Cost of Living in Sun Lakes, AZ

An Overview of Cost of Living in Sun Lakes, AZ

The cost of living in Sun Lakes affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Sun Lakes is 125, which is 25% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

The cost of living in Sun Lakes is among the highest in the country, making it a very expensive place to live. Only a small fraction of regions boast a cost of living that is at least 20% higher than the national average, and regrettably, Sun Lakes falls into this category, which may not be suitable for those seeking an economically favorable living environment.

When it comes to the cost of living in Sun Lakes, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 58.8% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.

The things you purchase regularly, like clothes, haircuts, movie tickets and gym memberships, can make a big dent in your budget and make up 33% of the cost of living index. Unfortunately in Sun Lakes, these items will cost you 15% more than what's considered the norm, making it a more expensive place to call home.

Is Sun Lakes Affordable?

Is Sun Lakes affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Sun Lakes, for instance, where the median home price falls 59.9% higher than the national average, and monthly rent rates are 56.3% higher than usual. Additionally, median income levels contribute to the equation, with Sun Lakes flaunting a median household income of $56,148, 1.5% higher than the national norm.

What Factors can Influence the Cost of Living in Sun Lakes?

Urbanization: Larger, urban areas boasting abundant amenities and robust employment prospects often exhibit a heightened cost of living, driven by the increased demand for services and residential relocation. Consequently, this leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural locales or regions marked by diminished demand typically offer a more limited range of amenities and experience slower job market expansion. This translates into a more affordable cost of living.

Utilities: Similar to the prices of any other goods or services, utility expenditures can exhibit substantial variability, influenced by factors such as climate, energy sources accessibility, geographical location and state regulations. Costs related to electricity, water, heating, and waste disposal can fluctuate, whether higher or lower, contingent on the city or state. In Sun Lakes, the utilities index is 1.6% lower than the national average.

Transportation: When public transportation options are limited or non-existent, residents frequently resort to vehicle ownership, which can significantly contribute to the overall cost of living. Monthly financial obligations encompass fuel, insurance, regular maintenance and potentially lease or financing expenses. In Sun Lakes, the transportation index is 23.9% higher than the national average.

Where is the Data From?

The Sun Lakes cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.