A Major Money Saver: What Is the Cost of Living in Phoenix?
The housing market in Arizona is quickly becoming one of the fastest-growing markets in the United States—and for good reason! Compared to the national average, the cost of living in Phoenix (and in nearby cities like Tucson and Flagstaff) is much more affordable than other parts of the country. In fact, even locals from larger cities like Los Angeles and San Francisco are moving to the Valley of the Sun to take advantage of lower home prices and more affordable transportation options.
Clearly, the metropolitan area of Arizona is a great place to consider moving to, but what, exactly, is the cost difference?
The cost of living in metro Phoenix
Since the metro area is growing at such an exponential rate, it’s important to know whether your budget will actually be put to good use living in the area if you’re moving to Phoenix. The good news is, when compared to major cities like New York City and San Francisco, you’re going to save a lot of money in Phoenix. While this city may be popular, it is not expensive. In fact, if you move close to downtown Phoenix, you’ll likely be at least 4% under the cost of living when it comes to the national median and U.S. average.
In terms of median home prices and the cost of living index, you’ll also likely be pretty impressed with how they compare to the national average. Whether you’re working with a real estate agent to find a single-family home or want to rent a fully furnished apartment in Phoenix, you’re bound to save money living in Phoenix thanks to how much homes cost. Compared to places like San Diego, that cost of living can really be good news if you’re looking to relocate.
What should you know about other living costs in Phoenix?
Of course, home prices and rental costs aren’t the only thing to think about when considering the cost of living in Phoenix. Fortunately, this city scores high marks when it comes to groceries, with options like Costco for those who like to buy in bulk. Phoenix is also home to solid public schools, so you won’t need to spend money on private education for your children.
The one thing you’ll want to keep an eye on is utilities, since your air conditioning can cause your electric bill to increase during the hotter months of the year. However, the fact that you won’t really have to worry about heating costs in the winter will help balance your electric bill out a bit.
Overall, moving to Phoenix from a larger city will mean spending far less on housing and other parts of life. If you’re in the market for a new apartment rental in Phoenix, Landing offers fully furnished apartments in Phoenix with flexible lease terms, concierge services, seamless transfers, and all the amenities you need. Browse our available apartments in Phoenix, or contact us to learn more about how a Landing membership works.