Cost of Living in Marana, AZ

An Overview of Cost of Living in Marana, AZ

The cost of living in Marana 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 Marana is 117, which is 17% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

Housing costs make up a big chunk of the cost of living in Marana, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 43.7% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.

Is Marana Affordable?

Is Marana 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 Marana, for instance, where the median home price falls 46.8% higher than the national average, and monthly rent rates are 36.5% higher than usual. Additionally, median income levels contribute to the equation, with Marana flaunting a median household income of $89,689, 62.1% higher than the national norm.

What Factors can Influence the Cost of Living in Marana?

Utilities: Much like any other costs, utility expenses can exhibit considerable variations, influenced by factors such as climate, available energy sources, geographic location and state regulations. The costs associated with electricity, water, heating, and waste disposal can vary significantly depending on the city or state in question. In Marana, the utilities index stands at 1.8% higher than the national average.

Groceries: Over the past 2-3 years, grocery expenses have experienced substantial upward trends. In certain markets, food prices have surged by over 20% during this period, while others have witnessed more modest increases. These fluctuations in food costs can wield significant influence over the overall cost of living in a given region. In Marana, the groceries index is 5.2% higher than the national average.

Taxes: Locations with elevated tax rates, encompassing both sales and income taxes, can be a factor in driving up the cost of living. When you're paying more in taxes for everyday goods and services, it naturally translates into higher expenses. Similarly, a higher income tax rate can also contribute to an overall higher cost of living. In Marana, the standard sales tax rate starts at 5.6%, and the income tax rates commence at 2.55%.

Where is the Data From?

The cost of living data in Marana displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.