An Overview of Cost of Living in Prairie Ridge, WA
Knowing the cost of living in Prairie Ridge 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 Prairie Ridge stands at 130, marking it 30% higher than the national average.
If you're in pursuit of an economical living environment, Prairie Ridge may not fit the bill, as it ranks among the most expensive places to reside in the United States. Just a minority of regions exhibit a cost of living that is more than 20% higher than the national average, and, unfortunately, Prairie Ridge falls within this bracket.
Housing costs significantly influence the Prairie Ridge cost of living index, typically accounting for a substantial portion of one's post-tax income. Regrettably, within this particular region, expenses related to both residential ownership and renting exceeded those observed in an average city by 65.1%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.
Goods and services make up 33% of the total cost of living index score and are a large part of your everyday expenses. These items could include things like haircuts, salons, toothpaste, shampoo, clothes, movies, bowling, gym memberships or yoga. In Prairie Ridge, you can expect to pay 17.1% more than average for these items, making it a more expensive place to live.
The cost of groceries continues to rise at an alarming rate. Over the last two years, grocery prices have increased by more than 10%! Unfortunately, in Prairie Ridge, the news isn't any better as grocery prices are 13.1% higher than the national average.
Is Prairie Ridge Affordable?
Is Prairie Ridge affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Prairie Ridge, for instance, where the median home price falls 66.1% higher than the national average, and monthly rent rates are 62.8% higher than usual. Additionally, median income levels contribute to the equation, with Prairie Ridge flaunting a median household income of $85,384, 54.3% higher than the national norm.
What Factors can Influence the Cost of Living in Prairie Ridge?
Utilities: Like everything else, utilities costs can range significantly depending on factors like climate, energy sources available, location and even state regulations. Things like electricity, water, heating and waste disposal costs can be higher or lower, depending on the city or state. The utilities index in Prairie Ridge comes in at 5.2% 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 Prairie Ridge, the standard sales tax rate starts at 6.5%, and the income tax rates commence at 0%.
Healthcare: The costs associated with healthcare and insurance premiums can exhibit notable disparities based on the city or state of residence. Access to healthcare facilities, out-of-pocket expenses for medical appointments, dental care charges, prescription medication costs and specialized medical care expenses all contribute to variations in the cost of living. In Prairie Ridge, healthcare costs are 24.6% higher than the national average.
Where is the Data From?
The Prairie Ridge cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.
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