Cost of Living in Tempe, AZ
Housing
The housing market plays a significant role in determining the cost of living in Tempe, AZ.
- Housing Index: 115.5 / 100
- Median Home Price is: $405,000
- Average Rent (2 BR Apartment): $1800 per month
- Average Rent (2 BR House): $1870 per month
Based on the data for Tempe, AZ, the housing index of 115.5 indicates a moderately elevated cost of living compared to the national average. Additionally, with a median home price of 405000, purchasing a home here may be pricey for some. It’s worth noting that the average rent for a 2-bedroom apartment is 1800 and a 2-bedroom house is slightly higher at 1870. If you're considering moving, evaluate your budget against these figures, and remember that housing demand can fluctuate with local job markets and amenities, impacting prices further.
Utilities
The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living in Tempe, AZ.
- Electricity Price: $15.14 USD (median by state)
- Natural Gas Price: $23.51 USD per Thousand Cubic Feet (median by state)
- Other Utilities (water, garbage, etc.): $250 per month
Living in Tempe, AZ could entail higher utility costs. Electricity costs sit at $15.14, while natural gas is priced at $23.51 per Thousand Cubic Feet — both aligning with state medians. Expect to budget about $250 monthly for other services like water and garbage. These utility expenses are vital considerations as they directly influence monthly living costs. Comparing these rates to other cities may help ascertain if Tempe is a financially viable option for your relocation.