Cost of Living in Wilsonville, OR

An Overview of Cost of Living in Wilsonville, OR

The cost of living in Wilsonville affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Wilsonville is 140, which is 40% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

The cost of living in Wilsonville is among the highest in the country, making it a very expensive place to live. Only a small fraction of regions boast a cost of living that is at least 20% higher than the national average, and regrettably, Wilsonville falls into this category, which may not be suitable for those seeking an economically favorable living environment.

When it comes to the cost of living in Wilsonville, 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 112.2% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.

The relentless increase in grocery prices is a noteworthy trend. In the last two years, grocery costs have experienced an upward trajectory of over 10%. Unfortunately, Wilsonville is no exception, where grocery prices are 10.5% above the national average.

Is Wilsonville Affordable?

Is Wilsonville 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 Wilsonville is 139.2% higher than the national average, while the average monthly rent prices are 49.1% higher than average. The affordability of any location can also be influenced by median income levels. Wilsonville has a median household income of $72,541, which is 31.1% higher than the national average.

What Factors can Influence the Cost of Living in Wilsonville?

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 Wilsonville, the utilities index registers at 3.8% lower 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 Wilsonville, the standard sales tax rate starts at 0%, and the income tax rates commence at 4.75%.

Transportation: In cities with limited or no public transportation, residents may find it necessary to own and maintain vehicles, thereby elevating the cost of living. Monthly expenditures include fuel, insurance, routine maintenance and potential lease or financing commitments. In Wilsonville, the transportation index stands at 26.3% higher than the national average.

Where is the Data From?

The Wilsonville 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.