Retire in Phoenix

Affordability

Find out how much it costs to live in Phoenix.

Cost of Living

Kiplinger Rating:

Most Tax Friendly

State Income Tax:

2.59-4.54%

Social Security Tax?

None

County + State Sales Tax

8.6%

Property Tax Rate *

0.7%

Property Tax Ranking (County Property Tax rank out of 2,773, higher rank=lower rate) *

2162

* 2008-2010

Cost of Living Index (100=average):

93.6

Housing + transportation costs as % of income:

51%

Tax Details

State Sales Tax Breaks for Seniors:

None

Pensions Taxed?

Mixed

Tax burden: % income going to state and local taxes:

8.8%

Inheritance and estate taxes (per Kiplinger):

None

Taxing of other retirement income (per Kiplinger):

Mixed

Property Tax Break for Seniors (per Kiplinger):

Single homeowners and renters 65 and older who earn $3,750 or less and married couples who earn $5,500 or less are eligible for a property tax credit. Homeowners who are at least 70 years old, have either resided in their primary residence for at least six years or have lived in the state for at least ten years, and do not receive more than $10,000 of taxable income per year can defer their property taxes. Homeowners who are at least 65 years old, have resided in their primary residence for at least two years and fall below certain income limits (for 2014, one owner of a property must have total income of $34,608 or less, and multiple owners of a property must have income of $43,260 or less) can apply to the assessor by September 1 to have the valuation of their property frozen for three years. The freeze can be renewed every third year.

 

For more detailed tax information from Kiplinger, visit www.kiplinger.com/tool/retirement/T055-S001-state-by-state-guide-to-taxes-on-retirees/

Real Estate

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Real Estate overview not available for Phoenix

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Work Potential

  • Area
  • National Average

5 Largest Companies

  • Banner Health
  • Walmart
  • Wells Fargo
  • Fry's Food and Drug Stores
  • Intel Corp.

GDP Growth Last 3 Years

12.6%

Income Growth Last 3 Years

11.6%

Employment Growth Last 3 Years

7.1%

Top Industries Hiring

  • Retail trade
  • Health care and social assistance
  • Accommodation and food services
  • Administrative and support and waste management and remediation services
  • Other services (except public administration)

Breakdown Fulltime vs Part Time over 65 (%)

  • Part Time over 65
  • Full Time Over 65

Occupation Breakdown (%)

  • Management, Business, Science & Arts (MBSA)
  • Natural Resources, Contruction & Maintenance (NRCM)
  • Production, Transportation, Materials & Moving (PTMM)
  • Sales & Office (S&O)
  • Service

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