Cost of Living in Lakewood, WA

With a cost of living index of 118, Lakewood, WA is a notably expensive place to live. Living here is 18% more expensive than the national average and in line with the Washington state average. With a population of 63,034, Lakewood is a mid-sized community that balances access to services with a more manageable cost of living compared to larger metros.

Housing costs are the biggest factor in Lakewood's cost of living. The median monthly rent is $1,460 (11% above the US median of $1,319), and the median home value sits at $420,500 (38% above the national median of $304,900). At current prices, the median home costs roughly 6x the median household income — a stretch for many buyers, though not uncommon in today's market.

The median household income in Lakewood is $70,524, which is 6% lower than the national median of $75,149. Residents spend roughly 25% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

Climate is another factor for anyone considering a move to Lakewood. The area sees an average annual temperature of 51.9°F, with summers averaging 63°F and winters around 42°F. Annual rainfall totals 42 inches spread over roughly 168 days.

Everyday prices in the Seattle-Tacoma-Bellevue, WA (Metropolitan Statistical Area) metro area tend to run above the national average. Out of 6 common grocery and utility items tracked by the Bureau of Labor Statistics, 5 are priced higher than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.