An Overview of Cost of Living in Lakewood, WA
Are you thinking about relocating, but curious about the potential cost of living in Lakewood? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Lakewood stands at 125, making it 25% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.
If you're in pursuit of an economical living environment, Lakewood 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, Lakewood falls within this bracket.
Housing costs are a major factor in the Lakewood 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 57.5% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.
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 Lakewood, you you will have to spend 11.3% more than average when compared to the typical prices for these items, making it a more expensive place to live.
Is Lakewood Affordable?
Is Lakewood 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 Lakewood, the median home price is 75% higher than the national average and monthly rent prices are 16.6% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Lakewood boasting a median household income of $81,425, 0.1% higher than the national average.
What Factors can Influence the Cost of Living in Lakewood?
Groceries: The costs associated with groceries have witnessed substantial increases over the past 2-3 years. In select markets, food prices have escalated by more than 20% during this timeframe, whereas others have seen more restrained upticks. The variances in food expenses can exert a considerable influence on the overall cost of living in a given locale. In Lakewood, the groceries index is 6.2% higher than the national average.
Housing: When there's a high demand for housing in trendy places, it can cause property prices and rental rates to soar, leading to a significantly higher cost of living. Conversely, in less desirable locations, where demand is low, prices tend to decrease, resulting in a more budget-friendly cost of living. In Lakewood, the housing index is 57.5% higher than the national average.
Taxes: Locations with elevated tax rates, encompassing both sales and income taxes, can be a factor in driving up the cost of living. When you're paying more in taxes for everyday goods and services, it naturally translates into higher expenses. Similarly, a higher income tax rate can also contribute to an overall higher cost of living. In Lakewood, the standard sales tax rate starts at 6.5%, and the income tax rates commence at 0%.
Where is the Data From?
The cost of living in Lakewood, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.
Here are the best places to live in Washington
These are the largest cities in Washington
Safest States In The US
See the best places to live in Lakewood