Cost of Living in Verde Village, Arizona
Verde Village is a Census-designated place in Yavapai County, Arizona, with a population of 12,473. The total cost of housing, food, child care, transportation, health care, taxes, and other necessities for a single adult in Verde Village is $40,253 a year — greater than the annual cost of living for Arizona of $37,091 and greater than the national figure of $38,433.
Using cost of living data from the nonprofift think tank Economic Policy Institute, 24/7 Wall St. estimated the cost of living in Verde Village and over 29,000 other cities and towns in the US.
Housing Costs in Verde Village, Arizona
Housing is one of the largest components of cost of living. In Verde Village, the median home value is $192,600, less than the national median home value of $204,900.
Renting is a sometimes lower cost alternative to homeownership. In Verde Village, some 24.10% of occupied homes are rented, less than the 36.2% national renter rate. The typical renter in Verde Village spends $980 a month on housing, less than the $1,023 national median monthly rent.
In addition to home value, one of the largest determinants of housing affordability is area income. While nationwide the price of a typical U.S. home is 3.4 times the $60,293 U.S. median household income, housing affordability ratios range from approximately 1.0 in the least expensive cities to more than 10.0 in the country's most expensive markets. In Verde Village, the median household income is $49,935, 3.9 times the median home value.
Transportation Costs in Verde Village, Arizona
Transportation can also be a significant component of cost of living. In Verde Village, 85.00% of commuters drive to work, compared to 85.5% of commuters nationwide. An estimated 85.00% of workers commute to jobs outside of Verde Village, a larger share than the 43.7% share of commuters nationwide who live and work in different cities. The average commute in Verde Village is 21.4 minutes long, compared to the 26.6-minute average commute nationwide. Taking into account the cost of gas, as well as public transit and car maintenance, the EPI estimates that a single person in Verde Village spends $10,777 a year on transportation, more than the national average of $9,760.
Health Care Costs in Verde Village, Arizona
Out-of-pocket health care costs and insurance premiums — assuming at least a basic level of health insurance coverage — are far higher than they are on average nationwide in Verde Village and also well above what they are across Arizona as a whole.
For a single adult living in the area, average health care costs come out to $7,100 per year, compared to an average of $5,983 across Arizona and $4,266 nationwide.
Child care Costs in Verde Village, Arizona
For families with children, child care adds thousands of dollars to overall annual spending. In Verde Village, the average annual cost of child care for two children — one 4 year old and one 8 year old — is $15,432, about $800 less than the comparable average of $16,276 across all of Arizona. Meanwhile, across the U.S. as a whole, childcare expenses for two children averages $15,853 per year.
Food Costs in Verde Village, Arizona
In Verde Village, a single adult spends an average of $3,164 on food annually, and a family of four spends $9,137 on average. For context, average annual food expenditure across Arizona and the U.S., respectively, are $3,083 and $3,240 for a single adult, and $8,903 and $9,354 for a family of four. These estimates are calculated for a nutritionally adequate diet of food purchased at a grocery store for at-home preparation.
Taxes in Verde Village, Arizona
Few expenses vary as much from city to city and town to town as taxes. Accounting for state and federal income taxes, as well as Social Security contributions and Medicare payroll taxes, the average adult working in Verde Village, Arizona pays $6,735 annually — a relatively high sum compared to the the statewide average of $6,084.
It is important to note that these calculations do not include other common taxes such as property, sales, and excise taxes. Accounting for these taxes, while excluding taxes levied at the federal level, Verde Village residents live in a state with a low average tax burden. Per capita state tax collections in Arizona total $2,272 per year, compared to the $3,151 average across all states.
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