An Overview of Cost of Living in Bothell West, WA
Getting a feel for the cost of living in Bothell West is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Bothell West is 158, which is 58% higher than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.
If you value affordability in your search for a new place to live, Bothell West may not be the most suitable option, as it stands out as one of the priciest areas in the entire United States. Only a small fraction of regions have a cost of living that is more than 20% higher than the national average, and regrettably, Bothell West falls into this category, which may not align with your desire for an affordable place to call home.
Housing costs make up a big chunk of the cost of living in Bothell West, 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 150.2% 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 Bothell West, these items will cost you 19.5% more than what's considered the norm, making it a more expensive place to call home.
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, Bothell West does not fare better, with grocery expenses coming in at 16.3% higher than the national average.
Is Bothell West Affordable?
Is Bothell West an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Bothell West is 164% higher than the national average, while the average monthly rent prices are 118.1% higher than average. The affordability of any location can also be influenced by median income levels. Bothell West has a median household income of $120,859, which is 118.5% higher than the national average.
What Factors can Influence the Cost of Living in Bothell West?
Transportation: If public transportation is limited or not available, residents may need to own and maintain vehicles, which can add to the cost of living. Gas, insurance, regular maintenance and potentially lease or finance payments will all need to be paid on a monthly basis. In Bothell West, the transportation index is 28.2% higher than the national average.
Taxes: Regions that impose higher taxes, including sales and income taxes, can contribute to an increased cost of living. Higher taxes for everyday necessities such as clothing, utilities and food inevitably leads to higher expenditures. Additionally, a higher income tax rate can also play a role in elevating the overall cost of living. In Bothell West, the prevailing sales tax rate starts at 6.5%, and income tax rates kick off 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 Bothell West, healthcare costs are 37.6% higher than the national average.
Where is the Data From?
The Bothell West 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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