Phoenix, Arizona is a vibrant and growing city with a relatively low cost of living compared to other major cities in the United States. However, the cost of living in Phoenix can vary depending on factors such as the size of your household, your lifestyle, and your location within the city.
According to Numbeo, a website that tracks cost of living data for cities around the world, the cost of living in Phoenix is roughly 3% lower than the national average. The website estimates that a single person would need to earn a salary of around $3,620 per month, or $43,440 per year, to live comfortably in Phoenix. A family of four, on the other hand, would need a monthly salary of around $8,240, or $98,880 per year.
Housing is the largest expense for most people, and it can vary widely depending on the type of housing and location. In general, the closer you live to the city center, the more expensive housing is likely to be. The median home price in Phoenix is around $345,000, which is roughly 8% higher than the national average. Rent for a one-bedroom apartment in the city center is around $1,150 per month, while a three-bedroom apartment will cost around $1,850 per month.
Utilities in Phoenix are relatively affordable, with an average monthly cost of around $170 for a 915-square-foot apartment. Internet and phone plans are also relatively affordable, with plans ranging from $50 to $100 per month.
Transportation costs in Phoenix can vary depending on whether you own a car or rely on public transportation. Gas prices in Phoenix are roughly in line with the national average, at around $3.25 per gallon. A monthly pass for public transportation costs around $64, while a taxi ride in the city center will cost around $2.50 per mile.
Food costs in Phoenix are also relatively affordable. A meal at an inexpensive restaurant will cost around $13, while a three-course meal for two at a mid-range restaurant will cost around $55.
In addition to the cost of living, it’s important to consider other expenses such as healthcare, entertainment, and savings. According to a recent study by GoBankingRates, the average Phoenix resident should aim to save at least 20% of their income for retirement.
Overall, the salary you need to live comfortably in Phoenix will depend on your individual circumstances. However, as a general rule of thumb, a salary of around $43,440 per year for a single person and $98,880 per year for a family of four should provide a comfortable standard of living in Phoenix. With a relatively low cost of living and a growing job market, Phoenix can be an attractive destination for those looking to live a high quality of life without breaking the bank.