An Overview of Cost of Living in Bainbridge Island, WA
Knowing the cost of living in Bainbridge Island 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 Bainbridge Island stands at 187, marking it 87% higher than the national average.
If you prioritize affordability when seeking a new place to live, Bainbridge Island may not be your ideal choice, as it ranks among the most expensive locations in the entire United States. A very small amount of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Bainbridge Island falls into this category, which may not align with your preferences for a budget-friendly living environment.
Housing costs are a major factor in the Bainbridge Island cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 247.9% higher than what's typical in an average city. That includes the prices of homes and rents, as well as 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 Bainbridge Island, these items will cost you 19.5% more than what's considered the norm, making it a more expensive place to call home.
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 Bainbridge Island, the news isn't any better as grocery prices are 16.3% higher than the national average.
What Do Locals Say About the Cost of Living in Bainbridge Island?
Locals have the inside scoop on their city. So, we polled 10 residents in Bainbridge Island 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? 30% find it reasonable with decreasing prices, but 70% think it's quite pricey, with prices that continue to rise.
Is Bainbridge Island Affordable?
Is Bainbridge Island 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 Bainbridge Island, for instance, where the median home price falls 324.3% higher than the national average, and monthly rent rates are 69.9% higher than usual. Additionally, median income levels contribute to the equation, with Bainbridge Island flaunting a median household income of $125,861, 127.5% higher than the national norm.
What Factors can Influence the Cost of Living in Bainbridge Island?
Healthcare: Healthcare expenses and insurance premiums can vary significantly depending on the specific city or state. Factors such as accessibility to healthcare facilities, out-of-pocket expenses for doctor's visits, dental care expenses, prescription costs and specialized medical care fees can all influence the overall cost of living. In Bainbridge Island, healthcare costs are 37.6% higher than the national average.
Urbanization: Larger, urban areas boasting abundant amenities and robust employment prospects often exhibit a heightened cost of living, driven by the increased demand for services and residential relocation. Consequently, this leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural locales or regions marked by diminished demand typically offer a more limited range of amenities and experience slower job market expansion. This translates into a more affordable cost of living.
Transportation: In areas where public transportation is scarce or unavailable, residents often find themselves compelled to own and upkeep vehicles, thereby increasing the overall cost of living. Monthly expenses encompass fuel, insurance, routine maintenance and potentially lease or financing payments. In Bainbridge Island, the transportation index is 28.2% higher than the national average.
Where is the Data From?
The cost of living in Bainbridge Island, 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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