An Overview of Cost of Living in Kennewick, WA
Are you thinking about relocating, but curious about the potential cost of living in Kennewick? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Kennewick stands at 106, making it 6% 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.
In Kennewick, daily expenses such as food, housing, goods and services, transportation and health care are in line with comparable areas and about average when compared to all cities across the nation. This ensures that the cost of living in Kennewick will resemble that of an average city, contributing to a manageable cost of living.
Housing costs are a very significant part of the Kennewick 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 20.8% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.
What Do Locals Say About the Cost of Living in Kennewick?
When it comes to knowing a city, its residents are the experts. We conducted a survey with 19 locals to understand their opinions on the cost of living in Kennewick. The results indicated that 58% found it reasonably priced with decreasing prices of goods and services, while 42% viewed it as quite expensive, with increasing prices.
Is Kennewick Affordable?
Wondering if Kennewick 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 Kennewick, for example, the median home price is 29.5% higher than what folks pay nationally, and monthly rent is 0.6% higher than the usual rates. Plus, income levels matter too, with Kennewick boasting a median household income of $62,283, which is 12.6% higher than the national average.
What Factors can Influence the Cost of Living in Kennewick?
Transportation: When public transportation options are limited or non-existent, residents frequently resort to vehicle ownership, which can significantly contribute to the overall cost of living. Monthly financial obligations encompass fuel, insurance, regular maintenance and potentially lease or financing expenses. In Kennewick, the transportation index is 16.5% higher than the national average.
Urbanization: Larger, urban hubs brimming with ample amenities and robust employment opportunities often showcase a heightened cost of living. This surge is primarily attributed to the amplified demand for services and increased residential migration, culminating in elevated home prices and elevated rental rates. Conversely, less densely populated rural locales or regions characterized by reduced demand tend to offer a more limited array of amenities and undergo slower job market growth, ultimately yielding a more affordable cost of living.
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 Kennewick, healthcare costs are 17.1% higher than the national average.
Where is the Data From?
The Kennewick 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.