Cost of Living in Lakeland South, WA

An Overview of Cost of Living in Lakeland South, WA

Are you thinking about relocating, but curious about the potential cost of living in Lakeland South? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Lakeland South stands at 136, making it 36% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

If you prioritize affordability when seeking a new place to live, Lakeland South 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, Lakeland South falls into this category, which may not align with your preferences for a budget-friendly living environment.

Housing costs are a major factor in the Lakeland South cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 85.6% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.

The things you purchase regularly, like clothes, haircuts, movie tickets and gym memberships, can make a big dent in your budget and make up 33% of the cost of living index. Unfortunately in Lakeland South, these items will cost you 17.1% more than what's considered the norm, making it a more expensive place to call home.

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 Lakeland South is even less favorable, with grocery prices here being 13.1% higher than the national average.

Is Lakeland South Affordable?

Is Lakeland South 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 Lakeland South, the median home price is 96.8% higher than the national average and monthly rent prices are 59.4% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Lakeland South boasting a median household income of $76,710, 38.7% higher than the national average.

What Factors can Influence the Cost of Living in Lakeland South?

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 Lakeland South, the healthcare costs are 24.6% higher than the national average.

Taxes: Areas with higher taxes, including sales taxes and income taxes, can contribute to a higher cost of living. Paying more tax for everyday goods and services like clothing and food will result in higher costs, as will paying a higher rate of income tax. The general sales tax rate in Lakeland South starts at 6.5% and the 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 Lakeland South, the transportation index is 24.2% higher than the national average.

Where is the Data From?

The Lakeland South 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. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.