An Overview of Cost of Living in SeaTac, WA
Are you thinking about relocating, but curious about the potential cost of living in SeaTac? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in SeaTac stands at 131, making it 31% 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.
If you're in pursuit of an economical living environment, SeaTac may not fit the bill, as it ranks among the most expensive places to reside in the United States. Just a minority of regions exhibit a cost of living that is more than 20% higher than the national average, and, unfortunately, SeaTac falls within this bracket.
Housing costs significantly influence the SeaTac cost of living index, typically accounting for a substantial portion of one's post-tax income. Regrettably, within this particular region, expenses related to both residential ownership and renting exceeded those observed in an average city by 71.2%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.
Recurring goods and services expenses like haircuts, toothpaste, gym memberships and movie nights are a big part of your spending and make up 33% of the cost of living index. In SeaTac, these items will cost you 13% more than what most folks pay, making it a bit more expensive to live here.
The cost of groceries continues to rise at an alarming rate. Over the last two years, grocery prices have increased by more than 10%! Unfortunately, in SeaTac, the news isn't any better as grocery prices are 16% higher than the national average.
Is SeaTac Affordable?
Is SeaTac 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 SeaTac is 83% higher than the national average, while the average monthly rent prices are 43.7% higher than average. The affordability of any location can also be influenced by median income levels. SeaTac has a median household income of $66,131, which is 19.5% higher than the national average.
What Factors can Influence the Cost of Living in SeaTac?
Urbanization: Urban areas with a wealth of amenities and employment opportunities tend to come with a higher price tag for living. Why? Well, more people want to be there, which drives up home prices and rents. On the flip side, less densely populated rural areas or places where there's not as much demand usually mean fewer attractions, things to do and slower job growth. That often results in a lower cost of living.
Utilities: As with the prices of anything else, utility costs can exhibit significant variations, contingent on factors like climate, energy source availability, geographic location and state regulations. The expenses associated with electricity, water, heating, and waste disposal can fluctuate, either upward or downward, depending on the particular city or state. In SeaTac, the utilities index registers 3.3% lower than the national average.
Taxes: Locations with elevated tax rates, encompassing both sales and income taxes, can be a factor in driving up the cost of living. When you're paying more in taxes for everyday goods and services, it naturally translates into higher expenses. Similarly, a higher income tax rate can also contribute to an overall higher cost of living. In SeaTac, the standard sales tax rate starts at 6.5%, and the income tax rates commence at 0%.
Where is the Data From?
The SeaTac 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.
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