An Overview of Cost of Living in Kent, WA
Knowing the cost of living in Kent allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Kent stands at 136, marking it 36% higher than the national average.
If you prioritize affordability when seeking a new place to live, Kent 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, Kent falls into this category, which may not align with your preferences for a budget-friendly living environment.
Housing costs are a very significant part of the Kent 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 90.8% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.
Everyday goods and services make up 33% of the cost of living index and include things like clothing, personal hygiene products and entertainment which are a large portion of your monthly expenditures. Unfortunately, Kent goods and services are 13% more expensive than the national average, leaving you with less money at the end of the month.
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 Kent is even less favorable, with grocery prices here being 16% higher than the national average.
What Do Locals Say About the Cost of Living in Kent?
When it comes to knowing a city, its residents are the experts. We conducted a survey with 14 locals to understand their opinions on the cost of living in Kent. The results indicated that 21% found it reasonably priced with decreasing prices of goods and services, while 79% viewed it as quite expensive, with increasing prices.
Is Kent Affordable?
Wondering if Kent 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 Kent, for example, the median home price is 105.1% higher than what folks pay nationally, and monthly rent is 57.5% higher than the usual rates. Plus, income levels matter too, with Kent boasting a median household income of $73,891, which is 33.6% higher than the national average.
What Factors can Influence the Cost of Living in Kent?
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 Kent, the housing index stands at 90.8% 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 Kent, the groceries index is 16% higher than the national average.
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 data in Kent displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.
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