city centre, and the average rent is about $1,075 per month. For a studio, rent starts at around $700. A one-bedroom apartment in Lloydminster city core is roughly $950, and a two-bedroom is around $1,014. The average price of a three-bedroom apartment in the city centre is around $1,260.
Lloydminster is divided among two provinces and enjoys the benefits of being a bi-provincial town. One of these benefits is that Lloydminster residents have a wide variety of utility providers to choose from.
Utilities are a major factor in the cost of living in Alberta, and in Lloydminster, the average monthly utility bill is around $181 each month. In the city, there are several energy plans available, including regulated, fixed-rate, and floating-rate plans.
Fixed rates are ideal for individuals who appreciate financial consistency. These plans provide predictable monthly expenses, and consumers will always know what to expect from their monthly bills. A floating-rate plan offers flexibility, but consumers are also exposed to risk. The regulated plan, also known as the default plan, is appropriate for those who do not want to be trapped in a contract for an extended period.
Water utility fees will change based on a consumer’s water consumption during the billing period. The cost is determined by the water meter size attached to the utility account. The installed water meter's size is decided by the property's water requirements. Rates climb in proportion to meter size since larger meters are considered to put more load on the system. Consumption of up to 30 cubic metres costs about $4, whereas consumption of more than 70 cubic metres costs about $5.
Regarding phone plans, there are 14 carriers, with rates starting at roughly $15 per month for 250MB of data. Carriers like Bell, Rogers, and Telus have 5G and 3G/4G LTE coverage, while others like Sasktel offer 3G/4G LTE coverage.
Lloydminster Food Costs
The cost of groceries in Lloydminster is about 13% lower than the national average. Monthly grocery costs for a single individual are estimated to be around $289. That being said, costs could vary depending on what kind of goods are bought, which stores are visited, and whether there are any special offers or discounts.
Residents can enjoy shopping at the Border City Farmers Market, which is held at the Servus Sports Centre. This farmer's market features a wide variety of local vendors selling fruits, vegetables, and other wares. Lloydminster residents can also get their groceries at Safeway, Lloydminster & District Co-Op, and other conventional options.
There is a wide range of restaurants available in Lloydminster, from fast food chains to casual local spots to fine dining establishments. Meals in a fast food restaurant will typically cost around $7 to $11.
A meal for two people in a mid-range restaurant costs around $40—significantly less than a meal for those living in Edmonton, Calgary, and elsewhere in the province. A cappuccino or espresso typically costs around $2.50 to $4, and a beer will cost $7.
Transportation Costs in Lloydminster
The average commute time in Lloydminster is about 15 minutes.This area's most popular modes of transportation for getting to work include cars, trucks, and vans. The majority of Lloydminster residents work in their municipality and about 25% commute to another province.
For residents who are regularly driving in Lloydminster, the average cost of vehicle insurance is around $1,142 per year. Millenium, Wawanesa, SG Canada, Travellers Dominion Product, Peace Hills, and Aviva Traders are some of the insurance companies. Fuel typically costs between $135 and $160. Some of the gas stations available are Husky, Shell, Esso, Mobil, and Fast Gas.
For residents who want to use public transportation, KCTI Travels can take you to and from a number of the best cities in Alberta and Saskatchewan, including Lloydminster. The bus ticket prices are different depending on the route; for instance, the cost of a bus ticket from Lloydminster to Edmonton ranges from $13 to $35.
If you need to take a taxi, there are a variety of options, including Border City Taxi, Courtesy Cabs, Lloyd Taxi, Viper Taxi, and Kings Cabs. The starting fee for one is approximately $4.00, and each kilometre after that costs about $2.00.
There’s also a municipal airport in Lloydminster. This airport offers daily direct flights to the city of Calgary with WestJet. In addition, they offer hangar rentals for those who own their own aircrafts.
Lloydminster Child Care Costs
In Lloydminster, the average monthly daycare fee is approximately $700 for infants, $600 for toddlers, and $500 for children enrolled in school. Some daycares available include Little Sunshine’s Playhouse Daycare, Lloydminster Play & Learn Daycare, and AM PM Daycare.
Hiring a nanny or babysitter in Lloydminster will cost you an average of $18 per hour, or $3,200 monthly. The rate is typically determined by the number of children being watched, the duties required of the nanny, and if nighttime hours are necessary.
Entertainment Costs in Lloydminster
Lloydminster has a strong sense of community. Numerous recreation centres and amenities in Lloydminster provide both locals and visitors with enjoyable experiences. The city's emphasis on community is reflected in its many gathering spots and events, which serve as venues for locals to get together and enjoy what the region offers.
Many attractions may be found in Lloydminster, including the Bud Miller All Season Park. This park is home to the Bioclean Aquatic Centre, where the general admission fee is roughly $8.50 for adults. While there, they can rent a tennis court for about $8.25 an hour.
Residents can also try axe throwing at Axe Rising, which costs about $25. They can also make crafts at Art Soul Life Creative Studio, which costs approximately $18 to $50. Or, they can play golf at Lloydminster Golf and Curling Centre, which costs about $36.50 for nine holes or $57.50 for 18 holes.
The average wage in Lloydminster—a vital city to the Alberta economy—is about $70,114 per year or $34 per hour. The typical household income in Lloydminster in 2020 was around $121,000. The median household income in Lloydminster has climbed by roughly 1.99% over the last five years.
Lloydminster’s unemployment rate is about 5% higher than the national average. The majority of the local workforce is employed in sales and service, followed by those in trades and transportation and business, finance, and administration.
The Price is Right in Lloydminster
It's clear that Lloydminster offers a unique financial landscape influenced by its bi-provincial status. From housing and utilities to transportation and general expenses, it provides a varied but manageable cost of living. Whether moving to Alberta—or simply relocating from a different area of the province—the financial aspects of this city play a significant role in the decision-making process. Lloydminster is undoubtedly an intriguing option for those seeking new opportunities in Alberta or Saskatchewan.