How much does it cost to live in Downtown Phoenix? What’s the overall cost of living in Phoenix, Arizona? Answers to these questions and more, below!
Exactly how much does it cost to live in Phoenix, Arizona?
That’s kind of a tough question because the answer depends on a lot of factors, starting with, “Well, how do you want to live?” Let’s simplify things by breaking down the costs of renting vs. buying and then the varying costs between high rise condo or apartment living vs single family homes.
For the sake of getting it out of the way, cost of living estimates typically include groceries and small essentials like that. It is worth noting that where food is concerned, Phoenix Arizona costs are lower than much of the country (source). So if that’s what you came for, you’re done!
However, you’re probably thinking about housing costs, and for that, friends, you may be surprised to learn that Phoenix cost of living is slightly higher than other places in the U.S. Downtown Phoenix is no different.
Cost of Living in Phoenix Arizona
Let’s start with the average costs to rent. Based on last month’s ARMLS averages, this is the average rental price in Downtown Phoenix.
Average Rental Price Downtown Phoenix: $2,407
Next, look at average cost to buy in Downtown Phoenix: $515,750. This is a broad number that doesn’t indicate averages by type of home or size. Here is the breakdown of median (not average) sold price.
Single Family, Detached: $686,513
Median prices indicate the middle point, at which half of properties sold above that point and half sold below.
For comparison sake, the median price of an existing (not new) single family home in the United States in 2021 was $353,600. That is according to the National Association of Home Builders. With a median price of $420K for a condo or $686K for a single family home, Downtown Phoenix is significantly more expensive than the rest of the United States.
Moving to Phoenix? Consider this information
While cost of housing in Phoenix hasn’t exceeded prices in New York or much of California yet, it still takes more to live here than many people think. Whenever I connect with people who are relocating here, there is always a little bit of surprise at the cost. Downtown Phoenix may be an outlier in that it is urban, and urban settings tend to cost more than suburban or rural places.
Transportation costs in Phoenix also rank higher than most of the United States.
Considering all of this information, be sure to research homes for sale and the various areas of the Phoenix Valley you could live before deciding which place is right for you. Downtown Phoenix is costly, but areas just west of downtown including Avondale or Tolleson are more affordable and still accessible. North Phoenix is also a bit more affordable with easy access to downtown.
For condos, specifically, the most similar locations to Downtown Phoenix include Downtown Tempe and Downtown Scottsdale. Other downtown areas, such as Downtown Chandler, Downtown Gilbert, and Downtown Glendale may have the word “downtown” in their name but they are not urban and don’t have a similar vibe in terms of lifestyle or amenities.