F
48%
Overall NAT. AVG.
13%
Goods & Services NAT. AVG.
128%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Fairwood Washington National
Cost of living148118100
Goods & Services113111100
Groceries116110100
Health care115120100
Housing228135100
Transportation125123100
Utilities9792100

An Overview of Cost of Living in Fairwood, WA

The cost of living in Fairwood 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 Fairwood is 148, which is 48% 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 prioritize affordability when seeking a new place to live, Fairwood may not be your ideal choice, as it ranks among the most expensive locations in the entire United States. A very small amount of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Fairwood falls into this category, which may not align with your preferences for a budget-friendly living environment.

When it comes to the cost of living in Fairwood, 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 128% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.

Goods and services make up 33% of the total cost of living index score and are a large part of your everyday expenses. These items could include things like haircuts, salons, toothpaste, shampoo, clothes, movies, bowling, gym memberships or yoga. In Fairwood, you can expect to pay 13% more than average for these items, making it a more expensive place to live.

The substantial and relentless rise in grocery prices definitely warrants some attention. Over the past two years, grocery expenses have escalated by more than 10%. Having said that, the situation in Fairwood is even less favorable, with grocery prices here being 16% higher than the national average.

Is Fairwood Affordable?

Is Fairwood 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 Fairwood is 144% higher than the national average, while the average monthly rent prices are 90.7% higher than average. The affordability of any location can also be influenced by median income levels. Fairwood has a median household income of $95,484, which is 72.6% higher than the national average.

What Factors can Influence the Cost of Living in Fairwood?

Subsidies: Some areas might offer government subsidies or assistance programs that help lower cost of living for residents. These programs can include anything from Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and crop subsidies. Areas that offer less subsidies, could see an increase in their cost of living.

Taxes: Cities that enforce higher taxes, covering both sales taxes and income taxes, can be a factor contributing to a higher cost of living. Paying more in taxes for everyday essentials like clothing and food inevitably leads to higher expenses. A higher income tax rate can further contribute to an overall elevated cost of living. In Fairwood, the baseline sales tax rate begins at 6.5%, and income tax rates start at 0%.

Transportation: If public transportation is limited or not available, residents may need to own and maintain vehicles, which can add to the cost of living. Gas, insurance, regular maintenance and potentially lease or finance payments will all need to be paid on a monthly basis. In Fairwood, the transportation index is 25.2% higher than the national average.

Where is the Data From?

The cost of living in Fairwood, 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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Cost Of Living Quick Facts

  • The cost of living in Fairwood is 25% higher than the Washington average
  • The cost of living in Fairwood is 48% higher than the national average
  • Fairwood housing is 128% higher than the national average
  • Washington general sales tax is 27% higher than the national average
  • Washington state income tax is 100% lower than the national average

Most Affordable Places to Live in and Around Fairwood

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Compare Fairwood, WA Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$109,750$9,146$2,561$3,293
      Renters$56,816$4,735$1,326$1,705
      The percentage of monthly income spent on housing related expenses can help predict the affordability of housing in Fairwood, WA, as well as what the overall cost of living might be. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payments and not more than 36 percent of income on all expenses and debts. In Fairwood, homeowners have a median income of $109,750. Using that number, a maximum of $2,561 per month should be allocated to housing expenses. For those who are renting instead of owning, the median income is $56,816, which means there is a maximum of $1,326 to be spent on the costs of renting a home or apartment.

      Washington Sales Tax

      State General Sales Tax With Max Surtax
      Washington 6.5% 10.4%

      Washington Income Tax

      State Income Tax (Low) Income Tax (High)
      Washington 0% 0%

      Goods & Services

      Item Fairwood National avg. Difference
      Haircut $32.12$24.2632.4%
      Beauty Salon $43.48$45.564.6%
      Toothpaste $3.46$3.706.6%
      Shampoo $1.24$1.283.4%
      Movie $11.87$12.132.2%
      Bowling $17.56$18.002.5%

      Groceries

      Item Fairwood National avg. Difference
      Ground Beef $5.66$5.843.0%
      Fried Chicken $2.78$1.5776.8%
      Milk $4.85$4.673.7%
      Potatoes $4.43$4.9310.3%
      Pizza $14.86$12.0922.9%
      Beer $11.77$10.4113.1%

      Health Care

      Item Fairwood National avg. Difference
      Optometrist $242.14$125.6892.7%
      Doctor $139.77$135.782.9%
      Dentist $164.30$113.2945.0%
      Ibuprofen $11.87$10.6511.4%
      Lipitor $448.83$468.604.2%

      Housing

      Item Fairwood National avg. Difference
      Home Price $450,700.00$184,700.00144.0%
      Avg. Mortgage Payment $2,843.91$2,346.6921.2%
      Apartment Rent $1,810.00$949.0090.7%

      Transportation

      Item Fairwood National avg. Difference
      Gasoline $4.39$3.4626.9%
      Tire Balancing $77.69$59.9229.7%

      Utilities

      Item Fairwood National avg. Difference
      All Electricity $175.38$193.999.6%
      Phone $207.11$192.257.7%
      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.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Fairwood CDP (Spokane County), WA8,05511413.7%
      Algona, WA3,20712525.0%
      Tacoma, WA215,76612827.6%
      Pacific, WA7,12212727.3%
      Tukwila, WA20,26512827.8%
      Fairwood, WA19,40014847.6%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Five Forks, SC19,39912424.0%
      Monroe, WA19,40314040.2%
      Montrose, CO19,3961065.7%
      Langley Park, MD19,39112121.5%
      Durango, CO19,41313636.5%
      Fairwood, WA19,40014847.6%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.