Economy
Prices in This Popular West Coast City Are 14% Higher Than the Rest of America
Published:
24/7 Wall St. Insights
- Nationwide, the cost of living tends to be higher in cities than in places outside of major metro areas
- Still, consumer prices can vary considerably from one city to another, and some metro areas in Washington State are more affordable for a broader range of incomes than others
- Also: 2 Dividend Legends To Hold Forever
The overall cost of living has climbed at a historic pace in recent years, and the impact on American families has been both financial and psychological. A recent survey conducted by the U.S. Census Bureau found that over 57% of Americans reported difficulty affording usual household expenses in the last week, and that more than 93% of adults in the U.S. have experienced stress related to higher prices in the last two months.
While no one was spared from rising consumer prices, in relative terms, the overall cost of living varies considerably across the country. In Washington State, for example, goods and services were about 9.8% more expensive, on average, than they were nationwide in 2022 — the latest year of available data. Likely due in part to a higher cost of living, 55.4% of Washington households had difficulty paying for household expenses in the last week, and 92.7% of adults in the state reported stress resulting from rising prices. (Here is a look at the most expensive states to live in.)
Generally, Americans living in major cities are saddled with a higher cost of living than those in smaller, rural communities. According to the Bureau of Economic Analysis, goods and services are about 11.4% more expensive within U.S. metro areas than they are outside of metro areas.
In keeping with this pattern, goods and services are about 10.7% more expensive than average across all 11 Washington State metro areas, and only 1.1% more expensive in non-metro areas. Still, the overall cost of living can vary meaningfully between one Washington city and another. In the state’s least expensive metro area, consumer prices are about 0.7% higher than they are nationwide on average. Meanwhile, in the state’s most expensive city, prices are 13.7% higher than average. (Here is a look at the most affordable town in every state.)
This is the cost of living in every Washington metro area, ranked.
Why It Matters
Inflation, as measured by the Consumer Price Index, hit a multi-decade high in 2022, and as of July 2024, the CPI remains well above the Federal Reserve’s 2% target. Even though prices tend to be far higher in cities than in rural communities, the vast majority of Americans — 80% according to the U.S. Census Bureau — live in an urban area. Still, consumer prices can vary considerably from one city to another, and some Washington metro areas are more affordable for a broader range of incomes than others.
11. Walla Walla, WA
- Overall cost of living, 2022: 0.7% higher than U.S. average
- Median household income, 2022: $65,300 ($26,006 less than statewide median)
- Median home value, 2022: $396,000 ($173,500 less than statewide median)
- Metro area population: 61,890
10. Yakima, WA
- Overall cost of living, 2022: 1.0% higher than U.S. average
- Median household income, 2022: $63,865 ($27,441 less than statewide median)
- Median home value, 2022: $300,000 ($269,500 less than statewide median)
- Metro area population: 257,001
9. Longview, WA
- Overall cost of living, 2022: 1.5% higher than U.S. average
- Median household income, 2022: $72,055 ($19,251 less than statewide median)
- Median home value, 2022: $413,500 ($156,000 less than statewide median)
- Metro area population: 111,956
8. Spokane-Spokane Valley, WA
- Overall cost of living, 2022: 2.7% higher than U.S. average
- Median household income, 2022: $68,829 ($22,477 less than statewide median)
- Median home value, 2022: $406,800 ($162,700 less than statewide median)
- Metro area population: 597,919
7. Wenatchee, WA
- Overall cost of living, 2022: 3.2% higher than U.S. average
- Median household income, 2022: $87,459 ($3,847 less than statewide median)
- Median home value, 2022: $474,900 ($94,600 less than statewide median)
- Metro area population: 124,118
6. Kennewick-Richland, WA
- Overall cost of living, 2022: 4.4% higher than U.S. average
- Median household income, 2022: $82,961 ($8,345 less than statewide median)
- Median home value, 2022: $390,300 ($179,200 less than statewide median)
- Metro area population: 311,469
5. Mount Vernon-Anacortes, WA
- Overall cost of living, 2022: 5.7% higher than U.S. average
- Median household income, 2022: $79,001 ($12,305 less than statewide median)
- Median home value, 2022: $520,900 ($48,600 less than statewide median)
- Metro area population: 131,179
4. Bellingham, WA
- Overall cost of living, 2022: 5.9% higher than U.S. average
- Median household income, 2022: $79,220 ($12,086 less than statewide median)
- Median home value, 2022: $601,200 ($31,700 more than statewide median)
- Metro area population: 230,677
3. Olympia-Lacey-Tumwater, WA
- Overall cost of living, 2022: 7.4% higher than U.S. average
- Median household income, 2022: $88,853 ($2,453 less than statewide median)
- Median home value, 2022: $488,100 ($81,400 less than statewide median)
- Metro area population: 298,758
2. Bremerton-Silverdale-Port Orchard, WA
- Overall cost of living, 2022: 8.8% higher than U.S. average
- Median household income, 2022: $94,775 ($3,469 more than statewide median)
- Median home value, 2022: $538,400 ($31,100 less than statewide median)
- Metro area population: 277,673
1. Seattle-Tacoma-Bellevue, WA
- Overall cost of living, 2022: 13.7% higher than U.S. average
- Median household income, 2022: $106,909 ($15,603 more than statewide median)
- Median home value, 2022: $718,100 ($148,600 more than statewide median)
- Metro area population: 4,034,248
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