High Cost Of Living In WA State – Rent Rises to Fifth Highest
If you are looking for a place to live in Yakima you are caught between a rock and a hard place...and neither is a comfortable place to be.
Housing in Yakima and in Washington state, in general, is expensive.
Home Ownership Is Appreciating, Home Hunting Is Depressing
A recent radio news report said the average cost of a home in Yakima today was up 9 and a half percent from a year ago to an average cost of $328,750.
No wonder the "American Dream" of homeownership seems far removed from the capability and possibility of many members of our next generation. So what's the option? Find an apartment to rent? Good luck with that.
High Cost Of Renting In Washington
In 2021, rents began to see sharp increases ...If interest rates rise this spring as expected, it could keep more renters out of the real estate market and produce greater demand for rentals. Researchers calculated the median monthly rent across all unit sizes in each location and ranked states accordingly and determined Washington has the 5th highest median rent estimate.
36-Hundred More Than The National Average
The national median of all states for monthly rents is $1,435. Washington State has a median rent estimate of 3-hundred dollars more $1,748 a month.
Inflation continues to be the major story in the U.S. economy and while energy and automobiles have seen the greatest price increases, not everybody needs to drive but we all do need someplace to live. The rising cost of housing leaves people with less money to spend in all other categories.
Washington State Snapshot Of Rent
Summary of the data for Washington:
- Median rent estimate: $1,748
- Studio: $1,266
- 1-bedroom: $1,357
- 2-bedroom: $1,644
- 3-bedroom: $2,280
- 4-bedroom: $2,692
Too rich for your blood? How does Arkansas sound to you? The "Natural State" is at the low end for rent at just $881 per month—approximately one-third of the median rent cost in the most expensive state, Hawaii ($2,537)
Say Aloha to your checkbook.