Pondering of Retiring in Seattle? Right here Are The Prices You Must Take into account First

From a Nineteenth-century lumber city to a Twenty first-century high-tech hub, Seattle has an extended and wealthy historical past. Immediately, its thriving financial system, pure magnificence, and vibrant cultural scene proceed to draw newcomers—together with retirees—making it one of many fastest-growing metro areas within the nation.  

Nonetheless, Seattle generally is a dear place to retire. Investopedia’s current evaluation ranks it fourth costliest within the nation, exceeded solely by New York Metropolis, Arlington, Va., and San Diego, Calif., largely as a result of excessive housing prices. 

Here is what you’ll want to know should you’re contemplating retiring in Seattle.

Understanding the Prices of Retiring in Seattle

Property Costs

The excessive value of residing in Seattle begins with housing costs. The median-priced residence in King County, the place Seattle is situated, is available in at $811,200, based on the Census Bureau. Based on the Nationwide Affiliation of Realtors, that’s greater than twice the April 2025 nationwide median of $398,400

The truth is, Washington state skilled the best enhance in residence costs within the nation over the 40-year interval from 1984 to 2024, rising by 828%, based on an Axios report primarily based on an evaluation by the web site ResiClub. In contrast, the common enhance nationally was 494%.

Renters additionally face considerably increased prices. The Census Bureau calculates median gross hire in King County at $2,035 a month, in contrast with a nationwide common of $1,348.

Maybe not surprisingly, these prices have led to a extreme housing disaster. The Seattle/King County space had the fourth largest homeless inhabitants within the U.S. in 2024, based on the web site USAFacts, trailing solely New York Metropolis, Los Angeles Metropolis and County, and Chicago.

State and Native Taxes

Whereas Seattle residents don’t pay state revenue taxes, retirees ought to nonetheless pay attention to different tax burdens.

The Financial Coverage Institute’s Household Price range Calculator estimates {that a} family with two adults and no kids within the Seattle/Bellevue metro space pays a mean of $916 month-to-month in taxes.

Right here is how that breaks down:

• Revenue taxes: Washington doesn’t have an revenue tax. Which means retirees aren’t taxed on their Social Safety advantages or distributions from retirement plans like 401(okay)s and IRAs. One other boon for a lot of retirees: Washington doesn’t tax dividend revenue, both. It does tax capital good points, however provided that they exceed a comparatively beneficiant threshold, at the moment $270,000.
• Gross sales taxes: On the draw back, Seattle residents pay a few of the highest gross sales taxes within the nation—a mixed state, county, metropolis, and regional transportation authority fee of 10.25%. Nonetheless, a number of spending classes that loom giant in a typical retiree’s funds are exempt, together with pharmaceuticals and most groceries, apart from ready meals.
• Property taxes: Washington state caps property taxes at not more than 1%, and King County units its fee at 0.84%. Nonetheless, due to the excessive residence values within the county, residents nonetheless paid an estimated annual common of $6,785 in 2023, based on the Tax Basis.
• Property taxes: Whereas Washington doesn’t have an inheritance tax, it does have an property tax, and a reasonably hefty one. Washington’s property tax kicks in on estates valued at $2,193,000 or extra. The tax fee begins at 10% p.c on the primary $1 million and rises in a number of steps to twenty% on any quantity over $9 million. In contrast, some states, equivalent to California, don’t have both an property tax or an inheritance tax.

Healthcare Prices

Seattle has a big selection of healthcare services. For instance, the Medicare.gov web site lists 24 hospitals inside a 25-mile radius, together with the College of Washington Medical Heart.

Healthcare prices within the space are in keeping with nationwide averages. The U.S. Bureau of Labor Statistics discovered that in 2022-2023, Seattle residents had common healthcare bills of $6,236 a 12 months, in contrast with a nationwide common of $6,402. For instance, the comparable determine in San Francisco was $6,734, and in Phoenix, $7,550.

What Makes Seattle So Costly?

Excessive Demand for Actual Property

Seattle’s excessive value of residing is pushed largely by housing, for which each householders and renters pay a considerable premium. That, in flip, is pushed by the comparatively excessive incomes loved by staff in tech and associated fields. By one measure, the Bureau of Labor Statistics places the common family revenue in King County at $122,148, in comparison with a nationwide determine of $78,538.

Excessive Taxes

Whereas the absence of a state revenue tax could also be alluring to retirees, the cash to run the state, county, and metropolis has to return from someplace, in order that they make it up in different methods. That interprets into unusually excessive gross sales taxes, comparatively excessive property taxes, and particularly excessive property taxes for prosperous retirees.

Different Prices of Dwelling

Along with housing prices and taxes, different on a regular basis residing bills can add up. Based on the roles web site Payscale, transportation in Seattle is 30% dearer than the nationwide common, groceries are 14% dearer, and utilities 2%. Factoring in housing, it says that Seattle’s general value of residing is 46% increased than common.

Retirement Concerns in Seattle

Execs: Entry to World-Class Facilities

As befits a metropolis of its wealth, Seattle has its share of cultural points of interest, after which some. These embrace main artwork and historical past museums and venues for reside music, theater, and dance. It additionally boasts top-tier healthcare and an in depth public transit system—together with mild rail, streetcars, and even a monorail—that makes it simple to get round.

Cons: Excessive Price of Dwelling and Housing

As talked about, housing in Seattle is unusually costly, whether or not you purchase or hire. Different items and companies are additionally on the excessive facet.

The Backside Line

Because the “Emerald Metropolis” within the Evergreen State, Seattle couldn’t have chosen a extra acceptable shade to characterize itself: It takes lots of the so-called inexperienced stuff to afford to reside there.

If in case you have the monetary means and worth what Seattle affords, it may be a incredible place to take pleasure in your retirement. But when value is a priority, you might need to discover various locations that present comparable facilities at a lower cost level.