An Overview of Cost of Living in Tanque Verde, AZ
Are you thinking about relocating, but curious about the potential cost of living in Tanque Verde? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Tanque Verde stands at 137, making it 37% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.
If affordability is among your top priorities when searching for a new place to live, this area may not be the ideal fit, as the cost of living in Tanque Verde is among the most expensive in the United States. Just a minority of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Tanque Verde falls into this category, which may not align with your goal of finding a budget-friendly living environment.
Housing costs make up a big chunk of the cost of living in Tanque Verde, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 108.4% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.
Is Tanque Verde Affordable?
Is Tanque Verde affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Tanque Verde, the median home price is 120.6% higher than the national average and monthly rent prices are 79.9% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Tanque Verde boasting a median household income of $101,520, 83.5% higher than the national average.
What Factors can Influence the Cost of Living in Tanque Verde?
Housing: A sought-after location with high housing demand often leads to increased property values and rental rates, which can significantly inflate the overall cost of living. Conversely, areas with low housing demand, particularly in less desirable locales, tend to experience the opposite effect, causing prices to drop and contributing to a more affordable cost of living. In Tanque Verde, the housing index stands at 108.4% higher than the national average.
Utilities: Much like any other costs, utility expenses can exhibit considerable variations, influenced by factors such as climate, available energy sources, geographic location and state regulations. The costs associated with electricity, water, heating, and waste disposal can vary significantly depending on the city or state in question. In Tanque Verde, the utilities index stands at 1.8% higher than the national average.
Transportation: In situations where public transportation is limited or nonexistent, local residents may be required to own and maintain their own vehicles, contributing to an elevated cost of living. Monthly expenditures may encompass fuel costs, insurance premiums, routine vehicle upkeep and possibly lease or financing payments. In Tanque Verde, the transportation index is 8.3% higher than the national average.
Where is the Data From?
The cost of living in Tanque Verde, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.
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