Cost of Living in Kirkland, WA

An Overview of Cost of Living in Kirkland, WA

Getting a feel for the cost of living in Kirkland is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Kirkland is 183, which is 83% higher than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.

If you value affordability in your search for a new place to live, Kirkland may not be the most suitable option, as it stands out as one of the priciest areas in the entire United States. Only a small fraction of regions have a cost of living that is more than 20% higher than the national average, and regrettably, Kirkland falls into this category, which may not align with your desire for an affordable place to call home.

Housing costs are a major factor in the Kirkland cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 234.5% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.

Goods and services make up 33% of the total cost of living index score and are a large part of your everyday expenses. These items could include things like haircuts, salons, toothpaste, shampoo, clothes, movies, bowling, gym memberships or yoga. In Kirkland, you can expect to pay 19.5% more than average for these items, making it a more expensive place to live.

The surge in grocery costs is indeed alarming, especially when groceries make up a large portion of your monthly expenditures. Over the past two years, there has been an inflation of over 10% in grocery prices. Unfortunately, Kirkland does not fare better, with grocery expenses coming in at 16.3% higher than the national average.

What Do Locals Say About the Cost of Living in Kirkland?

The most insightful perspective on a city comes from its residents. We recently surveyed 10 locals to gauge their perception of the cost of living in Kirkland. The feedback revealed that 0% of respondents found the cost of living to be reasonable, with prices on the decline, while 100% regarded it as notably expensive with prices that continue to rise.

Is Kirkland Affordable?

Is Kirkland affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Kirkland, for instance, where the median home price falls 292.4% higher than the national average, and monthly rent rates are 99.6% higher than usual. Additionally, median income levels contribute to the equation, with Kirkland flaunting a median household income of $116,595, 110.8% higher than the national norm.

What Factors can Influence the Cost of Living in Kirkland?

Housing: When everyone's vying for homes in popular areas, it drives up property prices and rents, making the overall cost of living surge. On the flip side, in less sought-after locales, where housing demand is low, prices tend to dip, resulting in a more economical cost of living. In Kirkland, the housing index comes in at 234.5% higher than the national average.

Groceries: Grocery costs have continued to increase significantly over the last 2-3 years. In some markets the cost of food has gone up by more than 20% in that period. While other markets have managed to see only a moderate uptick. These food costs can have a major impact on the cost of living in any area. In Kirkland, the groceries index is 16.3% higher than the national average.

Subsidies: Certain cities or states may implement government subsidies or assistance programs with the goal of alleviating the cost of living pressures on their residents. These programs encompass a broad spectrum of support mechanisms, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farming subsidies. Areas offering fewer subsidies may experience a rise in their cost of living.

Where is the Data From?

The Kirkland cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.