Cost of Living in Vashon, WA

An Overview of Cost of Living in Vashon, WA

Are you thinking about relocating, but curious about the potential cost of living in Vashon? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Vashon stands at 155, making it 55% 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 value affordability in your search for a new place to live, Vashon 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, Vashon falls into this category, which may not align with your desire for an affordable place to call home.

Housing costs make up a big chunk of the cost of living in Vashon, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 146.5% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.

The things you purchase regularly, like clothes, haircuts, movie tickets and gym memberships, can make a big dent in your budget and make up 33% of the cost of living index. Unfortunately in Vashon, these items will cost you 18.9% more than what's considered the norm, making it a more expensive place to call home.

Is Vashon Affordable?

Is Vashon 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 Vashon is 198.5% higher than the national average, while the average monthly rent prices are 25.2% higher than average. The affordability of any location can also be influenced by median income levels. Vashon has a median household income of $78,368, which is 41.7% higher than the national average.

What Factors can Influence the Cost of Living in Vashon?

Housing: A sought-after location with high housing demand often leads to increased property values and rental rates, which can significantly inflate the overall cost of living. Conversely, areas with low housing demand, particularly in less desirable locales, tend to experience the opposite effect, causing prices to drop and contributing to a more affordable cost of living. In Vashon, the housing index stands at 146.5% higher than the national average.

Utilities: Similar to the prices of any other goods or services, utility expenditures can exhibit substantial variability, influenced by factors such as climate, energy sources accessibility, geographical location and state regulations. Costs related to electricity, water, heating, and waste disposal can fluctuate, whether higher or lower, contingent on the city or state. In Vashon, the utilities index is 10.5% lower than the national average.

Urbanization: Urban areas with extensive amenities and job opportunities tend to have a higher cost of living due to increased demand for services and relocation, resulting in higher home prices and higher rents. Less densely populated rural areas, or areas with less demand tend to have fewer amenities and slower job growth, which results in a lower cost of living.

Where is the Data From?

The cost of living in Vashon, 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.