The 28/36 rule is a common sense guideline that states you should not spend more than 28% of your monthly gross income on housingeither your mortgage payment or rentand 36% of your monthly gross income on your total debt. For others, it involves driving your car, and that means factoring in car repairs, gas, tolls and parking. Not only will we show you the cost of living difference, but we'll let you. Planning a move to another town, city or state? Since he has 2 children, he needs to have a large apartment. Cost of Living in Seattle, WA is 35.7% Higher than the National Average Did the Cost of Living in Seattle, WA increase in 2023? Price collection by city is conducted in strict conformance with standard specifications at specified times. How well do these numbers hold up in reality? Seattle. While its impossible to predict these types of changes, its smart to have a plan in place to minimize their impact on your finances. Get started! To maintain your standard of living in Seattle, WA, you'll need a household income of: The cost of living is 18% lower in Seattle, WA. For others, it involves driving your car, and that means factoring in car repairs, gas, tolls and parking. Decreasing rapidly. This is the tax that you will pay on things that you buy. And it adds up. Before you get the keys to your new home, you'll have to pay closing costs. Americans spend nearly the same amount each year on entertainment as they do on health insurance, according to the BLS. So, housing costs fall into that 50% category. Seattle's housing expenses are 111% higher than the national average and the utility prices are 6% higher than the national average. Take our 3 minute quiz and match with an advisor today. Its a lot different. Pay increases are a top concern for 2022 to attract and retain talent, Temporary employee laws: A guide to hiring contract roles, What to include in a termination letter: Template and examples, How to Manage Your Time and Prioritize Your Workload. This is based on the, Using a cost of living calculator can be a helpful way to determine whether or not you can realistically. Sunnyvale is 67.2% more expensive than Seattle. Datadog. Not surprisingly, cost of living varies widely from place to place. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. According to the U.S. Bureau of Labor Statistics, the largest bill consumers pay each month is for housing. The sales tax for Seattle is 6.5%. Sin products are alcohol, cigarettes, and weed which wa taxes heavily. Highlights. Transportation index. Utilities tend to cost 21.92% 2023 Bankrate, LLC. The information can also be used to help you determine or negotiate the salary youll need in order to cover your basic needs in a particular city. Plan on spending more on gas and auto expenses if you move to Seattle, Washington, resulting in a higher, In Seattle, WA, the average commute time is about 42.99 minutes. NerdWallet strives to keep its information accurate and up to date. Quality of life data (gyms, bars and beauty salons per 1,000 residents) were collected from the Yellow Pages. A cost of living index allows you to directly compare what it costs to live in one area against another, helping you understand how far your money can go in each place. In Seattle,WA, my friend pays $1646 for a large 2 bedroom apartment. Seattle, WA is the 7 th most expensive city of database of 304 cities Cost Of Living Housing Costs Median 2-bedroom apartment rent $2,970 Median home price (3BR, 2BA) $921,344 Transportation. The biggest factors in any move are the standard of Washington general sales tax is 28% higher than the national average. While other resources provide basic cost comparisons,NerdWallets cost of living calculatorand accompanying city life tool go one step further by offering information on schools, quality of life and demographics, giving users a one-stop shop to explore new cities. Seattle is known for its rain with 38" per year but just 5" of snow each year and a Mediterranean climate. Mortgage preapproval is the smartest hack to homebuying and among the most misunderstood. Here's what lenders want before they'll preapprove you for a home loan. The total income . Increasing steadily. Costs are dropping at a rapid rate. When evaluating offers, please review the financial institutions Terms and Conditions. Seattle has essentially zero (it's an overstatement but not by much) outside climbing Mid October to Mid April, which is 6 consecutive months. Compare Cities Seattle vs Bay Area/San Jose - Cost of living - Blind To people who have lived in both the places : How do you compare the cost of living?Is it almost the same with rising house rental cost near Seattle?Need not be proper downtowns in either places, so the comparison can extend to like Redmond vs outer . Amazon What your skills are worth in the job market is constantly changing. Expenses can vary dramatically from place to place, especially as inflation continues to impact the economy and housing market. OK92033) Property & Casualty Licenses, NerdWallet | 55 Hawthorne St. - 11th Floor, San Francisco, CA 94105. This calculation uses our Cost of Living Plus Rent Index to compare cost of living. Atlanta is 34.8% less expensive than Seattle. Expenses typically factored into cost of living calculations include housing, food and taxes. Overall I would not regret the move at all. Costs of goods and services are declining. And it adds up. There are nearly 8 million people in an area smaller than the Seattle Metro. Disclaimer: NerdWallet strives to keep its information accurate and up to date. One of the most important aspects to a good quality of life