An Overview of Cost of Living in Bothell, WA
Understanding the cost of living in Bothell can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Bothell cost of living index is 164, which is 64% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.
If you value affordability in your search for a new place to live, Bothell 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 falls into this category, which may not align with your desire for an affordable place to call home.
Housing costs are a very significant part of the Bothell cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 179.6% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.
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 Bothell, you can expect to pay 18.7% more than average for these items, making it a more expensive place to live.
Groceries are getting more expensive by the day and the cost of groceries makes up 13% of the overall cost of living index. In the past two years, prices have shot up by over 10%! Unfortunately, in Bothell, it's the same story – grocery costs are 12.4% higher than what people pay across the country.
What Do Locals Say About the Cost of Living in Bothell?
The most insightful perspective on a city comes from its residents. We recently surveyed 11 locals to gauge their perception of the cost of living in Bothell. The feedback revealed that 18% of respondents found the cost of living to be reasonable, with prices on the decline, while 82% regarded it as notably expensive with prices that continue to rise.
Is Bothell Affordable?
Is Bothell 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 Bothell, for instance, where the median home price falls 218.3% higher than the national average, and monthly rent rates are 89.4% higher than usual. Additionally, median income levels contribute to the equation, with Bothell flaunting a median household income of $107,651, 94.6% higher than the national norm.
What Factors can Influence the Cost of Living in Bothell?
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 Bothell, the general sales tax rate starts at 6.5%, and income tax rates begin at 0%.
Utilities: As with the prices of anything else, utility costs can exhibit significant variations, contingent on factors like climate, energy source availability, geographic location and state regulations. The expenses associated with electricity, water, heating, and waste disposal can fluctuate, either upward or downward, depending on the particular city or state. In Bothell, the utilities index registers 5.4% lower than the national average.
Housing: When there's a high demand for housing in trendy places, it can cause property prices and rental rates to soar, leading to a significantly higher cost of living. Conversely, in less desirable locations, where demand is low, prices tend to decrease, resulting in a more budget-friendly cost of living. In Bothell, the housing index is 179.6% higher than the national average.
Where is the Data From?
The Bothell 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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