Cost of Living in Lakeland North, WA

An Overview of Cost of Living in Lakeland North, WA

Understanding the cost of living in Lakeland North can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Lakeland North cost of living index is 136, which is 36% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.

If you're in pursuit of an economical living environment, Lakeland North may not fit the bill, as it ranks among the most expensive places to reside in the United States. Just a minority of regions exhibit a cost of living that is more than 20% higher than the national average, and, unfortunately, Lakeland North falls within this bracket.

When it comes to the cost of living in Lakeland North, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 90.1% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.

Recurring essentials like haircuts, toothpaste, and entertainment, from movies to gym sessions, can really add up in your budget and make up 33% of the cost of living index. In Lakeland North, you you will have to spend 13% more than average when compared to the typical prices for these items, making it a more expensive place to live.

Groceries are getting more expensive by the day and the cost of groceries makes up 13% of the overall cost of living index. In the past two years, prices have shot up by over 10%! Unfortunately, in Lakeland North, it's the same story – grocery costs are 16% higher than what people pay across the country.

Is Lakeland North Affordable?

Is Lakeland North affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Lakeland North, the median home price is 85.3% higher than the national average and monthly rent prices are 101.4% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Lakeland North boasting a median household income of $93,388, 68.8% higher than the national average.

What Factors can Influence the Cost of Living in Lakeland North?

Urbanization: Larger, urban areas boasting abundant amenities and robust employment prospects often exhibit a heightened cost of living, driven by the increased demand for services and residential relocation. Consequently, this leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural locales or regions marked by diminished demand typically offer a more limited range of amenities and experience slower job market expansion. This translates into a more affordable cost of living.

Taxes: Cities that impose higher taxes, including sales and income taxes, can contribute to an escalated cost of living. The added expense of taxes on everyday goods like clothing and food naturally results in higher overall costs. Similarly, a higher income tax rate can further elevate the cost of living. In Lakeland North, the general sales tax rate starts at 6.5%, and income tax rates begin at 0%.

Groceries: Over the past 2-3 years, grocery expenses have experienced substantial upward trends. In certain markets, food prices have surged by over 20% during this period, while others have witnessed more modest increases. These fluctuations in food costs can wield significant influence over the overall cost of living in a given region. In Lakeland North, the groceries index is 16% higher than the national average.

Where is the Data From?

The Lakeland North cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.