An Overview of Cost of Living in North Lynnwood, WA
Knowing the cost of living in North Lynnwood 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 North Lynnwood stands at 143, marking it 43% higher than the national average.
If you prioritize affordability when seeking a new place to live, North Lynnwood 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, North Lynnwood falls into this category, which may not align with your preferences for a budget-friendly living environment.
When it comes to the cost of living in North Lynnwood, 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 108.1% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, 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 North Lynnwood, 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 relentless increase in grocery prices is a noteworthy trend. In the last two years, grocery costs have experienced an upward trajectory of over 10%. Unfortunately, North Lynnwood is no exception, where grocery prices are 12.4% above the national average.
Is North Lynnwood Affordable?
Wondering if North Lynnwood 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 North Lynnwood, for example, the median home price is 119.1% higher than what folks pay nationally, and monthly rent is 82.5% higher than the usual rates. Plus, income levels matter too, with North Lynnwood boasting a median household income of $80,035, which is 44.7% higher than the national average.
What Factors can Influence the Cost of Living in North Lynnwood?
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 North Lynnwood, the utilities index registers at 5.4% lower 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.
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 North Lynnwood, the housing index stands at 108.1% higher than the national average.
Where is the Data From?
The cost of living in North Lynnwood, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.
Here are the best places to live in Washington
These are the 10 most affordable cities in Washington
10 Best cities in Washington for employment
Check out the 10 safest cities in Washington