Summit, AZ Cost Of Living

Summit 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	Summit	Arizona	National
Cost of living index	83	98	100
Index	Summit	Arizona	National
Goods & Services index	101	98	100
Groceries index	103	101	100
Health care index	101	97	100
Housing index	45	97	100
Transportation index	97	100	100
Utilities index	90	99	100

A general overview of the cost of living index for Summit, AZ is displayed above. In Summit, AZ, the overall cost of living index is 83, which is 15% lower than the Arizona average and 17% lower than the U.S. average. The following categories are used to calculate the overall cost of living index: goods/services (33%), housing (30%), groceries (13%), utilities (10%), transportation (9%) and health care (5%). From the list, it is clear that the categories of goods/services and housing are responsible for the largest portions of the overall cost of living index. As a general rule, everyday goods and services provide an accurate measure of the general cost of goods in any given city. In the case of Summit, AZ, the city's goods and services are 4% higher than the Arizona average and 1% higher than the U.S. average.

Did you know?

The cost of living in Summit is 15% lower than the Arizona average.
The cost of living in Summit is 17% lower than the national average.
The cost of housing in Summit is 55% 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 Summit, AZ Cost of living To Other Cities

Salary Calculator

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Price difference in compared to

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

Using the salary calculator lets you compare the salary you earn in Summit, AZ to what it is in other cities. It will let you know what your earnings would have to be in another city to have the same standard of living, as determined by the cost of living in each city. For example, if the cost of living in the area you want to move to is higher than the cost of living in Summit, AZ, you have to earn a higher income in order to still have the same standard of living. To operate the Summit, AZ salary calculator, put in the name of the other city, then move the slider to the point that represents the current income. The salary calculator will take care of the rest and tell you how much more or less you must earn in the new city. A Total breakdown of the cost of living is also provided.

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$34,936	$2,911	$815	$1,048
Renters	$27,813	$2,318	$649	$834

If you want to find a good determining factor for the cost of living and the general affordability of housing in Summit, AZ, all you must look at 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 Summit, AZ, the median monthly income is $34,936 for those who own their own homes. Under the standard rule, that income level would allow for $815 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $27,813, per the median income in the area. That would allow for renters to spend up to $649 on monthly rental expenses.

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 Summit, 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	Summit	National avg.	Difference
Haircut	$16.18	$16.09	0.6%
Beauty Salon	$47.43	$37.33	27.0%
Toothpaste	$2.28	$2.45	6.7%
Shampoo	$0.94	$1.00	5.7%
Movie	$8.93	$10.28	13.2%
Bowling	$4.08	$4.93	17.3%

Groceries

Item	Summit	National avg.	Difference
Ground Beef	$4.24	$3.80	11.4%
Fried Chicken	$1.61	$1.40	15.3%
Milk	$1.55	$2.01	23.0%
Potatoes	$2.78	$3.01	7.7%
Pizza	$11.53	$9.89	16.6%
Beer	$9.02	$8.90	1.3%

Health Care

Item	Summit	National avg.	Difference
Optometrist	$104.38	$102.16	2.2%
Doctor	$110.67	$108.36	2.1%
Dentist	$92.14	$92.53	0.4%
Ibuprofen	$9.71	$9.28	4.6%
Lipitor	$428.34	$425.82	0.6%

Housing

Item	Summit	National avg.	Difference
Home Price	$63,300.00	$184,700.00	65.7%
Avg. Mortgage Payment	$948.57	$1,202.44	21.1%
Apartment Rent	$672.00	$949.00	29.2%

Transportation

Item	Summit	National avg.	Difference
Gasoline	$2.10	$2.24	6.6%
Tire Balancing	$47.97	$46.29	3.6%

Utilities

Item	Summit	National avg.	Difference
All Electricity	$162.29	$165.96	2.2%
Phone	$23.48	$28.68	18.1%

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.
South Tucson, AZ	5,627	83	-17%
Littletown, AZ	645	87	-13%
Tucson Estates, AZ	11,747	90	-10%
Drexel Heights, AZ	27,281	91	-9%
Tucson, AZ	527,586	92	-8%
Summit, AZ	5,240	83	-17%

Cities with similar population

City, State	Population	Cost of Living Index	National Avg.
Manchester, WA	5,242	133	33%
White Hall, AR	5,243	93	-7%
Smiths Station, AL	5,235	93	-7%
Swartz, LA	5,235	90	-10%
Hoopeston, IL	5,245	83	-17%
Summit, AZ	5,240	83	-17%

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

Summit, AZ Cost of Living