Cost Of Living in Tacoma, Wa

Tacoma, Washington, a gem nestled in the Pacific Northwest, offers a unique blend of urban living and natural beauty. As more people consider Tacoma as a potential home, understanding the cost of living in this vibrant city is crucial. 

In this article, we will delve into various aspects of Tacoma's living expenses, from housing to transportation, and from groceries to entertainment. Whether you're a prospective resident or just curious, join us as we explore the financial implications of life in Tacoma.

Housing: Your Foundation in Tacoma

Atmosphere, with demand outstripping supply, leading to more potential buyers than available homes. This dynamic is reflected in the median listing home price standing at $500K, with a median listing home price per square foot at $307, and the median sold home price at $465.2K. 

The market saw a 7.1% year-over-year increase in the median listing home price as of December 2023, with homes typically selling for around the asking price, resulting in a 100% sale-to-list price ratio. 

The city’s median days on the market for homes is 55 days, slightly longer than last month but shorter than the previous year, indicating a still-active market despite the slight increase in listing duration​​.

Tacoma's housing market forecast for 2024 suggests a stable and robust real estate environment, with the average home value in Tacoma noted at $458,396, marking a modest increase of 1.6% over the past year. 

This steady rise in home values, coupled with the relatively short time homes spend on the market (approximately 16 days for homes to go pending), indicates a vibrant housing scene. The inventory for sale as of the end of December 2023 stood at 452 homes, with 145 new listings coming onto the market. 

Despite the competitive nature of the market, with 38.7% of sales going over the list price, the overall growth and demand in Tacoma provide a positive outlook for both buyers and sellers, reflecting a healthy balance of market dynamics​​.

Transportation: Getting Around in Tacoma

In Tacoma, WA, transportation costs have been influenced by several significant projects and policy changes. In 2023, Tacoma introduced fares for the T Line, aligning with Pierce Transit bus fares at $2.00 for adults, $1.00 for ORCA LIFT, and $1.00 for seniors or disabled individuals, while youth ride for free. 

This change was a shift from the previous fare-free model supported by a partnership with a downtown Tacoma business association. Sound Transit, which oversees the T Line, is working with local human services agencies to help individuals who may benefit from the ORCA LIFT reduced fare program​​.

Another major development in Tacoma's transportation scene is the Hilltop Tacoma Link Extension, a 2.4-mile light rail extension from the Theater District in downtown Tacoma to the Hilltop neighborhood. 

However, this project experienced a 16% cost overrun, increasing the budget by $35.4 million to a total of $252.7 million. The reasons for this increase include differing site conditions and obstructions, conflicts, and contaminated materials related to utility relocations. This situation has caused significant challenges for over 100 businesses located along the Tacoma Link route, leading to financial losses due to disruptive construction. 

Sound Transit has attempted to mitigate these issues through various initiatives, including a "Loyal to the Local" program, although some business owners have expressed dissatisfaction with the effectiveness of these efforts​​.

Groceries and Dining: Savoring Tacoma's Flavors

In Tacoma, WA, the cost of dining out and groceries reflects a blend of affordability and variety. For a meal at an inexpensive restaurant, one can expect to spend about $20, with prices ranging from $10 to $45. 

Dining at a mid-range restaurant for two people with a three-course meal averages around $75, with prices ranging from $50 to $120. Fast-food meals, like a meal at McDonald's, cost about $12.25. When it comes to drinks, a pint of domestic beer is priced at around $6.75, while imported beer costs about $8 per small bottle. Regular cappuccinos are priced at approximately $5.33, and soft drinks like Coke or Pepsi are around $2.81 for a 12 oz bottle​​.

Regarding grocery expenses in Tacoma, the cost of basic items varies. A gallon of milk costs about $4.02, and a loaf of fresh white bread is priced around $3.67. For protein sources, a pound of boneless chicken breast costs around $5.68, while local cheese is about $5.85 per pound. 

Fresh produce such as apples costs approximately $2.95 per pound, and a pound of bananas is around $0.88. Other common grocery items like a pound of rice are priced at $2.85, and a dozen eggs are around $3.08. These prices reflect the cost of living in Tacoma and the availability of various food items in the local markets​​​​.

Utilities and Connectivity: Keeping the Lights On

On average, residents of Tacoma, WA spend approximately $109 per month on electricity. This translates to an annual cost of $1,308, which is notably 42% lower than the national average electric bill of $2,265. These figures indicate that Tacoma residents enjoy relatively lower electricity costs compared to the rest of the United States. 

However, it's important to note that electricity rates can vary based on usage and providers, so it's advisable to research and choose the most cost-effective options​​.

Additionally, Tacoma Public Utilities has proposed rate adjustments for Tacoma Power and Tacoma Water. These changes include an average increase of about $3.70 per month for residential customers, affecting both power and water costs. 

While this adjustment represents a slight increase in expenses, residents must stay informed about these changes and their impact on their utility bills. Keeping track of utility rates and exploring energy-efficient options can help residents manage their utility expenses effectively​​​​​​​​.

Healthcare: Ensuring Your Well-being

Tacoma boasts a diverse healthcare landscape, with several hospitals and medical centers serving the needs of its residents. MultiCare Tacoma General Hospital and Allenmore Hospital are prominent healthcare facilities in the area, providing a wide range of medical services. 

The Washington State Department of Health collects and publishes critical information about community hospitals in Washington, including Tacoma, to help people make informed decisions about healthcare and health plans. 

These data are essential for policymakers, health professionals, and community-based organizations to identify trends, prioritize prevention efforts, and plan targeted health promotion strategies, ultimately contributing to the overall cost of living in Tacoma, WA. 

Healthcare in Tacoma is of good quality, but it does come at a cost. The city's healthcare expenses are slightly above the national average. An average doctor’s visit might cost around $110, while a dental checkup could be about $90. Health insurance is a critical factor to consider, as it significantly affects out-of-pocket expenses.

Education: Investing in the Future

The cost of education in Tacoma, WA, can vary significantly depending on the level of education, whether it's K-12 or higher education, and whether it's public or private. Public schools in Tacoma do not charge tuition fees, as they are funded through taxpayer dollars. However, families may incur additional costs for school supplies, extracurricular activities, and transportation.

For higher education, Tacoma offers opportunities through institutions like the University of Washington Tacoma and Tacoma Community College. The cost of tuition at these institutions can vary based on residency status and the specific program of study. 

Scholarships, grants, and financial aid options are often available to help students offset the cost of higher education. Students and their families need to explore these financial aid opportunities to make education more affordable. 

On a positive note, for those planning on relocating within Tacoma, WA, there are reputable movers in the area who can facilitate a smooth transition. Movers in Tacoma, WA, are well-equipped to handle the logistics of moving, ensuring that your relocation is hassle-free. 

Conclusion

Living in Tacoma, WA, offers a balanced blend of urban and natural experiences. While the cost of living here might be higher than some other cities in the United States, it offers value in terms of quality of life and accessibility to a range of amenities. It's all about making informed choices that align with your budget and lifestyle. Whether it's choosing a home, dining out, or enjoying what the city has to offer, Tacoma presents a canvas for a rich and fulfilling life.

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