Living in the Tri-Cities is a bargain compared to Seattle and San Diego when you look at Cost of Living rates.
I’ve heard it said that the Tri-Cities is similar to California. When you are driving down 240 at night you can imagine you are driving in San Diego. Similar sprawling lights – just on a smaller scale. That’s a big selling point for recruiting companies that have to compete with Silicon Valley and Seattle for employees. Another selling point is the cost of living.
While Seattle is the least expensive of the nation’s top high-tech markets, the Tri-Cities is even better. The buying power and cost of living in the Tri-Cities is substantially lower compared to Seattle and San Diego. That comes as no surprise. But, the percentage differences are staggering in the housing sector.
The Tri-Cities lower cost of living means recruiters here can offer the same quality of life for less when they hire from other markets. That means nicer homes for people at a lower cost. More affordable living trickles down to more affordable groceries, utilities, and even health care.
For someone earning $50,000 in Seattle, the equivalent earnings would only have to be $34,479 in the Tri-Cities. As you can see, the housing is 47% less. That’s almost half! You can buy a $300,000 home here that would have cost you $441,000 in Seattle. In San Diego that same $300,000 home would cost you $471,000. This makes the Tri-Cities a great place to own a home and a great place for investors.
According to Cnn’s Money cost of living analysis tool the price differences in Kennewick-Richland-Pasco, WA to Seattle are:
- Groceries 23% less
- Housing 47% less
- Utilities 16% less
- Transportation 9% less
- Health Care 13% less
And compared to San Diego:
- Groceries 14% less
- Housing 57% less
- Utilities 27% less
- Transportation 14% less
- Health Care 5% less
So if you are looking at purchasing rental properties, the Tri-Cities are a great area to purchase them.
Living in the Tri-Cities is a bargain so take advantage of it and get more “bang for your buck” as the saying goes. Or, even better, get more “bank for your buck.”
By Charee Jackson on 4/28/2017
Explore other cost of livings and explore the data more fully here.