What Salary Is Needed To Live In Seattle?

Seattle is a great city, but the cost of living here is much higher than elsewhere. Whether it’s housing, food, transportation or healthcare, there are different expenses that make up how much money you need to live comfortably. Now your interests might lie in being a single professional or doubly as a couple or be it a family but the financial understanding of the situation in Seattle is must for making the right decisions. In this guide, we will discuss all of the various costs of living in Seattle, as well as the salary needed to live a comfortable, gourmet life.

The Cost Of Housing In Seattle And How It Affects The Salary You Need To Earn For A Comfortable Life

One of the most significant drivers of the salary needed to really live in Seattle has to do with housing costs. One-bedroom apartment rents are between $2,000 and $2,500 a month in a choice area, with a two-bedroom unit usually north of $3,000. If you’re in the market to buy a home, the median price is above $800,000 and while it is certainly possible to afford a home on a less than six-figure salary, the magical six-figure income plays a large role in homeownership here.

Financial experts generally advise that renters shell out no more than 30 percent of their monthly income on housing. This means that a full-time salary of at least $80,000 to $100,000 a year is needed to comfortably afford one of these one-bedroom rentals in Seattle. Those wishing to buy a home probably will need a well-deserved salary above $150,000, and a good portion of savings for a down payment and closing costs.

The Cost Of Food And Groceries In Seattle And How Much You Should Budget Each Month For Meals

Because groceries in Seattle are more expensive than anywhere else in the nation, residents have to carefully budget ahead of time for their food budget. For one person, that means an average of about $400 to $600 per month; for a family of four, you could be looking at a budget of $1,000 or more.

Another item that would be an expense would be going out to eat. Dining at a mid-range restaurant often ranges between $15 and $30 per person, and a fancier meal can easily cost over $50 per person. For people that regularly eat out, all of those costs can add up fairly fast and should be factored into the number a person would need to earn to maintain a comfortable lifestyle in Seattle.

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The Cost Of Transportation In Seattle And How It Affects Your Monthly Commuting Expenses

Seattle’s transportation costs are based on whether you own a car or use public transit. Gas prices tend to exceed the national average and parking can come at a premium, particularly in cities downtown. Car owners also must pay for insurance, maintenance, and registration fees, which can add up to several hundred dollars a month.

Public transit is a cheaper alternative option (around $99/month for an ORCA card for unlimited rides in the city) Although this is cheaper than owning a car, commuting expenses can add up quickly for those living outside the downtown area, particularly if they depend on a combination of buses, light rail and ride-sharing services. With transportation costs accounted for, a minimum salary of $85,000 to $100,000 for financial viability is recommended.

The Cost Of Healthcare In Seattle And Why You Need A Higher Salary To Cover Medical Expenses

Health care costs also factor into what you need to be paid to live in Seattle. Everyone should take health insurance very seriously, as premiums, copays, and out-of-pocket medical costs can account for a large percentage of your income and devastate a household budget, especially for those without employer-sponsored health benefits.

A person may pay on average, $300 to $600 a month for health insurance a family more than $1,500. Cost considerations, including dental care, vision expenses, and prescription medications, should also be factored into calculations. A minimum annual income of $90,000 can create proper conditions for paying for treatment and receiving services for your health without going into the red.

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The Cost Of Utilities And Internet In Seattle And How It Impacts Your Monthly Living Expenses

Utilities and internet are staple costs that form part of living expenses. Electricity, water, heating and garbage collection will cost you between $150 and $300 a month, depending on your usage and residence size. Internet services generally cost between $60 and $100 a month, depending on speed and provider.

Although these expenses are not as large as a rent payment or health insurance, they still factor in to a salary to live comfortably in Seattle. When considering the cost of living, however, people should be looking to make at least $85,000 a year to break even.

The Cost Of Entertainment, Fitness, And Leisure Activities In Seattle And How They Affect Your Budget

Living life to the fullest in Seattle has its own costs. Gym memberships often cost anywhere from $50 to $150 a month, and outdoor activities like skiing, hiking and kayaking usually come with gear and travel expenses. Just think of something like movie tickets, concerts, or a sports event; those add up fast; the average person spends between $200 to $500 a month in leisure activity.

However, if you are more of a social person, you would need to budget for these accordingly. Something around $90,000 to $110,000 as a salary, I think puts you in a comfortable position where you can spend in discretion without it taking over your other needs.

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The Cost Of Childcare And Education In Seattle And The Salary Needed For Families To Afford These Expenses

For families in general, childcare and education costs rank among the largest expenses. Daycare costs $1,500 to $2,500 per month per child, and private school costs more than $20,000 a year. Even public school students may incur costs of associated extracurricular activities, supplies, transportation, etc.

A minimum salary for families to afford the average costs of childcare, education and other living expenses while still have saving and a secured financial situation should average between 120,000-150,000.

The Overall Salary Needed To Live In Seattle Without Experiencing Financial Stress Each Month

Factoring in all those expenses, a salary of $85,000 to $100,000 is a good target annual salary range for those who want to live comfortably in Seattle as a single person. For couples without children, $120,000 to $150,000 may be a comfortable amount, and families with children should factor in at least $150,000 to $200,000, depending on the costs of child care and education.

Seattle is an exciting city of possibilities, but it isn’t cheap. One can live a comfortable life and earn enough to make ends meet without stressing too much about it.

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