In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
An overview of the general cost of living index for Mountlake Terrace, WA is displayed above for your reference. Residents in Mountlake Terrace, WA enjoy a cost of living index of 135. This index is 17% higher than the Washington average, and 35% higher than the national average. The following categories are used when determining the cost of living index for any given city: health care (5%), transportation (9%), utilities (10%), groceries (13%), housing (30%), and goods/services (33%). Clearly, housing and goods/services make up the majority of the formula for calculating the cost of living index. Because of this, the general cost of living for any given area can be estimated by looking at the cost of everyday goods in that area. For those living in Mountlake Terrace, WA, the average cost of goods and services is 27% higher than it is in Washington, and it is 35% higher than the national average.
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Did you know?
The cost of living in Mountlake Terrace is 17% higher than the Washington average.
The cost of living in Mountlake Terrace is 35% higher than the national average.
The cost of housing in Mountlake Terrace is 43% higher than the national average.
Washington general sales tax is 28% higher than the national average.
Washington state income tax is 100% lower than the national average.
Compare Mountlake Terrace, WA Cost of living To Other Cities
This is how much you would need to earn in Price difference in compared to
Cost of living index
Goods & Services index
Health care index
The salary calculator is used in order to provide a comparison of your current salary in Mountlake Terrace, WA to another city of your choice. The calculator will inform you of what your salary needs to be in any specific city in order for you to maintain your living standard based on what the city’s cost of living is. As an example, if you are seeking to move to a city that has a higher cost of living compared to Mountlake Terrace, WA, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Mountlake Terrace, WA salary calculator, input the new city’s name and then move the slider to indicate your current income. The salary calculator will now process the numbers and show you whether you need to earn more or less in the chosen city. A comprehensive breakdown of the cost of living will also be shown.
Median Income & Debt-To-Income Ratio
Max Budget (28% DTI)
Max Budget (36% DTI)
The affordability of the housing market in Mountlake Terrace, WA as well as the overall cost of living can be indicated accurately by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should ever be used on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Mountlake Terrace, WA homeowners, the median income is $80,145. This indicates that a monthly maximum of $1,870 should be spent by homeowners on all housing related costs. Renters have a median income of $47,851. This indicates that renters should have a maximum of $1,116 used for their rent related monthly costs.
Washington Sales Tax
General Sales Tax
With Max Surtax
Washington Income Tax
Income Tax (Low)
Income Tax (High)
For those who live in Mountlake Terrace, WA and want to know what the true cost of living is, they ought to look at both the Washington income tax rate and the Washington sales tax rate. By sales tax, we mean the taxes that are included whenever a person is purchasing any goods or services. The amount that is taxed depends upon the particular state, where some states have a sales tax of zero percent while others can have a tax higher than seven percent. In Washington, the sales tax is 6.5%, while the most you'll pay in surtax is 10.4%. There is also income tax to consider, which is based upon the amount of money made in a year. Just like sales tax, income tax depends upon the particular state but also depends upon what tax bracket the person is in. Income tax for the state can be higher than nine percent in some states to zero percent in others. For those that live in Washington, the income tax rate ranges between 0% to 0%.
Goods & Services
Avg. Mortgage Payment
Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.