Lake Montezuma, AZ Cost Of Living

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Lake Montezuma cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
Index	Lake Montezuma	Arizona	National
Cost of living index	97	99	100
Index	Lake Montezuma	Arizona	National
Goods & Services index	106	98	100
Groceries index	102	99	100
Health care index	95	98	100
Housing index	83	97	100
Transportation index	102	104	100
Utilities index	94	103	100

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 97. This index is 2% lower than the Arizona average, and 3% 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 8% higher than it is in Arizona, and it is 6% higher than the national average.

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Did you know?

The cost of living in Lake Montezuma is 2% lower than the Arizona average.
The cost of living in Lake Montezuma is 3% lower than the national average.
The cost of housing in Lake Montezuma is 17% lower than the national average.
Arizona general sales tax is 10% higher than the national average.
Arizona state income tax is 16% higher than the national average.

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Compare Lake Montezuma, AZ Cost of living To Other Cities

Salary Calculator

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Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

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

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$55,396	$4,616	$1,292	$1,662
Renters	$32,138	$2,678	$750	$964

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

State	General Sales Tax	With Max Surtax
Arizona	5.6%	10.725%

Arizona Income Tax

State	Income Tax (Low)	Income Tax (High)
Arizona	2.59%	4.54%

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

Item	Lake Montezuma	National avg.	Difference
Haircut	$16.25	$17.49	7.1%
Beauty Salon	$34.00	$38.17	10.9%
Toothpaste	$2.18	$2.32	6.1%
Shampoo	$0.99	$1.01	2.2%
Movie	$9.63	$10.72	10.2%
Bowling	$15.00	$13.86	8.2%

Groceries

Item	Lake Montezuma	National avg.	Difference
Ground Beef	$4.74	$3.90	21.5%
Fried Chicken	$1.28	$1.40	8.3%
Milk	$1.61	$1.96	17.9%
Potatoes	$2.48	$3.18	22.1%
Pizza	$12.99	$10.39	25.0%
Beer	$10.15	$9.23	10.0%

Health Care

Item	Lake Montezuma	National avg.	Difference
Optometrist	$94.28	$106.34	11.3%
Doctor	$97.40	$115.25	15.5%
Dentist	$91.00	$98.38	7.5%
Ibuprofen	$10.32	$9.26	11.4%
Lipitor	$512.62	$466.47	9.9%

Housing

Item	Lake Montezuma	National avg.	Difference
Home Price	$139,800.00	$184,700.00	24.3%
Avg. Mortgage Payment	$1,687.53	$1,273.32	32.5%
Apartment Rent	$957.00	$949.00	0.8%

Transportation

Item	Lake Montezuma	National avg.	Difference
Gasoline	$2.89	$2.59	11.6%
Tire Balancing	$43.33	$48.90	11.4%

Utilities

Item	Lake Montezuma	National avg.	Difference
All Electricity	$153.81	$167.60	8.2%
Phone	$176.55	$163.42	8.0%

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.

Nearby cities with low cost of living

City, State	Population	Cost of Living Index	National Avg.
Cottonwood CDP, AZ	186	85	-15%
Cottonwood, AZ	11,598	95	-5%
Camp Verde, AZ	11,096	97	-3%
Verde Village, AZ	13,287	99	-1%
Clarkdale, AZ	4,159	101	1%
Lake Montezuma, AZ	5,227	97	-3%

Cities with similar population

City, State	Population	Cost of Living Index	National Avg.
Sherwood Manor, CT	5,228	115	15%
North Windham, ME	5,226	111	11%
Mount Hood Village, OR	5,231	118	18%
Maplewood, WA	5,223	145	45%
Odessa, MO	5,221	91	-9%
Lake Montezuma, AZ	5,227	97	-3%

Source: The Lake Montezuma, AZ cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2019.

Lake Montezuma, AZ Cost of Living