Arizona Cost Of Living 2024 Median. The federal minimum wage is $7.25 per hour while arizona's state law sets the minimum wage rate at $14.35 per hour in 2024. There is a population increase of 0.29% since 2020 in the city due to its low cost of living and affordable housing.

2022 2023 2024 $350k $400k $450k $500k $550k. Arizona ranks 37th when it comes to which states have the lowest cost of living, according to meric’s 2022 cost of living index.