Verizon is launching its new 5G service as a home broadband alternative starting on October 1st.

Interestingly, Verizon isn't hiding from the fact that its initial fixed wireless internet service uses the company's proprietary 5GTF standard and not the official 3GPP 5G standard. Residents of "certain neighborhoods" in Houston, Indianapolis, Los Angeles and Sacramento can pre-order access beginning on Thursday.

Verizon spokesman John O'Malley said typical 5G network speeds average 300 megabits per second, which Verizon's website says is fast enough to download an iTunes update in 7 seconds, whereas 4G LTE speeds range between 5 to 12 megabits per second. Taxes and fees are included in that rate, and there's no annual contract.

Verizon 5G Home customers will also be given YouTube TV free of charge for the first three months, after which it will cost $40 per month, as well as a free Apple TV 4K or Google Chromecast Ultra device. There are no data caps with Verizon 5G Home. Verizon says it will expand 5G broadband internet to additional cities, but didn't provide a time frame.

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If you turn out to be eligible for 5G broadband through Verizon, you won't pay anything for the service initially. Good question. Simply put, 5G networking is the next major evolution of mobile wireless technology.

Yesterday Verizon announced that they will be expanding their 5G labs to Los Angeles, Washington DC, Palo Alto, California, and Waltham, Massachusetts.

"We spent the last three years driving the industry to bring 5G to consumers as soon as possible", said Ronan Dunne, head of Verizon's wireless business.