is good healthcare. Our partners compensate us. Theres also maintenance, upgrades, taxes and fees to take into account when deciding where to live. Your use of this service is subject to our These expenses included public transit and motor vehicle-related costs like auto purchases, parts, fuels, rentals, leases and insurance. Pre-qualified offers are not binding. Whether you use a cost of living index or a cost of living calculator, each will help you feel more confident in deciding where to live. Do these housing costs seem low to you? Copyright 2009-2023 Numbeo. Walkability and public transit scores were obtained fromWalk Score. To maintain your standard of living in Seattle, WA, you'll need a household income of: $40,827 The cost of living is 18% lower in Seattle, WA See Seattle's complete City Life page. Discretionary spending is influenced not only by how much disposable income one has remaining after paying for essential expenses, but also by the overall economic climate. Health related expenses are 22.1% more in Sunnyvale. Get free guidance on changes you can make to afford more home, without spending more. Utilities index. But even then, the price of groceries is going to significantly influence your cost of living. Goods, services and housing are all very affordable. Cost of Living in Seattle vs San Francisco San Francisco is a more expensive city than Seattle, but they're both extremely expensive relative to the rest of the county. In Seattle, Washington I go to a lot of Seattle Mariners games. This information may be different than what you see when you visit a financial institution, service provider or specific products site. Homes tend to cost 35.57% So how do we make money? Walkability and public transit scores were obtained from, Monthly bus pass costs were obtained from the individual websites of the public transit system for each city. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. of Prepaid Mobile Tariff Local (No Discounts or Plans), Internet (60 Mbps or More, Unlimited Data, Cable/ADSL), Preschool (or Kindergarten), Full Day, Private, Monthly for 1 Child, International Primary School, Yearly for 1 Child, 1 Summer Dress in a Chain Store (Zara, H&M, ), Price per Square Meter to Buy Apartment in City Centre, Price per Square Meter to Buy Apartment Outside of Centre, Mortgage Interest Rate in Percentages (%), Yearly, for 20 Years Fixed-Rate. You could eat out less, cut back on takeout and cook more often. Price collection by city is conducted in strict conformance with standard specifications at specified times. Decreasing steadily. The guideline advises you to devote 50% of your post-tax income to must-have needs, 30% to wants and 20% to savings. Transportation costs are often the second-largest cost for most people. Additionally, San Francisco isn't forgiving when it comes to taxes either. According to the BLS, transportation is the second-largest expense consumers have.For some, these costs include taking public transportation. If you don't seattle is better. Facebook public2. Copyright 2009-2023 Numbeo. 4 Reply vonfuckingneumann 1 yr. ago Chicago and Seattle's weather is worse compared to NYC When's the last time it snowed in Seattle? That's probably because we're measuring average costs for the larger metro area, not just the city limits. If youre a Social Security recipient, for example, your benefit will be updated for inflation as needed, thanks to the annual cost-of-living adjustment (COLA). Food: Weekly trips to the grocery store can add up, especially if food costs are high where you live. Get your true budget and find a home with ease. The renters in the city have an income of about $51,326, which would make their monthly maximum allowable rental costs $1,198. So when deciding where to live, determine whether your income level will be able to keep pace with cost of living increases. Companies pay cost of labor not cost of living. 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. More traffic means more gas spent. While other resources provide basic cost comparisons,NerdWallets cost of living calculatorand accompanying city life tool go one step further by offering information on schools, quality of life and demographics, giving users a one-stop shop to explore new cities. Are you sure you want to rest your choices? You could eat out less, cut back on takeout and cook more often. Education data was provided courtesy ofGreatschools, a nationwide ratings system that evaluates schools based on performance on state achievement tests. You don't move to the bay from Seattle for an immediate raise. Design, Go to company page Home prices, property taxes and monthly rents vary from state to state, city to city, town to town and even neighborhood to neighborhood.For homeowners, there are more expenses to consider than just the monthly mortgage payment. Some 33% of thator approximately $1,885went toward housing costs. ago The miscellaneous goods and services that factor into a household budget will vary. What to do when you lose your 401(k) match, Expenses typically factored into cost of living, The Council for Community and Economic Research (C2ER) Cost of Living Index, Economic Policy Institute (EPI) Family Budget Calculator, Missouri Economic Research and Information Center (MERIC) Cost of Living Index, California Consumer Financial Privacy Notice. Weekly trips to the grocery store can add up, especially if food costs are high where you live. To get the best mortgage loan, know how much you can afford and shop like the bargain hunter you are. I know that the west coast has a ton of high-paying startups, so that might