Is It Cheaper To Live In Colorado Or Arizona? It is surprising that anyone would want to move away from either state because both are booming, but if you find yourself looking to move into one of these states you may be comparing the two. You want to evaluate how much more or less it will cost to live in a new city and the percentage difference between the cost of living where you are now and cost of living in a new location.
One of the top tiebreakers could be the weather because the two places do have drastically different weather. There are other obvious things you can look at like sports teams, activities your family is into, but when it comes down to it you need to look at the numbers.
Colorado or Arizona?
Denver has a higher cost of living than Phoenix. Denver is about 27% more expensive. The cost of grocery goods is less in Phoenix. Public transportation is also more expensive and the transit pass is about $99 in Denver and $64 in Phoenix. If you are moving, the biggest financial concern you will have is rent or home prices.
A one-bedroom apartment in Phoenix is about $850 a month, while in Denver it is $1271 per month. In Phoenix, the average home is about $300 per square foot and Denver is about $385 per square foot. A salary of $36,000 in Phoenix is comparable to $45,000 in Denver. The median home cost is 54% higher in Denver than in Phoenix.
Depends on What you Go in Arizona or Colorado
So it is more expensive to live in Colorado than Arizona if you are looking at these two main cities, but as you branch out it is possible to find areas that are less expensive in Colorado. With normal maintenance costs, it is hard to own a home on the average annual salary in Arizona. There are some other more affordable places in Arizona and they are Oro Valley, Gilbert, Phoenix, Prescott, and Chandler. In Colorado, there are more affordable places to live besides Denver.
The ten cheapest places to live in Colorado are Aurora, Colorado Springs, Brush, Fountain, Fruita, Fort Lupton, Dove Valley, Milliken, Lamar, and Firestone. You have to compare the cities you are most interested in to determine which is cheaper. Even though the overall consensus is that Arizona is cheaper, it depends on the exact cities you are interested in.
Both states have booming economies due to so many moving away from states with higher taxes and restrictions. Both states are seeing hot real estate markets that have no signs of slowing down. A move to either of these states would provide a good real estate investment for the longevity of your family.