An Overview of Cost of Living in Kingman, AZ
Are you thinking about relocating, but curious about the potential cost of living in Kingman? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Kingman stands at 89, making it 11% lower 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.
Everyday essentials such as clothing, personal hygiene products and entertainment all contribute to your overall cost of living. The good news is that in Kingman, these goods and services come in at 17.4% less than the national average. This means you can enjoy the things you need and love without breaking the bank. With such savings, you have the opportunity to allocate more funds towards your savings or other financial goals, ultimately enhancing your financial well-being.
What Do Locals Say About the Cost of Living in Kingman?
Nobody knows their city better than the people who actually live there. So, we asked 26 local residents how they would rate the cost of living in Kingman and this is how they responded. 54% of people said that the cost of living was affordable, with prices decreasing, while 46% of people said that the cost of living was very expensive and prices continue to rise.
Is Kingman Affordable?
Is Kingman an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Kingman, the median home price is 12.2% lower than what most folks pay across the country, and monthly rent prices are 7% lower than the usual rates. Income levels in Kingman come in at $51,081, which is 7.7% lower than the national average.
What Factors can Influence the Cost of Living in Kingman?
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 Kingman, the utilities index stands at 12.8% lower than the national average.
Subsidies: Certain cities or states may institute government subsidies or assistance programs designed to alleviate the financial burdens associated with the cost of living for their residents. These programs encompass a variety of support mechanisms, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farm subsidies. Areas that provide fewer subsidies may see an uptick in their overall cost of living.
Taxes: Cities that impose higher taxes, including sales and income taxes, can contribute to an escalated cost of living. The added expense of taxes on everyday goods like clothing and food naturally results in higher overall costs. Similarly, a higher income tax rate can further elevate the cost of living. In Kingman, the general sales tax rate starts at 5.6%, and income tax rates begin at 2.55%.
Where is the Data From?
The cost of living in Kingman, 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.
Here are the best places to live in Arizona
10 best cities to buy a new house in Arizona
Top 10 best public schools in Kingman
10 Best cities in Arizona for employment