Just 11 miles southeast of downtown Phoenix and only four miles from Sky Harbor International Airport, Tempe, Arizona is a fast-growing suburb of the metropolis area of Phoenix. The cost of living in Tempe, Arizona, is about 4.9% higher than the national average coming in around 104.9%. In general, the cost of living in Tempe, Arizona, increased about 2.2% from 2020 with the largest increases in food, transportation, and housing. The average 874 square-foot apartment is $1,495 which is a 5% increase from 2020.
One of the big draws to Tempe is Arizona State University which features a high enrollment level. North Tempe has a denser population of students and people employed at the university than in other areas of the city. Tempe’s current population is 203,923 and is Arizona’s 7th largest state. 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 lies close to the busy city of Phoenix the eastern side of Tempe sits near open spaces and it’s easy to get access to hiking in Papago Park and paddleboard or row a boat at Tempe Town Lake. The League of American Bicyclists states that Tempe is a gold-level bicycle-friendly community.
Because Tempe is a college town, you can find plenty of great coffee shops, eclectic eateries, and a lively nightlife. You can also catch a baseball game during spring training, shop at the boutique shops in downtown Tempe, and visit the museums and exhibits at Arizona State University. Do keep in mind that Tempe’s weather can get quite warm during the summer months and you’ll need to run the air conditioner from late-April until late-October. Make sure to factor the air conditioner costs into your utility bill budget.
What’s the job market like in Tempe?
The average overall income of those employed in Tempe is $40,642 while those who have a graduate degree earn an average of $55,718 annually. Skilled, professional couples with no children can earn up to $200,000 per year. Arizona State University is one of the biggest employers in the education category and State Farm Insurance in the business category. Honeywell, Wells Fargo, and Safeway have a strong standing in the employment sector as does the medical device manufacturing company, Medtronic. The Salt River Project utility company has strong employee retention with its laid-back vibe, relaxed working environment, and ongoing training opportunities.
How expensive is an apartment 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 apartment
- $1,138 for a one-bedroom apartment
- $1,368 for a two-bedroom apartment
- $1,934 for a three-bedroom apartment or home
- $2,197 for a four-bedroom apartment or home
The most expensive apartment rentals in Tempe are in the Sandahl, Warner Ranch, and Rio neighborhoods. Expect to pay about $1,624 for a studio apartment in the Rio neighborhood.
How do I find cheap apartments in Tempe?
Because Tempe is such a desirable Arizona location and a college town, you’ll need to have patience when searching for an affordable apartment. The cheaper apartments are not always in the most desirable locations and are often located further from downtown, work locations, and Arizona State University. Using Zumper to help you find an apartment that fits your budget and lifestyle can help ease the stress of finding your dream living space. You can also search for affordable apartments by looking at advertisements posted in the university’s public spaces, boards at the local supermarkets, coffee shops, and the library.
If you want to live in a pricier neighborhood in an apartment that has more amenities such as a pool, on-site laundry, and a gym, consider getting a roommate. Having a roommate can help offset the higher cost of the apartment, including utilities. Before beginning your search for a place to live with a roommate, make sure your personalities work together. It’s better to wait and find the right person that you can live with than it is to jump into a roommate situation that’s uncomfortable.
Once you find the right roommate and apartment, make sure and fill out a roommate agreement so that everyone knows, understands, and can easily follow the rules. Having a roommate can help you save money on housing and utility costs and can help to keep you from becoming lonely, especially if you’re away from home.
What is the cheapest rent in Tempe?
The cheapest rent you’ll find is around $788 a month for a studio apartment in the Hudson Manor district. This price is about 20% less than the priciest 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 varying demographics with North Tempe catering more to college students and the southeastern part to working families.
When looking for a cheap apartment, keep in mind that you also need to cover expenses such as food, transportation, and utilities (unless the landlord pays for them). You also want to save enough money for a security deposit, sometimes a cleaning deposit, and first and last months’ rent. When budgeting your overall cost of living in Tempe, Arizona, figure you’ll 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 plentiful sunshine, endless opportunities for outdoor activities, as well as great food, and diverse culture. When setting your budget for the cost of living in Tempe, Arizona, be sure to factor in the costs of transportation, food, healthcare, and utilities. Also, be sure to add fun spending money to your budget, so you can enjoy all that Tempe has to offer.
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