This explains why it's an affordable choice for young families, and why a Phoenix location is an asset to companies looking to attract workers. According to the cost of living index compiled by the American Chamber of Commerce Research Association, Phoenix has an overall cost of living index of 102.3, or just slightly above the U.S. average.
Phoenix ranks very well among the major markets.
It's a home buyer's market in Phoenix. One great cost advantage is housing prices. The Phoenix area offers a wide variety of new and existing homes. Housing costs in the Phoenix area are well below many other major metropolitan areas. In 1999, more than 35,574 new single-family homes were authorized in the greater Phoenix area.