Cost of Living in Mount Vernon, WA

An Overview of Cost of Living in Mount Vernon, WA

Knowing the cost of living in Mount Vernon allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Mount Vernon stands at 122, marking it 22% higher than the national average.

If you value affordability in your search for a new place to live, Mount Vernon 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, Mount Vernon 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 Mount Vernon 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 50.5% 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 goods and services expenses like haircuts, toothpaste, gym memberships and movie nights are a big part of your spending and make up 33% of the cost of living index. In Mount Vernon, these items will cost you 13.1% more than what most folks pay, making it a bit more expensive to live here.

Is Mount Vernon Affordable?

Is Mount Vernon an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Mount Vernon is 67.2% higher than the national average, while the average monthly rent prices are 11.3% higher than average. The affordability of any location can also be influenced by median income levels. Mount Vernon has a median household income of $63,194, which is 14.2% higher than the national average.

What Factors can Influence the Cost of Living in Mount Vernon?

Healthcare: Healthcare costs and insurance premiums can undergo substantial fluctuations based on the city or state of residence. Elements such as the availability of healthcare facilities, out-of-pocket costs for medical consultations, dental expenses, prescription medication charges and specialized medical care fees all contribute to variations in the cost of living. In Mount Vernon, healthcare costs are 22.8% higher than the national average.

Housing: Elevated demand for housing within coveted locales has the propensity to escalate both property values and rental rates, thereby serving as a primary catalyst for an augmented cost of living. Conversely, areas witnessing diminished housing demand, particularly within less desirable environs, often experience an inversely proportional effect, leading to price reductions and subsequently contributing to a more modest cost of living. In Mount Vernon, the housing index is 50.5% higher than the national average.

Utilities: Similar to the prices of any goods or services, utility expenses can fluctuate widely, contingent on variables such as climate, available energy sources, geographical location and state regulations. Costs associated with electricity, water, heating, and waste disposal can differ in magnitude, depending on the specific city or state. In Mount Vernon, the utilities index registers at 8% lower than the national average.

Where is the Data From?

The Mount Vernon 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. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.