An Overview of Cost of Living in Bremerton, WA
Getting a feel for the cost of living in Bremerton 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 Bremerton is 122, which is 22% 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 prioritize affordability when seeking a new place to live, Bremerton 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, Bremerton falls into this category, which may not align with your preferences for a budget-friendly living environment.
Housing costs make up a big chunk of the cost of living in Bremerton, 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 38.2% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.
Recurring essentials like haircuts, toothpaste, and entertainment, from movies to gym sessions, can really add up in your budget and make up 33% of the cost of living index. In Bremerton, you you will have to spend 18.9% more than average when compared to the typical prices for these items, making it a more expensive place to live.
Is Bremerton Affordable?
Is Bremerton 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 Bremerton, for instance, where the median home price falls 46.2% higher than the national average, and monthly rent rates are 19.6% higher than usual. Additionally, median income levels contribute to the equation, with Bremerton flaunting a median household income of $57,963, 4.8% higher than the national norm.
What Factors can Influence the Cost of Living in Bremerton?
Utilities: Similar to the prices of any other goods or services, utility expenditures can exhibit substantial variability, influenced by factors such as climate, energy sources accessibility, geographical location and state regulations. Costs related to electricity, water, heating, and waste disposal can fluctuate, whether higher or lower, contingent on the city or state. In Bremerton, the utilities index is 10.5% lower than the national average.
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 Bremerton, the transportation index is 31.5% 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 Bremerton, the prevailing sales tax rate starts at 6.5%, and income tax rates kick off at 0%.
Where is the Data From?
The cost of living in Bremerton, 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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