An Overview of Cost of Living in Gold Canyon, AZ
Are you thinking about relocating, but curious about the potential cost of living in Gold Canyon? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Gold Canyon stands at 122, making it 22% 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 Gold Canyon 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, Gold Canyon falls into this category, which may not align with your goal of finding a budget-friendly living environment.
Housing costs are a major factor in the Gold Canyon cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 47.4% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.
Everyday goods and services make up 33% of the cost of living index and include things like clothing, personal hygiene products and entertainment which are a large portion of your monthly expenditures. Unfortunately, Gold Canyon goods and services are 15% more expensive than the national average, leaving you with less money at the end of the month.
Is Gold Canyon Affordable?
Wondering if Gold Canyon is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Gold Canyon, for example, the median home price is 61.1% higher than what folks pay nationally, and monthly rent is 15.5% higher than the usual rates. Plus, income levels matter too, with Gold Canyon boasting a median household income of $71,895, which is 30% higher than the national average.
What Factors can Influence the Cost of Living in Gold Canyon?
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 Gold Canyon, the utilities index stands at 1.6% lower than the national average.
Transportation: In cities with limited or no public transportation, residents may find it necessary to own and maintain vehicles, thereby elevating the cost of living. Monthly expenditures include fuel, insurance, routine maintenance and potential lease or financing commitments. In Gold Canyon, the transportation index stands at 23.9% higher than the national average.
Groceries: Over the past 2-3 years, grocery expenses have experienced substantial upward trends. In certain markets, food prices have surged by over 20% during this period, while others have witnessed more modest increases. These fluctuations in food costs can wield significant influence over the overall cost of living in a given region. In Gold Canyon, the groceries index is 2.6% higher than the national average.
Where is the Data From?
The Gold Canyon cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.
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