Safe Rate Local

Cost of Living in Phoenix

Is it better to rent or buy in Phoenix? Explore median costs, utility estimates, and run the numbers on your own budget to see how far your income goes.

← Back to Phoenix Hub

Rent vs. Buy Affordability Calculator

Adjust the sliders to match your scenario. We recommend keeping total housing costs under 40% of your gross income.

$85,793
$1,716/mo

Median in area: $1,716

$437,493

Median in area: $437,493

$87,499

If you Rent

🔑
$1,885 /mo
Base Rent$1,716
Est. Utilities$169
% of Income26.4%
Pre-tax Residual$5,264

If you Buy

🏠
$2,700 /mo
P&I (6.828%)$2,288
Taxes & Ins$243
Est. Utilities$169
% of Income37.8%
Pre-tax Residual$4,449

Cost of Living FAQs

Is it cheaper to rent or buy in Phoenix?›

Based on median housing data, renting is currently more affordable on a monthly basis in Phoenix. The estimated all-in monthly cost for renting is $1,885, while owning a median-priced home with a 20% down payment is roughly $2,700 per month (a difference of $815).

How much do utilities cost in Phoenix?›

The average monthly utility cost (electricity and natural gas) for a typical home in Phoenix is approximately $169. This estimate uses local utility rate schedules combined with median energy consumption profiles.

What is a good salary to live comfortably in Phoenix?›

To comfortably afford the median rent and utilities in Phoenix without exceeding the recommended 30% housing-to-income threshold, a household should earn a gross salary of approximately $75,400 per year.