An Overview of Cost of Living in Wasilla, AK
The cost of living in Wasilla 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 Wasilla is 122, which is 22% 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, Wasilla 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, Wasilla falls into this category, which may not align with your desire for an affordable place to call home.
When it comes to the cost of living in Wasilla, 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 29.7% 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 Wasilla, you you will have to spend 16.8% 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, Wasilla is no exception, where grocery prices are 23.8% above the national average.
What Do Locals Say About the Cost of Living in Wasilla?
The most insightful perspective on a city comes from its residents. We recently surveyed 7 locals to gauge their perception of the cost of living in Wasilla. The feedback revealed that 0% of respondents found the cost of living to be reasonable, with prices on the decline, while 100% regarded it as notably expensive with prices that continue to rise.
Is Wasilla Affordable?
Is Wasilla 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 Wasilla, the median home price is 39.7% higher than the national average and monthly rent prices are 6.2% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Wasilla boasting a median household income of $62,667, 13.3% higher than the national average.
What Factors can Influence the Cost of Living in Wasilla?
Taxes: Regions that impose higher taxes, including sales and income taxes, can contribute to an increased cost of living. Higher taxes for everyday necessities such as clothing, utilities and food inevitably leads to higher expenditures. Additionally, a higher income tax rate can also play a role in elevating the overall cost of living. In Wasilla, the prevailing sales tax rate starts at 0%, and income tax rates kick off at 0%.
Healthcare: Healthcare costs and insurance premiums can fluctuate greatly based on the city or state. Access to healthcare facilities, out-of-pocket expenses for doctor\’s visits, dentist costs, medication costs and specialized care costs can all impact the cost of living. In Wasilla, the healthcare costs are 39.8% higher than the national average.
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.
Where is the Data From?
The cost of living in Wasilla, 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.
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