edge up their numbers a bit. One tip to reduce this cost and your overall, The average cost of moving to another state is around $5,600 for a distance of 1,200 miles. Find your market worth with a report tailored to you. Seattle, WA VS San Francisco, CA $851,400 Seattle, WA 42% less Median Home Cost $1,471,200 San Francisco, CA $7,918 Seattle, WA 15% less Property Taxes (annual based on avg price home) $9,415 San Francisco, CA Seattle, WA Webinar Everything you need to know about Seattle, WA real estate FULL TEXT TRANSCRIPTION: In this video, I am going to share the average cost of living in Seattle so you can get an idea of what to expect to pay on a monthly basis.On this channel, . Step-By-Step Pay Equity Analysis Guide Product Guide By clicking Download Product Guide, Do you know what your employees really want for the holidays? In 2021, American households spent an average of $8,289 on food, or 10 percent of their budget, according to the Consumer Expenditure Survey. This category of expenses could include clothing, entertainment and personal care such as haircuts and more. When evaluating offers, please review the financial institutions Terms and Conditions. View future changes in the minimum wage in your location by visiting, If you move from Chicago IL, Dallas, TX, or Miami, FL, the percent increase of your, If you move from New York, NY, San Francisco, CA, or Washington, DC, the percent reduction of your. Some areas have more affordability and availability of healthcare options than others, and depending on your specific needs, you may need to prioritize moving to areas with lower healthcare costs. Privacy Policy. To maintain your standard of living in San Francisco, CA, you'll need a household income of: $55,800. Cost of living. Terms of Use and According to MIT's living wage calculator, food costs in Florida and Texas run $3,351 per year for a single adult. Weve broken down the top cities in several states, ranked by such factors as affordability, job prospects and safety. The Seattle metropolitan area's population is 4.02 million, making it the 15th-largest in the United States. The CPI does not, however, include costs associated with income taxes or money consumers spend on investments like stocks, bonds or life insurance. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. For others, it involves driving your car, and that means factoring in car repairs, gas, tolls and parking. Health care is also one of the most significant expenses consumers face, eating up about 8 percent of a consumers annual budget, or about $5,452. According to the council, C2ER produces the Cost of Living Index to provide a useful and reasonably accurate measure of living cost differences among urban areas. Whether you're planning for an upcoming move or just curious about the cost of living in other cities, the PayScale Cost of Living Calculator is the place to begin your research (or daydreaming). There are ways to save money on your food expenses if you plan carefully. Private school data was obtained from the Department of Education, and average private tuition was compiled by averaging tuition across randomly selected schools in each city. According to the BLS, transportation is the second-largest expense consumers have.For some, these costs include taking public transportation. Depends on your lifestyle. Should you accept an early retirement offer? Whether thats a mortgage or rent, a large percentage of your salary will go toward your housing expenses each month. less than your current The federal minimum wage is $7.25 per hour while Washington's state law sets the minimum wage rate at $15.74 per hour in 2023. Find a personal loan in 2 minutes or less. Housing will likely take the largest bite out of your budget, so you must keep your monthly housing costs within certain limits. On the other hand, medical costs are lower in The Golden State: $2,288 per year for that same single adult, vs $2,871 in Florida and $2,549 in Texas. Core cost of living data is fromThe Cost of Living Index - COLIfrom the Council for Community and Economic Research. Here's how to know how much you really need. This price can vary a lot if the distance is greater and depending on how much is being moved. According to the BLS, transportation is the second-largest expense consumers have.For some, these costs include taking public transportation. Goods & Services index. Use Salary.com's Cost of Living Calculator to easily compare the cost of living in your current location to the cost of living in a new location. Umm I would not say pay is mostly the same in Seattle vs bay. Healthcare in Seattle is 30% higher than the national average. All financial products, shopping products and services are presented without warranty. NerdWallet excluded state and local tax data because tax rates vary by state and metropolitan area, and sometimes within metropolitan area as well. According to data from RentCafe, the cost of living in California is 41 percent higher than the national average but this is highly dependent on where you live within The Golden State. Seattle (/ s i t l / see-AT-l) is a seaport city on the West Coast of the United States.It is the seat of King County, Washington.With a 2020 population of 737,015, it is the largest city in both the state of Washington and the Pacific Northwest region of North America. and accompanying city life tool go one step further by offering information on schools, quality of life and demographics, giving users a one-stop shop to explore new cities. And it adds up. A low rate can save you hundreds each year. Public transit in Seattle, WA will cost you