- Living costs: 50.7 percentage points higher U.S. average
- The population of the city: 741,251
- The median income of a household: is $97,185
- Median home value: $713,600
- The rate of unemployed: 2.4%
A few years ago, the Seattle economy was vibrant and as hot as its coffee, which caused unending price pressure on the prices. COVID-19 helped ease the constant price increases. However, the Emerald City remains one of the most expensive cities in the United States.
It’s not difficult to figure out the reason. Being a central hub in the tech business, Seattle is awash in highly-paying jobs. Microsoft ( MSFT(opens in a new tab)) and Amazon.com ( AMZN(opens in a new tab)) are both headquartered in the region in Seattle, as are several smaller high-tech firms.
Like every city on this list cities cost of housing is the primary factor behind Seattle’s high-priced price shock. The housing-related costs for renters and homeowners are three times those of the U.S. average, according to the Cost of Living Index.
However, the price hikes don’t stop there. Food, transportation and healthcare costs anywhere from 22 per cent to 29% more than what the average American spends. Other services and goods are priced at 36% more on average.
The state of Washington has a mixed record regarding taxation on retired people; it is also known to be among the most tax-friendly states for middle-class families.