Cost of Living in Tempe, Arizona
Just 11 miles southeast of downtown Phoenix and just four miles from Sky Harbor International Airport, Tempe, Arizona is a fast-growing suburb of the Phoenix metropolis. The cost of living in Tempe, Arizona is about 4.9% higher than the national average, or about 104.9%. Overall, the cost of living in Tempe, Arizona is up about 2.2% from 2020, with the biggest increases in food, transportation, and shelter. The average 874 square foot apartment costs $ 1,495, a 5% increase from 2020.
One of Tempe’s big draws is Arizona State University, which has a high enrollment level. North Tempe has a denser population of students and university employees than in other areas of the city. Tempe’s current population is 203,923 and is the 7th largest state in Arizona. Tempe spans over 40 square miles and has a population density of 5,101 people per square mile.
What’s it like to live in Tempe, Arizona?
Even though Tempe is close to bustling Phoenix, the east side of Tempe is near open spaces, and it’s easy to access Papago Park hiking and paddleboarding or rowing a boat to the lake. Tempe Town. The League of American Bicyclists declares Tempe to be a Gold Tier cycling community.
Because Tempe is a college town, you can find plenty of cafes, eclectic restaurants, and great nightlife. You can also catch a baseball game during spring training, shop at the boutiques of downtown Tempe, and visit the museums and exhibits at Arizona State University. Keep in mind that Tempe weather can get quite hot during the summer months and you will need to run the air conditioner from late April to late October. Be sure to factor the costs of the air conditioner into the budget of your utility bill.
What is the job market like in Tempe?
The average overall income of those employed at Tempe is $ 40,642, while those with a graduate degree earn an average of $ 55,718 per year. Professional and skilled couples without children can earn up to $ 200,000 per year. Arizona State University is one of the largest employers in the education category and State Farm Insurance in the business category. Honeywell, Wells Fargo and Safeway have solid reputations in the employment industry, as does medical device manufacturing company, Medtronic. The Salt River Project utility company has high employee retention thanks to its laid-back vibe, relaxed work environment, and continuing education opportunities.
How much does an apartment cost in Tempe?
Depending on the size and amenities you want or need, you can find an affordable apartment in Tempe. The average rental prices for an apartment in Tempe are:
- $ 890 for a studio
- $ 1,138 for a one-bedroom apartment
- $ 1,368 for a two-bedroom apartment
- $ 1,934 for a three-bedroom apartment or house
- $ 2,197 for a four-bedroom apartment or house
The most expensive apartments in Tempe are in the areas of Sandahl, Warner Ranch and Rio. Expect to pay around $ 1,624 for a studio in the Rio neighborhood.
How to find cheap apartments in Tempe?
Because Tempe is such a desirable Arizona location and college town, you’ll need to be patient when looking for an affordable apartment. The cheapest apartments aren’t always located in the most desirable locations and are often located further from downtown, workplaces, and Arizona State University. Using Zumper to help you find an apartment that fits your budget and lifestyle can help reduce the stress of finding the living space of your dreams. You can also search for affordable apartments by looking at advertisements displayed in public areas of the university, signs at local supermarkets, cafes and the library.
If you want to live in a more expensive neighborhood in an apartment that has more amenities such as a pool, on-site laundry room, and a gym, consider finding a roommate. Having a roommate can help offset the higher cost of the apartment, including utilities. Before you start your home search with a roommate, make sure your personalities are working together. It’s better to wait and find the right person you can live with than to find yourself in an awkward roommate situation.
Once you’ve found the right roommate and apartment, make sure you complete a roommate agreement so everyone knows, understands, and can easily follow the rules. Having a roommate can help save you money on housing and utility costs, and can help keep you from becoming alone, especially if you’re away from home.
What’s the cheapest rent in Tempe?
The cheapest rent you’ll find is around $ 788 per month for a studio in the Hudson Manor area. This price is about 20% cheaper than the more expensive parts of Tempe. Affordable neighborhoods include Shalimar, Tempe Gardens, and Wood Park, where renters can find one-bedroom apartments for $ 1,216 per month. Keep in mind that each district has different demographics, with North Tempe catering more to students and the Southeast part to working families.
When looking for an inexpensive apartment, keep in mind that you also need to cover expenses like food, transportation, and utilities (unless the owner pays for them). You also want to save enough money for a security deposit, sometimes a cleaning deposit, and the first and last month’s rent. When budgeting for your overall cost of living in Tempe, Arizona, be aware that you will need about 30% of your income to pay rent.
If you decide to call Tempe, Arizona home, whether for work or school, you can enjoy abundant sunshine, endless possibilities for outdoor activities, as well as a excellent cuisine and a diverse culture. When budgeting for the cost of living in Tempe, Arizona, be sure to factor in the costs of transportation, food, health care, and utilities. Also, be sure to add some fun spending money to your budget, so you can enjoy all that Tempe has to offer.