An Overview of Cost of Living in Kenmore, WA
Are you thinking about relocating, but curious about the potential cost of living in Kenmore? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Kenmore stands at 167, making it 67% 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 Kenmore 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, Kenmore 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 Kenmore, 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 179% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, 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 Kenmore, you you will have to spend 19.5% more than average when compared to the typical prices for these items, making it a more expensive place to live.
The substantial and relentless rise in grocery prices definitely warrants some attention. Over the past two years, grocery expenses have escalated by more than 10%. Having said that, the situation in Kenmore is even less favorable, with grocery prices here being 16.3% higher than the national average.
What Do Locals Say About the Cost of Living in Kenmore?
Locals have the inside scoop on their city. So, we polled 9 residents in Kenmore to learn how they view the cost of living. We asked how they felt about the cost of living in their area, and if they thought that prices were increasing, decreasing or staying the same. The verdict? 22% find it reasonable with decreasing prices, but 78% think it's quite pricey, with prices that continue to rise.
Is Kenmore Affordable?
Is Kenmore an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Kenmore, the median home price is 234.1% higher than what most folks pay across the country, and monthly rent prices are 50.7% higher than the usual rates. Income levels in Kenmore come in at $115,093, which is 108% higher than the national average.
What Factors can Influence the Cost of Living in Kenmore?
Housing: A sought-after location with high housing demand often leads to increased property values and rental rates, which can significantly inflate the overall cost of living. Conversely, areas with low housing demand, particularly in less desirable locales, tend to experience the opposite effect, causing prices to drop and contributing to a more affordable cost of living. In Kenmore, the housing index stands at 179% higher than the national average.
Groceries: Over the past 2-3 years, grocery expenses have experienced substantial upward trends. In certain markets, food prices have surged by over 20% during this period, while others have witnessed more modest increases. These fluctuations in food costs can wield significant influence over the overall cost of living in a given region. In Kenmore, the groceries index is 16.3% higher than the national average.
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 Kenmore, the utilities index is 2.1% higher than the national average.
Where is the Data From?
The Kenmore 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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