An Overview of Cost of Living in Lynnwood, WA
Are you thinking about relocating, but curious about the potential cost of living in Lynnwood? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Lynnwood stands at 143, making it 43% 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 affordability is among your top priorities when searching for a new place to live, this area may not be the ideal fit, as the cost of living in Lynnwood is among the most expensive in the United States. Just a minority of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Lynnwood falls into this category, which may not align with your goal of finding a budget-friendly living environment.
Housing costs make up a big chunk of the cost of living in Lynnwood, 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 110.6% 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 Lynnwood, these items will cost you 18.7% more than what's considered the norm, making it a more expensive place to call home.
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, Lynnwood is no exception, where grocery prices are 12.4% above the national average.
What Do Locals Say About the Cost of Living in Lynnwood?
Locals have the inside scoop on their city. So, we polled 10 residents in Lynnwood to learn how they view the cost of living. We asked how they felt about the cost of living in their area, and if they thought that prices were increasing, decreasing or staying the same. The verdict? 50% find it reasonable with decreasing prices, but 50% think it's quite pricey, with prices that continue to rise.
Is Lynnwood Affordable?
Wondering if Lynnwood is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Lynnwood, for example, the median home price is 139.9% higher than what folks pay nationally, and monthly rent is 42.3% higher than the usual rates. Plus, income levels matter too, with Lynnwood boasting a median household income of $62,926, which is 13.7% higher than the national average.
What Factors can Influence the Cost of Living in Lynnwood?
Groceries: Over the past 2-3 years, grocery expenses have experienced substantial upward trends. In certain markets, food prices have surged by over 20% during this period, while others have witnessed more modest increases. These fluctuations in food costs can wield significant influence over the overall cost of living in a given region. In Lynnwood, the groceries index is 12.4% higher than the national average.
Subsidies: Certain cities or states may institute government subsidies or assistance programs designed to alleviate the financial burdens associated with the cost of living for their residents. These programs encompass a variety of support mechanisms, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farm subsidies. Areas that provide fewer subsidies may see an uptick in their overall cost of living.
Taxes: Cities that impose higher taxes, including sales and income taxes, can contribute to an escalated cost of living. The added expense of taxes on everyday goods like clothing and food naturally results in higher overall costs. Similarly, a higher income tax rate can further elevate the cost of living. In Lynnwood, the general sales tax rate starts at 6.5%, and income tax rates begin at 0%.
Where is the Data From?
The cost of living in Lynnwood, 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.
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