Lake Montezuma cost of living index

An overview of the general cost of living index for Lake Montezuma, AZ is displayed above for your reference. Residents in Lake Montezuma, AZ enjoy a cost of living index of 91. This index is 7% lower than the Arizona average, and 9% lower than the national average. The following categories are used when determining the cost of living index for any given city: health care (5%), transportation (9%), utilities (10%), groceries (13%), housing (30%), and goods/services (33%). Clearly, housing and goods/services make up the majority of the formula for calculating the cost of living index. Because of this, the general cost of living for any given area can be estimated by looking at the cost of everyday goods in that area. For those living in Lake Montezuma, AZ, the average cost of goods and services is 3% higher than it is in Arizona, and it is 1% higher than the national average.

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Salary Calculator

The salary calculator allows you to compare how much your current salary in Lake Montezuma, AZ would be worth in another city. In other words, the salary calculator will adjust the figure you enter for cost of living so that you can determine how much more or much less you would need to earn while maintaining your current quality of living. If you are considering relocating to a more expensive city than Lake Montezuma, AZ, the calculator will tell you how much more you need to earn so you can assess job offers more accurately. The Lake Montezuma, AZ salary calculator is easy to use. All you do is enter the name of another city, then move the slider to your current income. After that, the salary calculator will crunch the numbers for you and give you the information you need about the place you are considering going. Additionally, it will show a detailed breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

How much of your monthly income goes to housing can tell you whether or not you can afford housing in Lake Montezuma, AZ, as well as what the average cost of living is. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payment and not more than 36 percent of income on all expenses and debts. In Lake Montezuma, AZ homeowners have a median income of $55,396. Using that number, you will come up with a maximum of $1,292 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $32,138, which means there is a maximum of $750 to be spent on the costs of renting a home or apartment.

Arizona Sales Tax

Arizona Income Tax

For those who live in Lake Montezuma, AZ and want to know what the true cost of living is, they ought to look at both the Arizona income tax rate and the Arizona sales tax rate. By sales tax, we mean the taxes that are included whenever a person is purchasing any goods or services. The amount that is taxed depends upon the particular state, where some states have a sales tax of zero percent while others can have a tax higher than seven percent. In Arizona, the sales tax is 5.6%, while the most you'll pay in surtax is 10.725%. There is also income tax to consider, which is based upon the amount of money made in a year. Just like sales tax, income tax depends upon the particular state but also depends upon what tax bracket the person is in. Income tax for the state can be higher than nine percent in some states to zero percent in others. For those that live in Arizona, the income tax rate ranges between 2.59% to 4.54%.

Goods & Services

Groceries

Health Care

Housing

Transportation

Utilities

Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

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Source: The Lake Montezuma, AZ cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.