Escape Inflation in Mason County

Inflation is impacting everything from gasoline to real estate. Current inflation rates exceed 9% for 2022 - staggering values unseen since the 1980s. At the same time, real average hourly earnings for all employees decreased by 1%, according to the U.S. Bureau of Labor. That’s the impact of inflation because it reflects a 1.3% percent increase in the Consumer Price Index for All Urban Consumers (CPI-U). More deflating is the 3.6% decrease in real average earnings year-over-year from May 2021 to May 2022.

Businesses are seeing their cost of goods soar and consumers are paying for it at the checkout stand and in their monthly bills, leaving many wondering how and where they can save money. Mason County could be the answer to offsetting the impacts of inflation. 

1. Lower your personal taxes

   Mason County residents have the considerable advantage of Washington not having an individual income tax. A family makes more each paycheck, even if their salary doesn’t go up. The best part of this strategy is that it continues to yield dividends year after year. Even when inflation calms, Washington residents will still benefit from lower taxes. 

2. Reduce business taxes

   Companies receive tax benefits in Washington because there is no corporate income tax. Additionally, the Tax Foundation ranks Washington as the 15th-best state in its Business Tax Climate Index. 

3. Lower Cost of Living

   While Mason County’s cost of living is comparable to the U.S. average, it is much more affordable for families to live in Mason County than much of the Pacific Northwest - a critical factor for business owners and their employees. In the first quarter of 2022, Mason County’s overall cost of living was approximately 16% less than Washington. Specific attributes that are much more favorable in Mason County are the cost of transportation and utilities.

4. Mason County incentives for new business & business expansion

   When businesses move to Mason County (or expand here), they can qualify for various financial incentives that can help either finance the project or help to reduce the cost through grants and tax credits. For example, qualified companies receive a sales and use tax exemption on machinery and equipment, while many can receive deferrals on the sales tax associated with the construction of new manufacturing facilities.

5. Real Estate is more affordable compared to much of Washington

   Real estate prices have increased significantly over the past decade throughout Washington, but Mason County prices are more favorable than the rest of the state. In the fourth quarter of 2021, the National Association of Realtors? reported the median Mason County home value was $341,401, compared to nearby counties of Thurston ($444,225), Pierce ($460,394) and King ($817,547).

The impact of inflation is more substantial than at any time since 1981, but it doesn’t have to deter you or your business in Mason County. There are ways to save money and while moving does take time and energy, the long-term financial benefits are worth the investment. Contact Jennifer Baria at jennifer@choosemason.com to learn more about the benefits of locating in Mason County and for help with relocation.