Is Arizona a rich or poor state?

The latest Rich States, Poor States analysis from the American Legislative Exchange Council gave Arizona the highest marks in the country in its annual ranking based on the state's Gross Domestic Product (GDP), population, and job growth.

How is the economy in Arizona?

Overview of the Arizona Economy

In 2022, the state of Arizona has a population of 7,326,692, having grown an annualized 0.8% over the five years to 2022, which ranks it 17^th out of all 50 US states by growth rate. Arizona's gross state product (GSP) in 2022 reached $341.8b, with growth of 2.5% over the 5 years to 2022.

Is the economy good in Arizona?

2022 Eller Economic Outlook Luncheon Presentation Slides in PDF. Shifting economic winds are buffeting the Arizona economy. The labor market remains very tight, with low unemployment, high levels of labor market churn, and a mountain of open jobs. Retail sales have slowed but remain surprisingly resilient.

What is the #1 best state to live in?

The personal finance website has come up with a ranked list of the top 20 best states to live in for 2022. Here are the results! The top state is Massachusetts, which ranked first in the nation for education and health, fourth for safety, sixth for quality of life, and 10th for its economy.

What is the nicest city in Arizona?

How America's hottest city is trying to cool down

Is living in AZ expensive?

Average Cost of Living in Arizona: $35,264 per year.

Is AZ expensive to live in?

The cost of living in Arizona is 7% higher than the national average. Housing is 18% higher than the national average, while utilities are 2% higher. When it comes to basic necessities such as food and clothing, groceries are around 3% higher than in the rest of the country, while clothing costs 3% higher.

Is moving to Arizona a good idea?

Great weather, food, and outdoor activities are definitely nice but if there's one thing we can all agree on it's that paying less taxes is always a win. And the friendly tax climate is definitely one of the reasons why so many people relocate to Arizona each year.

Is Arizona cheap to live?

Is Arizona a cheap state to live in? Arizona was ranked the second cheapest state to live in by SeniorList. Arizonans only spend about 70.5% of their income on bills, compared to the national average of 81%. This leaves plenty of room in their budgets for savings, investments, and fun money too.

What is a good income in Arizona?

To live comfortably in Arizona, a renter should earn at least $4,764 before taxes each month. This translates to an annual pre-tax salary of $57,168.

Is Arizona high in taxes?

Arizona has a 4.90 percent corporate income tax rate, a 5.60 percent state sales tax rate, a max local sales tax rate of 5.60 percent, and a 8.40 percent combined state and local sales tax rate. Arizona's tax system ranks 23rd overall on our 2022 State Business Tax Climate Index.

Is Texas or Arizona better to live?

Texas and Arizona are both great states to live in, but they offer different benefits depending on what you're looking for. If you want a strong job market, Texas may be the better choice. If you prefer warm weather and lots of outdoor activities, Arizona is arguably the better state.

Are people happy living in Arizona?

2021, Arizona ranked 27th in WalletHub's report "Happiest States in America."

Is living in Arizona better than California?

The cost of groceries is about 24% lower in Phoenix, housing is 69% down, utilities are 20% cheaper, transportation is 29% less, and healthcare is 28% cheaper. The percentages vary, but the fact that living in AZ is less costly vs. CA applies to all cities in the state.

What is minimum wage in AZ?

§ 23-363(B), Arizona's minimum wage will increase from $12.80 to $13.85 effective January 1, 2023. The $1.05 increase in minimum wage is based on the increase in inflation between August 2021 and August 2022, as published in the U.S. Bureau of Labor Statistics' Consumer Price Index.

Why not to move to Arizona?

Is it cheaper to live in CA or AZ?

Cost of living

California is 29.3% more expensive than Arizona. If to compare the average cost of living in Phoenix, Arizona, and Los Angeles, California, you will find that CA is far more costlier than AZ. California's housing cost is 36.8% costlier.

What are benefits to living in AZ?

Are houses expensive in Arizona?

So let's kick things off with housing costs. As of early 2022, the median price of homes in Arizona was about $470,500—which is nearly 20% higher than the national median of $392,450. Meanwhile, the median monthly rent for a two-bedroom apartment was about 18% higher than the national median of $1,295.

Why is rent so high in Arizona?

Credible analysis shows that rent in metro Phoenix increased about 6.5 percent between September 2021 and September 2022. That's below the national average of a 9.5 percent increase. The increase in rent is being driven by two major factors: The law of supply and demand and skyrocketing inflation.

What is safest town in Arizona?

Maricopa County's Paradise Valley, by some accounts the wealthiest community in Arizona, is also its safest, earning a Safety Index score of 0.82. With extremely low rates of 0.41 violent crimes and 15.18 property crimes per 1,000 residents, Paradise Valley truly lives up to its name.

What is the prettiest area in Arizona?

What is the coldest city in Arizona?

Hawley Lake holds the all-time record low temperature in Arizona history with −40 °F/°C recorded on January 7, 1971. It also holds the record for most precipitation in a calendar year in Arizona with 58.92 inches (1,496.6 mm) in 1978 – much of that being snow.