Cost of Living in Payson, AZ

An Overview of Cost of Living in Payson, AZ

Getting a feel for the cost of living in Payson is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Payson is 115, which is 15% higher than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.

Housing costs are a very significant part of the Payson cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 26.9% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.

Everyday goods and services make up 33% of the cost of living index and include things like clothing, personal hygiene products and entertainment which are a large portion of your monthly expenditures. Unfortunately, Payson goods and services are 15% more expensive than the national average, leaving you with less money at the end of the month.

What Do Locals Say About the Cost of Living in Payson?

The most insightful perspective on a city comes from its residents. We recently surveyed 10 locals to gauge their perception of the cost of living in Payson. The feedback revealed that 50% of respondents found the cost of living to be reasonable, with prices on the decline, while 50% regarded it as notably expensive with prices that continue to rise.

Is Payson Affordable?

Wondering if Payson is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Payson, for example, the median home price is 36.8% higher than what folks pay nationally, and monthly rent is 3.8% higher than the usual rates. Plus, income levels matter too, with Payson boasting a median household income of $55,303, which is 0% equal to the national average.

What Factors can Influence the Cost of Living in Payson?

Subsidies: Certain cities or states may implement government subsidies or assistance programs with the goal of alleviating the cost of living pressures on their residents. These programs encompass a broad spectrum of support mechanisms, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farming subsidies. Areas offering fewer subsidies may experience a rise in their cost of living.

Healthcare: Healthcare expenses and insurance premiums can vary significantly depending on the specific city or state. Factors such as accessibility to healthcare facilities, out-of-pocket expenses for doctor's visits, dental care expenses, prescription costs and specialized medical care fees can all influence the overall cost of living. In Payson, healthcare costs are 2.4% lower than the national average.

Groceries: Grocery expenditures have undergone notable escalation over the last 2-3 years. In some markets, the cost of food products has surged by more than 20%, while others have experienced only modest increments. These fluctuations in food costs can have a significant impact on the overall cost of living in any region. In Payson, the groceries index registers 2.6% higher than the national average.

Where is the Data From?

The cost of living in Payson, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.