PHOENIX - According to the Council for Community and Economic Research, these are the top three most expensive cities in the U.S.
1. San Francisco. You’ll need to make at least $120,000 to live comfortably. Currently the median home value in the Bay Area is $935,000. Average rent for an apartment is $4,000.
2. Manhattan, NY. You need to make at least $99,000 to live comfortably. Average rent for an apartment is $4,500 and median home value is $871,000.
3. Washington, D.C. You’ll need to make at least $90,000. Average rent is around $2,000 a month and the median home value is $500,000.
The three most affordable cities in the U.S. according to SmartAsset are Pecos and Kermit, Texas along with Federal Heights, Colorado. Holbrook, Arizona, actually came in fourth place.
When it comes to Arizona as a whole, according to Zillow, the median home price is $233,000.
Average rent for a one-bedroom apartment is $800, which is nearly $200 less than the national average.
Income tax rates in Arizona range from 2.59 percent to 4.54 percent depending on your bracket, which is on the low side nationally.
According to U.S. Department of Housing and Urban Development, the median family income in Arizona is $64,000. To be considered low income for one person is $36,000. For a family of four, low income is $51,000.