Recent data from the Bureau of Economic Analysis reveals that the Seattle metro area is one of the most expensive places to live in the country. According to the new analysis, the region encompassing Seattle, Bellevue, and Tacoma saw consumer prices 13% higher than the national average in 2023, making it the fifth most expensive metro area in the United States. This high cost of living is largely driven by housing costs, with Seattle area residents paying 50% more for housing than the national average.
Washington State also ranked as one of the priciest states to live in, with overall costs 8.6% higher than the national average. This places it among the top five states with the highest costs, just behind California, New Jersey, the District of Columbia, and Hawaii.
Although housing and consumer prices are high, Seattle residents paid 14.7% less for utilities than the US average. Additionally, Seattle’s real per capital income reached $73,000 in 2023, placing it 11th among metro areas for income levels. Higher incomes typically drive demand for goods and services, which can contribute to increased prices in the region.
However, not everyone feels the benefits of rising incomes equally. Recent data from the Census Bureau indicates that income growth has primarily benefited those at the top of the income scale, leaving many low-income households struggling to keep up with price increases. Community leaders have advised that policymakers consider these disparities when designing policies, such as affordable housing programs.
This post was based on information found on Seattle Times.