around $99.00 per month. But depending on their income, American consumers may spend anywhere from 10.9 percent to 15.8 percent of their annual income on this category. Transportation: Unless youre lucky enough to work from home, you will need to factor in transportation costs when deciding where to live. Your lifestyle and what you prioritize will also play into whether a particular destination is suitable for your salary and ideal cost of living. higher. Housing index. CA, you'll need a There are lots of ways to reduce food expenses and lower your overall, I love baseball. from the Council for Community and Economic Research. Home prices, property taxes and monthly rents vary from state to state, city to city, town to town and even neighborhood to neighborhood.For homeowners, there are more expenses to consider than just the monthly mortgage payment. Even if your employer is covering the cost of a move, there will still be costs that are not covered. Everything is more expensive than I'd like. , a nationwide ratings system that evaluates schools based on performance on state achievement tests. . NerdWallets cost of living calculator is powered by data from The Council for Community and Economic Research (C2ER). A shift towards, Handling involuntary termination is a likely occurrence for human resources managers and, Return better results with Payscale job search, Compare real living costs across different states, Consider potential directions your career can take, Calculate the 20-year net ROI for US-based colleges, Are you the kind of person who struggles to get a handle, Learn where the best career earners attended college, Streamlined solutions for every step of the compensation management journey, Continuously updated compensation datasets from Payscale and our partners, Flexible, customizable services and support for Payscale customers, End comp guesswork with our free job-pricing tool, From collection to validation, our data methodology delivers certainty, Meet the leaders dedicated to empowering better conversations around pay, Track and compare wage-growth by city, industry, company size, and job category, Access helpful tools and insights for career planning and salary negotiation, Explore real-world career trends and advice from the leaders in compensation, Uncover detailed salary data for specific jobs, employers, schools, and more, Take our salary survey to see what you should be earning. Demographics data (including population, age, ethnicity, education and gender breakdown) were compiled from the, Quality of life data (gyms, bars and beauty salons per 1,000 residents) were collected from the Yellow Pages. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But like Texas, living in the Sunshine States most cosmopolitan cities (like Miami) will put your cost of living above the national average. If you are a renter seattle or cheaper, if you are a home owner ca is or will be cheaper. And while our site doesnt feature every company or financial product available on the market, were proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward and free. One of most important determinations you need to make before moving to a new city or town is how much it will cost to live there. But even then, the price of groceries is going to significantly influence your cost of living. Due to the plethora of state taxes, local taxes, jurisdictions and assessment procedures involved in the assessment of income, property and sales taxes, local tax rates cannot be accurately calculated. Walkability and public transit scores were obtained fromWalk Score. Aside from your personal expenses and lifestyle habits, youll also need to be mindful of macroeconomic items that arent within your control such as inflation, interest rate hikes, and mortgage rate fluctuations. Regarding how much of your income you should apply to what costs, theres a general principle known as the 50/30/20 budget rule. Entertainment: A movie ticket, a pint of beer, box seats at a baseball game they can all come with a different price tag depending upon where you live. To give you an idea of how living expenses vary by state, lets compare the cost of living differences in the countrys three most-populated states: California, Texas and Florida. The information provided by a cost of living index can help you get a realistic snapshot of living expenses and create a budget. For most cost of living indexes, the number 100 is used to represent the national average cost of living. Add another city. BR Tech Services, Inc. NMLS ID #1743443 | NMLS Consumer Access. In a couple of decades or even less than that, Seattle with its natural resources will be the place to go and it will be much more longed for than bay area ( think about global warming, drought, water shortage, wild fires, etc etc ) .. Seattle wins hands down. Typically, the index is based on expenses such as food, housing, utilities, transportation, health care and other goods. While other resources provide basic cost comparisons. How much should I spend on necessities including housing? Walkability and public transit scores were obtained from, Monthly bus pass costs were obtained from the individual websites of the public transit system for each city. Terms of Use and Compare some of America's most popular cities. Make sure you budget for these types of expenses and include them in the first years. higher. The average cost of living in Seattle is $2881, which is in the top 0.7% of the most expensive cities in the world, ranked 64th out of 9294 in our global list, 52nd out of 2202 in the United States, and 3rd out of 54 in Washington.