It’s no secret that Phoenix is one of the hottest housing markets in the United States. The median list price of a home in Phoenix has jumped to $430,000, and the market is very competitive. Newcomers may find that it is easier to rent, while looking for their Valley of the Sun dream home.
For newcomers moving to the Grand Canyon State, you will be happy to find that the cost of living is 5% lower than the national average. If you are moving to Phoenix from Denver and earn a $50,000/year, to maintain the same lifestyle in Phoenix, you would have to earn $42,397 in Phoenix. The cost of living is 15.2% lower and the housing cost is an impressive 28.7% lower in Phoenix. To compare your current city to the cost of living in Phoenix, click here.
According to U.S. News, Phoenix is one of the best places to live, due to the lower than average rental rates. The average rent in Phoenix for a two bedroom apartment is $1,460. However, it is important to keep in mind, that rent may vary in the different areas that surround Phoenix, below are averages for a two bedroom for cities around Phoenix.
- Scottsdale $2,659
- Mesa $1,712
- Chandler $1,798
- Tempe $1,773