Cost Of Living in Lakewood, WA

When considering a move to a new city, understanding the cost of living is crucial to make informed decisions about your financial well-being. Lakewood, Washington, nestled in picturesque Pierce County, offers a desirable lifestyle with its natural beauty, outdoor recreational opportunities, and diverse community. However, it’s essential to delve into the cost of living in Lakewood to ensure it aligns with your budget and expectations. 

And if your expectations are as you have imagined them, you should consider moving there. So if you move there you should consider reliable moving services in Lakewood! A team of powerful, knowledgeable, and friendly men and women who have worked in the moving industry for a considerable amount of time performs their loading and unloading services for moving. 

The cost of living in Lakewood, WA encompasses various expenses, including housing, transportation, food, utilities, education, healthcare, and more. One of the primary factors contributing to the cost of living is housing. Whether you choose to rent or buy a property, housing costs in Lakewood can impact your budget significantly. 

Rental prices for a one-bedroom apartment typically range from $1,000 to $1,500 per month, while a two-bedroom apartment can cost between $1,500 and $2,000 per month. If you prefer homeownership, the median home price in Lakewood is around $300,000. Understanding the housing market in Lakewood will help you plan your accommodation costs accordingly.

Housing Costs

When it comes to the cost of housing in Lakewood, the price can shift depending on whether or not you choose to buy a home rather than rent one. This is because purchasing a property is typically more expensive than renting one. The monthly rent for an apartment in Lakewood with one bedroom will run you an average of $1,000 to $1,500, while the rent for an apartment with two bedrooms will run you an average of $1,500 to $2,000 a month. Should you decide that renting is not for you and that you would rather purchase your own home, the median price of a home in Lakewood is close to $300,000.

Transportation Costs

Transportation costs in Lakewood include expenses such as gas prices, public transportation, vehicle registration, and insurance. Gas prices in Washington state are slightly higher than the national average, currently averaging around $3 per gallon. If you rely on public transportation, a monthly pass for the Pierce Transit bus system can cost approximately $72. Vehicle registration fees vary based on the value and weight of the vehicle, and insurance premiums depend on factors such as your driving history and coverage options.

Food and Grocery Expenses

The average cost of groceries in Lakewood is comparable to the national average. A typical household can expect to spend around $300 to $400 per month on groceries. If you enjoy dining out, the cost of a meal at an inexpensive restaurant can range from $10 to $20 per person, while a three-course meal for two at a mid-range restaurant may cost between $40 and $60.

Utilities and Services

Utilities and services encompass various expenses, including electricity, water, heating, internet, cable, healthcare, and insurance. The average monthly cost of electricity, water, and heating in a typical apartment in Lakewood is approximately $150 to $200. Internet and cable bills can range from $60 to $100 per month. Healthcare costs in Lakewood will depend on factors such as insurance coverage and individual medical needs.

Education and Childcare Costs

For families with children, it’s essential to consider education and childcare expenses. Public schools in Lakewood are funded by property taxes and do not charge tuition fees. However, there may be costs associated with school supplies, field trips, and extracurricular activities. Private schools in the area may have tuition fees that vary depending on the institution. Childcare costs can also vary based on the type of care and the age of the child, ranging from $800 to $1,500 per month.

Entertainment and Recreation

Lakewood offers a variety of entertainment and recreational activities for residents to enjoy. For example, movie ticket prices in Lakewood range from $10 to $15 per person. Additionally, there are numerous parks, hiking trails, and outdoor recreational areas available free of charge. If you’re interested in fitness activities, gym memberships can range from $30 to $80 per month.

Taxes

Understanding the tax rates in Lakewood is important when considering the overall cost of living. Washington state does not have a personal income tax, which can be advantageous for residents. However, sales tax rates in Pierce County, where Lakewood is located, currently stand at 9.4%.

Conclusion

The cost of living in Lakewood, WA, encompasses various factors such as housing, transportation, food and groceries, utilities and services, education and childcare, entertainment, and taxes. While housing expenses may be slightly lower compared to nearby cities, transportation and utility costs are in line with national averages. Dining expenses, as well as entertainment and recreation, provide a range of options to fit different budgets. Understanding these costs will help you make informed decisions about living in Lakewood.

FAQs

Q: What is the average cost of living in Lakewood, WA?

A: The average cost of living in Lakewood, WA, can vary depending on factors such as housing choices, transportation needs, and personal preferences. However, overall, Lakewood offers a relatively affordable cost of living compared to nearby cities in the region.

Q: Are utilities expensive in Lakewood?

A: While utility costs can vary based on individual usage and the size of the residence, overall, utilities in Lakewood are comparable to national averages. It’s important to budget for electricity, water, heating, internet, and cable expenses.

Q: How much does healthcare cost in Lakewood?

A: The cost of healthcare in Lakewood can vary based on factors such as insurance coverage and individual medical needs. It’s advisable to research healthcare plans and providers in the area to understand the associated costs and coverage options.

Q: Are there affordable recreational activities in Lakewood?

A: Yes, Lakewood offers a range of affordable recreational activities. Residents can enjoy free access to parks, hiking trails, and outdoor recreational areas. Additionally, there are budget-friendly fitness options and community events available.

Q: What is the sales tax rate in Lakewood?

A: Lakewood is located in Pierce County, where the current sales tax rate is 9.4%. It’s important to consider this rate when budgeting for purchases and expenses in the area.