An Overview of Cost of Living in Bonney Lake, WA
Knowing the cost of living in Bonney Lake 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 Bonney Lake stands at 137, marking it 37% higher than the national average.
The cost of living in Bonney Lake 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, Bonney Lake 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 Bonney Lake, 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 93.5% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.
Recurring goods and services expenses like haircuts, toothpaste, gym memberships and movie nights are a big part of your spending and make up 33% of the cost of living index. In Bonney Lake, these items will cost you 13% more than what most folks pay, making it a bit more expensive to live here.
The surge in grocery costs is indeed alarming, especially when groceries make up a large portion of your monthly expenditures. Over the past two years, there has been an inflation of over 10% in grocery prices. Unfortunately, Bonney Lake does not fare better, with grocery expenses coming in at 16% higher than the national average.
Is Bonney Lake Affordable?
Is Bonney Lake 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 Bonney Lake, for instance, where the median home price falls 101.5% higher than the national average, and monthly rent rates are 74.7% higher than usual. Additionally, median income levels contribute to the equation, with Bonney Lake flaunting a median household income of $100,951, 82.5% higher than the national norm.
What Factors can Influence the Cost of Living in Bonney Lake?
Subsidies: Some areas might offer government subsidies or assistance programs that help lower cost of living for residents. These programs can include anything from 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 crop subsidies. Areas that offer less subsidies, could see an increase in their cost of living.
Urbanization: Urban areas with a wealth of amenities and employment opportunities tend to come with a higher price tag for living. Why? Well, more people want to be there, which drives up home prices and rents. On the flip side, less densely populated rural areas or places where there's not as much demand usually mean fewer attractions, things to do and slower job growth. That often results in a lower cost of living.
Transportation: When public transportation options are limited or non-existent, residents frequently resort to vehicle ownership, which can significantly contribute to the overall cost of living. Monthly financial obligations encompass fuel, insurance, regular maintenance and potentially lease or financing expenses. In Bonney Lake, the transportation index is 25.2% higher than the national average.
Where is the Data From?
The Bonney Lake 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. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.
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