D-
34%
Overall NAT. AVG.
2%
Goods & Services NAT. AVG.
108%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index New River Arizona National
Cost of living134101100
Goods & Services102104100
Groceries98102100
Health care8794100
Housing20897100
Transportation95106100
Utilities12495100

An Overview of Cost of Living in New River, AZ

The cost of living in New River 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 New River is 134, which is 34% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

If affordability is among your top priorities when searching for a new place to live, this area may not be the ideal fit, as the cost of living in New River is among the most expensive in the United States. Just a minority of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, New River falls into this category, which may not align with your goal of finding a budget-friendly living environment.

Housing costs make up a big chunk of the cost of living in New River, 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 108.2% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.

Is New River Affordable?

Is New River an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in New River, the median home price is 125.2% higher than what most folks pay across the country, and monthly rent prices are 68.5% higher than the usual rates. Income levels in New River come in at $96,187, which is 73.9% higher than the national average.

What Factors can Influence the Cost of Living in New River?

Urbanization: Urban areas with extensive amenities and job opportunities tend to have a higher cost of living due to increased demand for services and relocation, resulting in higher home prices and higher rents. Less densely populated rural areas, or areas with less demand tend to have fewer amenities and slower job growth, which results in a lower cost of living.

Transportation: In areas where public transportation is scarce or unavailable, residents often find themselves compelled to own and upkeep vehicles, thereby increasing the overall cost of living. Monthly expenses encompass fuel, insurance, routine maintenance and potentially lease or financing payments. In New River, the transportation index is 4.7% lower than the national average.

Taxes: Cities that enforce higher taxes, covering both sales taxes and income taxes, can be a factor contributing to a higher cost of living. Paying more in taxes for everyday essentials like clothing and food inevitably leads to higher expenses. A higher income tax rate can further contribute to an overall elevated cost of living. In New River, the baseline sales tax rate begins at 5.6%, and income tax rates start at 2.55%.

Where is the Data From?

The New River 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.

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Cost Of Living Quick Facts

  • The cost of living in New River is 33% higher than the Arizona average
  • The cost of living in New River is 34% higher than the national average
  • New River housing is 108% higher than the national average
  • Arizona general sales tax is 10% higher than the national average
  • Arizona state income tax is 4% lower than the national average

Most Affordable Places to Live in and Around New River

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Compare New River, AZ Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$100,283$8,357$2,340$3,009
      Renters$63,160$5,263$1,474$1,895
      The affordability of the housing market in New River, AZ as well as the overall cost of living can be predicted by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among New River homeowners, the median income is $100,283. This indicates that a monthly maximum of $2,340 should be spent by homeowners on all housing related costs. Renters have a median income of $63,160. This indicates that renters would have a maximum of $1,474 for their rent related monthly costs.

      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 2.5% 2.5%

      Goods & Services

      Item New River National avg. Difference
      Haircut $26.78$24.2610.4%
      Beauty Salon $54.44$45.5619.5%
      Toothpaste $3.44$3.707.0%
      Shampoo $1.39$1.288.3%
      Movie $9.96$12.1317.9%
      Bowling $15.56$18.0013.6%

      Groceries

      Item New River National avg. Difference
      Ground Beef $6.08$5.844.1%
      Fried Chicken $1.47$1.576.6%
      Milk $4.91$4.675.1%
      Potatoes $4.66$4.935.6%
      Pizza $13.34$12.0910.4%
      Beer $11.24$10.417.9%

      Health Care

      Item New River National avg. Difference
      Optometrist $102.06$125.6818.8%
      Doctor $93.86$135.7830.9%
      Dentist $100.07$113.2911.7%
      Ibuprofen $10.95$10.652.8%
      Lipitor $524.80$468.6012.0%

      Housing

      Item New River National avg. Difference
      Home Price $415,900.00$184,700.00125.2%
      Avg. Mortgage Payment $3,647.01$2,346.6955.4%
      Apartment Rent $1,599.00$949.0068.5%

      Transportation

      Item New River National avg. Difference
      Gasoline $3.66$3.465.9%
      Tire Balancing $61.78$59.923.1%

      Utilities

      Item New River National avg. Difference
      All Electricity $147.32$193.9924.1%
      Phone $190.63$192.250.8%
      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 Population Cost of Living Index National Avg.
      Black Canyon City, AZ2,685955.5%
      Cave Creek, AZ5,76612726.6%
      Anthem, AZ23,50812828.3%
      Carefree, AZ3,86316867.9%
      New River, AZ16,30313434.1%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Somerton, AZ16,301964.1%
      Glassmanor, MD16,30511817.9%
      Aldine, TX16,3088811.5%
      Douglas, AZ16,292918.5%
      Red Hill, SC16,290991.3%
      New River, AZ16,30313434.1%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.