C
Overall 3%
Goods & Services 6%
Housing 24%
Date & Last Updated: This data reflects 2019 and was released from C2ER in January, 2020; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
IndexLake of the WoodsArizonaNational
Cost of living9799100
Goods & Services10698100
Groceries10199100
Health care11098100
Housing7697100
Transportation122104100
Utilities96103100

Key findings

  • The cost of living in Lake of the Woods is 2% lower than the Arizona average
  • The cost of living in Lake of the Woods is 3% lower than the national average
  • Lake of the Woods housing is 24% 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

Most Affordable Places to Live in and Around Lake of the Woods

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Compare Lake of the Woods, AZ Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
      Owners$57,713$4,809$1,347$1,732
      Renters$26,767$2,231$625$803
      A good indicator of the general affordability of housing in Lake of the Woods, AZ, is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Lake of the Woods, the median monthly income is $57,713 for those who own their own homes. Under the standard rule, that income level would allow for $1,347 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $26,767, per the median income in the area. That would allow for renters to spend up to $625 on monthly rental expenses.

      Arizona Sales Tax

      StateGeneral Sales TaxWith Max Surtax
      Arizona5.6%10.725%

      Arizona Income Tax

      StateIncome Tax (Low)Income Tax (High)
      Arizona2.59%4.5%

      Goods & Services

      ItemLake of the WoodsNational avg.Difference
      Haircut $19.48$17.4911.4%
      Beauty Salon $41.44$38.178.6%
      Toothpaste $2.29$2.321.3%
      Shampoo $1.19$1.0117.6%
      Movie $9.50$10.7211.4%
      Bowling $10.75$13.8622.4%

      Groceries

      ItemLake of the WoodsNational avg.Difference
      Ground Beef $3.13$3.9019.7%
      Fried Chicken $1.52$1.408.9%
      Milk $2.19$1.9611.6%
      Potatoes $3.49$3.189.6%
      Pizza $10.49$10.390.9%
      Beer $8.99$9.232.6%

      Health Care

      ItemLake of the WoodsNational avg.Difference
      Optometrist $131.67$106.3423.8%
      Doctor $137.50$115.2519.3%
      Dentist $108.00$98.389.8%
      Ibuprofen $8.99$9.262.9%
      Lipitor $481.99$466.473.3%

      Housing

      ItemLake of the WoodsNational avg.Difference
      Home Price $139,200.00$184,700.0024.6%
      Avg. Mortgage Payment $1,760.47$1,273.3238.3%
      Apartment Rent $724.00$949.0023.7%

      Transportation

      ItemLake of the WoodsNational avg.Difference
      Gasoline $2.83$2.599.2%
      Tire Balancing $72.00$48.9047.3%

      Utilities

      ItemLake of the WoodsNational avg.Difference
      All Electricity$158.39$167.605.5%
      Phone $176.33$163.427.9%
      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, StatePopulationCost of Living IndexNational Avg.
      Hondah, AZ99690-10%
      North Fork, AZ1,50690-10%
      McNary, AZ65592-8%
      White Mountain Lake, AZ2,24594-6%
      Show Low, AZ10,87597-3%
      Lake of the Woods, AZ4,11397-3%

      Cities with similar population

      City, StatePopulationCost of Living IndexNational Avg.
      Caro, MI4,11286-14%
      Redland, AL4,1121066%
      Louisville, TN4,11495-5%
      Crawfordville, FL4,11593-7%
      Fort Gibson, OK4,11179-21%
      Lake of the Woods, AZ4,11397-3%
      Source: The Lake of the Woods, AZ cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2019.