| Index | Lakewood | Washington | National |
| Cost of living | 124 | 119 | 100 |
| Groceries | 109 | 107 | 100 |
| Health care | 108 | 109 | 100 |
| Housing | 158 | 138 | 100 |
| Transportation | 110 | 112 | 100 |
| Utilities | 113 | 110 | 100 |
| Lifestyle & Entertainment | 113 | 112 | 100 |
| Household Items | 107 | 107 | 100 |
| Education & Childcare | 114 | 117 | 100 |
Knowing the cost of living in Lakewood 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 Lakewood stands at 124, marking it 24% higher than the national average.
If you value affordability in your search for a new place to live, Lakewood may not be the most suitable option, as it stands out as one of the priciest areas in the entire United States. Only a small fraction of regions have a cost of living that is more than 20% higher than the national average, and regrettably, Lakewood falls into this category, which may not align with your desire for an affordable place to call home.
When it comes to the cost of living in Lakewood, 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 57.5% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.
Is Lakewood 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 Lakewood, the median home price is 75% higher than what most folks pay across the country, and monthly rent prices are 16.6% higher than the usual rates. Income levels in Lakewood come in at $81,425, which is 0.1% higher than the national average.
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 Lakewood, the housing index comes in at 57.5% higher than the national average.
Utilities: Similar to the prices of any goods or services, utility expenses can fluctuate widely, contingent on variables such as climate, available energy sources, geographical location and state regulations. Costs associated with electricity, water, heating, and waste disposal can differ in magnitude, depending on the specific city or state. In Lakewood, the utilities index registers at 12.8% 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.
The Lakewood cost of living data above is designed around a U.S. average baseline of 100, allowing for easy comparisons of relative living costs. Housing incorporates U.S. Census home price and rental data, while all other figures are AI-assisted estimates that account for regional price trends, climate, transportation dynamics, and common everyday expenses. These values are best used as directional city-to-city comparisons.
| Cost of living index | |
| Groceries index | |
| Health care index | |
| Housing index | |
| Transportation index | |
| Utilities index | |
| Lifestyle index | |
| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $123,623 | $10,302 | $2,884 | $3,709 |
| Renters | $64,894 | $5,408 | $1,514 | $1,947 |
| State | General Sales Tax | With Max Surtax |
| Washington | 6.5% | 10.4% |
| State | Income Tax (Low) | Income Tax (High) |
| Washington | 0% | 0% |
| City | Population | Cost of Living Index | National Avg. |
| Ketron Island, WA | 0 | 110 | 10.2% |
| North Yelm, WA | 3,847 | 106 | 6.3% |
| North Puyallup, WA | 2,029 | 111 | 11.1% |
| Nisqually Indian Community, WA | 603 | 112 | 12.1% |
| Longbranch, WA | 4,700 | 114 | 14.3% |
| Lakewood, WA | 61,909 | 124 | 24.4% |
| City | Population | Cost of Living Index | National Avg. |
| Sanford, FL | 61,887 | 105 | 4.5% |
| Wesley Chapel, FL | 61,965 | 116 | 16.3% |
| Pontiac, MI | 61,764 | 84 | 16.2% |
| Meriden, CT | 61,712 | 107 | 6.5% |
| Owensboro, KY | 62,157 | 89 | 11.3% |
| Lakewood, WA | 61,909 | 124 | 24.4% |
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