Cost of Living Comparison for Phoenix, AZ
Updated 2026 · Local data pre-filled
Phoenix's cost of living index is 106 — 6% more expensive than the national average. This factors in housing, groceries, utilities, transportation, and healthcare. Use this calculator to see how your purchasing power would change if you moved to another city.
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How Phoenix Compares to the National Average
Understanding how Phoenix stacks up helps you calibrate your financial planning.
| Metric | Phoenix, AZ | US Average | Difference |
|---|---|---|---|
| Median Home Price | $420,000 | $420,800 | -0.2% |
| Median Monthly Rent | $1,150 | $1,713 | -32.9% |
| Median Household Income | $67,600 | $74,580 | -9.4% |
| Property Tax Rate | 0.62% | 1.10% | -43.6% |
| Cost of Living Index | 106 | 100 | +6.0% |
Sources: U.S. Census Bureau, BLS, Zillow, NAR (2024–2025). Green = favorable for residents; red = less favorable.
Phoenix Financial Snapshot
- Population (Metro)
- 5,130,000
- Unemployment
- 3.7%
- Avg Commute
- 26 min
- Median Age
- 33.8
- Price-to-Rent Ratio
- 30.4x
- Annual Property Tax
- $2,604
Cost of Living Comparison in Other Arizona Cities
Frequently Asked Questions — Phoenix
What is the median home price in Phoenix, AZ?
The median home price in Phoenix is $420,000 as of 2025–2026. This is below the national median of $420,800.
What is the average rent in Phoenix?
Median monthly rent in Phoenix is $1,150. That works out to $13,800/year, or 20% of the median household income — within the commonly recommended 30% of income guideline.
Is Phoenix affordable?
Phoenix's cost of living index is 106 vs. the national average of 100. With a median household income of $67,600/year and a median home price of $420,000, the price-to-income ratio is 6.2x. This makes homeownership a significant stretch for the typical Phoenix household.
What is the property tax rate in Phoenix?
The effective property tax rate in Phoenix is 0.62% of assessed value. On the median home of $420,000, that's roughly $2,604/year ($217/month).