PHOENIX — Arizona has been one of the most popular states for people to relocate to in recent years.
From the amazing natural scenery to the incredible weather (for seven months out of the year, anyways), the Grand Canyon State is a pretty attractive state. But according to a recent study, the state may soon be out of people's price range.
According to CNBC's "Top States for Business 2023" study, Arizona tied for ninth place with Idaho in the top 10 most expensive states to live in for 2023.
The article states the supply of homes in Arizona is falling behind the demand and home prices are rising even higher. According to the study, the average price of a four-bedroom, 2,400-square-foot house in Lake Havasu City moved over $1 million in 2022.
Ranking the states involves a number of factors. Among them, each state ranking was based on an index of prices for a wide range of goods and services calculated by the Council for Community and Economic Research.
For Arizona, the state received a D+ for the 2023 Cost of Living score. When researching the average cost of goods and services, a half gallon of milk cost $2.09 and the average monthly energy bill is $264.56.
To see the full list, visit the CNBC article online.
What do you think about Arizona's ranking? Let us know on Facebook or Twitter using the hashtag #BeOn12.
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