Cost of Living in Monroe, WA

An Overview of Cost of Living in Monroe, WA

Are you thinking about relocating, but curious about the potential cost of living in Monroe? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Monroe stands at 140, making it 40% 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.

The cost of living in Monroe is among the highest in the country, making it a very expensive place to live. Only a small fraction of regions boast a cost of living that is at least 20% higher than the national average, and regrettably, Monroe falls into this category, which may not be suitable for those seeking an economically favorable living environment.

Housing costs are a very significant part of the Monroe cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 100% more than the average city. This includes things like home and rent prices, 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 Monroe, these items will cost you 18.7% more than what's considered the norm, making it a more expensive place to call home.

The surge in grocery costs is indeed alarming, especially when groceries make up a large portion of your monthly expenditures. Over the past two years, there has been an inflation of over 10% in grocery prices. Unfortunately, Monroe does not fare better, with grocery expenses coming in at 12.4% higher than the national average.

What Do Locals Say About the Cost of Living in Monroe?

The real experts on a city are its residents. That's why we reached out to 6 locals to get their views on the cost of living in Monroe. We surveyed the residents and asked them if they felt like prices were affordable or out of reach. The results were as follows. 17% found it budget-friendly with decreasing prices, while 83% said it's simply not affordable as prices have continued to rise.

Is Monroe Affordable?

Is Monroe an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Monroe, the median home price is 114.1% higher than what most folks pay across the country, and monthly rent prices are 67.1% higher than the usual rates. Income levels in Monroe come in at $88,683, which is 60.3% higher than the national average.

What Factors can Influence the Cost of Living in Monroe?

Urbanization: Larger, urban centers, known for their wealth of amenities and strong employment prospects, often exhibit an elevated cost of living, primarily attributable to the heightened demand for services and residential relocation. Consequently, this scenario leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural areas or regions characterized by diminished demand typically provide a more limited array of amenities and experience slower job market growth, resulting in a more affordable cost of living.

Transportation: In situations where public transportation is limited or nonexistent, local residents may be required to own and maintain their own vehicles, contributing to an elevated cost of living. Monthly expenditures may encompass fuel costs, insurance premiums, routine vehicle upkeep and possibly lease or financing payments. In Monroe, the transportation index is 21.8% higher than the national average.

Taxes: Cities that impose higher taxes, including sales and income taxes, can contribute to an escalated cost of living. The added expense of taxes on everyday goods like clothing and food naturally results in higher overall costs. Similarly, a higher income tax rate can further elevate the cost of living. In Monroe, the general sales tax rate starts at 6.5%, and income tax rates begin at 0%.

Where is the Data From?

The Monroe cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.