Cost of Living in Millwood, WA

With a cost of living index of 95, Millwood, WA is slightly more affordable than average. Living here is 5% cheaper than the national average and 24% below the Washington state average of 119. Millwood is a small community of 1,880 residents.

Housing costs are the biggest factor in Millwood's cost of living. The median monthly rent is $1,097 (17% below the US median of $1,319), and the median home value sits at $327,200 (7% above the national median of $304,900). At current prices, the median home costs roughly 4.6x the median household income — a stretch for many buyers, though not uncommon in today's market.

The median household income in Millwood is $71,875, which is 4% lower than the national median of $75,149. Residents spend roughly 18% 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 Millwood. The area sees an average annual temperature of 49.8°F, with summers averaging 68°F and winters around 33°F. Annual rainfall totals 17.4 inches spread over roughly 119 days.

Everyday prices in the Spokane-Spokane Valley, 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.