Lakewood cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
IndexLakewoodWashingtonNational
Cost of living index110115100
IndexLakewoodWashingtonNational
Goods & Services index111106100
Groceries index101107100
Health care index116119100
Housing index114135100
Transportation index103117100
Utilities index11096100
A general overview of the cost of living index for Lakewood, WA is displayed above. In Lakewood, WA, the overall cost of living index is 110, which is 5% lower than the Washington average and 10% higher than the U.S. average. The following categories are used to calculate the overall cost of living index: goods/services (33%), housing (30%), groceries (13%), utilities (10%), transportation (9%) and health care (5%). From the list, it is clear that the categories of goods/services and housing are responsible for the largest portions of the overall cost of living index. As a general rule, everyday goods and services provide an accurate measure of the general cost of goods in any given city. In the case of Lakewood, WA, the city's goods and services are 5% higher than the Washington average and 11% higher than the U.S. average.

Did you know?

  • The cost of living in Lakewood is 5% lower than the Washington average.
  • The cost of living in Lakewood is 10% higher than the national average.
  • The cost of housing in Lakewood is 14% higher than the national average.
  • Washington general sales tax is 28% higher than the national average.
  • Washington state income tax is 100% lower than the national average.

Find Real Estate Listings In Lakewood

Location
Price
Bedrooms
Bathrooms
 

New Real Estate Listings In Lakewood

Compare Lakewood, WA Cost of living To Other Cities

Salary Calculator

This is how much you would need to earn in
Price difference in compared to
Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index
Using the salary calculator lets you compare the salary you earn in Lakewood, WA to what it is in other cities. It will let you know what your earnings would have to be in another city to have the same standard of living, as determined by the cost of living in each city. For example, if the cost of living in the area you want to move to is higher than the cost of living in Lakewood, WA, you have to earn a higher income in order to still have the same standard of living. To operate the Lakewood, WA salary calculator, put in the name of the other city, then move the slider to the point that represents the current income. The salary calculator will take care of the rest and tell you how much more or less you must earn in the new city. A Total breakdown of the cost of living is also provided.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$68,445$5,704$1,597$2,054
Renters$29,745$2,479$694$892
If you want to find a good determining factor for the cost of living and the general affordability of housing in Lakewood, WA, all you must look at is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Lakewood, WA, the median monthly income is $68,445 for those who own their own homes. Under the standard rule, that income level would allow for $1,597 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $29,745, per the median income in the area. That would allow for renters to spend up to $694 on monthly rental expenses.

Washington Sales Tax

StateGeneral Sales TaxWith Max Surtax
Washington6.5%9.6%

Washington Income Tax

StateIncome Tax (Low)Income Tax (High)
Washington0%0%
When you are determining the total cost of living in Lakewood, WA you will want to make sure you consider both the Washington sales tax and the Washington income tax rates. Sales tax come in the form of taxes levied on both services and goods that are sold. The sales tax rates are different state to state and range from zero sales tax to higher than 7%. The sales tax in Washington is 6.5%, with the highest surtax being 9.6%. Tax that is on income by the government is income tax. Different states have different income tax rates and these rates can be higher or lower dependent on the corresponding tax bracket. The state income tax rates are different state to state and range from no income tax to more than 9% income tax. The income tax rates in Washington have a range from 0% to 0%.

Goods & Services

ItemLakewoodNational avg.Difference
Haircut $13.93$15.5610.5%
Beauty Salon $25.62$36.1129.0%
Toothpaste $2.96$2.4719.7%
Shampoo $1.11$0.9615.0%
Movie $12.14$10.1319.9%
Bowling $4.51$4.744.7%

Groceries

ItemLakewoodNational avg.Difference
Ground Beef $3.97$3.980.4%
Fried Chicken $1.36$1.413.6%
Milk $1.94$2.066.0%
Potatoes $2.61$2.9812.4%
Pizza $12.00$9.4726.6%
Beer $9.17$8.794.3%

Health Care

ItemLakewoodNational avg.Difference
Optometrist $146.40$101.0444.9%
Doctor $146.33$107.4436.2%
Dentist $97.50$90.427.8%
Ibuprofen $10.21$9.2810.1%
Lipitor $422.57$426.500.9%

Housing

ItemLakewoodNational avg.Difference
Home Price $217,200.00$175,700.0023.6%
Avg. Mortgage Payment $980.58$1,133.2313.5%
Apartment Rent $844.00$920.008.3%

Transportation

ItemLakewoodNational avg.Difference
Gasoline $2.36$1.9918.5%
Tire Balancing $30.97$45.7632.3%

Utilities

ItemLakewoodNational avg.Difference
All Electricity$132.40$163.8119.2%
Phone $42.68$28.3950.3%
Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City, StatePopulationCost of Living IndexNational Avg.
Ketron Island, WA01088%
North Puyallup, WA1,74697-3%
Nisqually Indian Community, WA6551011%
Midland, WA8,5261044%
Kapowsin, WA2101044%
Lakewood, WA58,89011010%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Petaluma, CA58,91215252%
Rogers, AR58,94489-11%
Des Plaines, IL58,80211414%
Huntington Park, CA58,78712222%
Rocklin, CA59,00213030%
Lakewood, WA58,89011010%
Source: The Lakewood, WA cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.