An Overview of Cost of Living in Mountlake Terrace, WA
Are you thinking about relocating, but curious about the potential cost of living in Mountlake Terrace? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Mountlake Terrace stands at 147, making it 47% 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 Mountlake Terrace 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, Mountlake Terrace falls into this category, which may not be suitable for those seeking an economically favorable living environment.
Housing costs are a major factor in the Mountlake Terrace cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 111.4% higher than what's typical in an average city. That includes the prices of homes and rents, as well as 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, Mountlake Terrace goods and services are 19.5% more expensive than the national average, leaving you with less money at the end of the month.
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, Mountlake Terrace does not fare better, with grocery expenses coming in at 16.3% higher than the national average.
Is Mountlake Terrace Affordable?
Is Mountlake Terrace an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Mountlake Terrace is 129.9% higher than the national average, while the average monthly rent prices are 68.1% higher than average. The affordability of any location can also be influenced by median income levels. Mountlake Terrace has a median household income of $80,738, which is 45.9% higher than the national average.
What Factors can Influence the Cost of Living in Mountlake Terrace?
Housing: When there's a high demand for housing in trendy places, it can cause property prices and rental rates to soar, leading to a significantly higher cost of living. Conversely, in less desirable locations, where demand is low, prices tend to decrease, resulting in a more budget-friendly cost of living. In Mountlake Terrace, the housing index is 111.4% higher than the national average.
Transportation: In cities with limited or no public transportation, residents may find it necessary to own and maintain vehicles, thereby elevating the cost of living. Monthly expenditures include fuel, insurance, routine maintenance and potential lease or financing commitments. In Mountlake Terrace, the transportation index stands at 28.2% 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 Mountlake Terrace, the groceries index is 16.3% higher than the national average.
Where is the Data From?
The Mountlake Terrace 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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