An Overview of Cost of Living in Lake Stevens, WA
Understanding the cost of living in Lake Stevens can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Lake Stevens cost of living index is 140, which is 40% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.
If you prioritize affordability when seeking a new place to live, Lake Stevens 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, Lake Stevens 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 Lake Stevens, 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 98.3% 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 Lake Stevens, you you will have to spend 18.7% more than average when compared to the typical prices for these items, making it a more expensive place to live.
The surge in grocery costs is indeed alarming, especially when groceries make up a large portion of your monthly expenditures. Over the past two years, there has been an inflation of over 10% in grocery prices. Unfortunately, Lake Stevens does not fare better, with grocery expenses coming in at 12.4% higher than the national average.
What Do Locals Say About the Cost of Living in Lake Stevens?
The most insightful perspective on a city comes from its residents. We recently surveyed 10 locals to gauge their perception of the cost of living in Lake Stevens. The feedback revealed that 30% of respondents found the cost of living to be reasonable, with prices on the decline, while 70% regarded it as notably expensive with prices that continue to rise.
Is Lake Stevens Affordable?
Is Lake Stevens 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 Lake Stevens, the median home price is 108.1% higher than what most folks pay across the country, and monthly rent prices are 75.2% higher than the usual rates. Income levels in Lake Stevens come in at $93,087, which is 68.3% higher than the national average.
What Factors can Influence the Cost of Living in Lake Stevens?
Transportation: In situations where public transportation is limited or nonexistent, local residents may be required to own and maintain their own vehicles, contributing to an elevated cost of living. Monthly expenditures may encompass fuel costs, insurance premiums, routine vehicle upkeep and possibly lease or financing payments. In Lake Stevens, the transportation index is 21.8% 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 Lake Stevens, the prevailing sales tax rate starts at 6.5%, and income tax rates kick off at 0%.
Housing: Elevated demand for housing within coveted locales has the propensity to escalate both property values and rental rates, thereby serving as a primary catalyst for an augmented cost of living. Conversely, areas witnessing diminished housing demand, particularly within less desirable environs, often experience an inversely proportional effect, leading to price reductions and subsequently contributing to a more modest cost of living. In Lake Stevens, the housing index is 98.3% higher than the national average.
Where is the Data From?
The Lake Stevens 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. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.
Here are the best places to live in Washington
10 best cities to buy a new house in Washington
These are the 10 most affordable cities in Washington
Top 10 cities in Washington with the best education system