An Overview of Cost of Living in Vancouver, WA
The cost of living in Vancouver affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Vancouver is 124, which is 24% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.
If you value affordability in your search for a new place to live, Vancouver 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, Vancouver falls into this category, which may not align with your desire for an affordable place to call home.
Housing costs significantly influence the Vancouver 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 61.3%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.
Groceries are getting more expensive by the day and the cost of groceries makes up 13% of the overall cost of living index. In the past two years, prices have shot up by over 10%! Unfortunately, in Vancouver, it's the same story – grocery costs are 10.5% higher than what people pay across the country.
What Do Locals Say About the Cost of Living in Vancouver?
Nobody knows their city better than the people who actually live there. So, we asked 23 local residents how they would rate the cost of living in Vancouver and this is how they responded. 22% of people said that the cost of living was affordable, with prices decreasing, while 78% of people said that the cost of living was very expensive and prices continue to rise.
Is Vancouver Affordable?
Is Vancouver affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Vancouver, the median home price is 72.3% higher than the national average and monthly rent prices are 35.8% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Vancouver boasting a median household income of $63,617, 15% higher than the national average.
What Factors can Influence the Cost of Living in Vancouver?
Housing: High demand for housing in desirable locations can drive up property prices and rental rates. This can be a primary contributor to a higher cost of living. While low demand for housing, especially in undesirable locations, can have the reverse effect and drive prices down, resulting in a lower cost of living. The housing index in Vancouver, is 61.3% higher than the national average.
Groceries: Grocery expenditures have undergone notable escalation over the last 2-3 years. In some markets, the cost of food products has surged by more than 20%, while others have experienced only modest increments. These fluctuations in food costs can have a significant impact on the overall cost of living in any region. In Vancouver, the groceries index registers 10.5% higher than the national average.
Healthcare: The costs associated with healthcare and insurance premiums can exhibit notable disparities based on the city or state of residence. Access to healthcare facilities, out-of-pocket expenses for medical appointments, dental care charges, prescription medication costs and specialized medical care expenses all contribute to variations in the cost of living. In Vancouver, healthcare costs are 9.6% higher than the national average.
Where is the Data From?
The Vancouver 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.