An Overview of Cost of Living in Everett, WA
Are you thinking about relocating, but curious about the potential cost of living in Everett? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Everett stands at 134, making it 34% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.
The cost of living in Everett 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, Everett falls into this category, which may not be suitable for those seeking an economically favorable living environment.
Housing costs are a major factor in the Everett 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 78% 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 Everett, these items will cost you 18.7% more than what's considered the norm, making it a more expensive place to call home.
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 Everett, 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 Everett?
When it comes to knowing a city, its residents are the experts. We conducted a survey with 10 locals to understand their opinions on the cost of living in Everett. The results indicated that 10% found it reasonably priced with decreasing prices of goods and services, while 90% viewed it as quite expensive, with increasing prices.
Is Everett Affordable?
Wondering if Everett is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Everett, for example, the median home price is 94.9% higher than what folks pay nationally, and monthly rent is 38.7% higher than the usual rates. Plus, income levels matter too, with Everett boasting a median household income of $66,023, which is 19.3% higher than the national average.
What Factors can Influence the Cost of Living in Everett?
Housing: When everyone's vying for homes in popular areas, it drives up property prices and rents, making the overall cost of living surge. On the flip side, in less sought-after locales, where housing demand is low, prices tend to dip, resulting in a more economical cost of living. In Everett, the housing index comes in at 78% higher than the national average.
Urbanization: Urban areas with extensive amenities and job opportunities tend to have a higher cost of living due to increased demand for services and relocation, resulting in higher home prices and higher rents. Less densely populated rural areas, or areas with less demand tend to have fewer amenities and slower job growth, which results in a lower cost of living.
Subsidies: Certain cities or states may implement government subsidies or assistance programs with the goal of alleviating the cost of living pressures on their residents. These programs encompass a broad spectrum of support mechanisms, including 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 farming subsidies. Areas offering fewer subsidies may experience a rise in their cost of living.
Where is the Data From?
The cost of living in Everett, 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.
Here are the best places to live in Washington
See the best places to live in & around Everett
Check out the 10 safest cities in Washington
10 Best cities in Washington for employment