To live in Kingman, AZ, households typically incur average annual expenditures of $70,355. This figure represents the yearly cost for goods and services for an average household in the city.
Understanding Annual Household Expenses in Kingman
The primary financial commitment for residents in Kingman, Arizona, revolves around covering essential household expenses. While the median yearly income for households in Kingman is reported at $58,862, the average household expenditure surpasses this, indicating various financial dynamics within the local economy. Approximately 25.45% of Kingman households earn more than the national average each year, providing a diverse income landscape.
For a clearer overview, here's a summary of the financial landscape:
| Financial Metric | Value |
|---|---|
| Median Yearly Household Income | $58,862 |
| Average Yearly Household Expenditure | $70,355 |
| Households Earning Above National Avg. | 25.45% |
Key Spending Categories
The majority of household earnings in Kingman are allocated to several core categories, reflecting the daily necessities and significant costs associated with living in the area. These include:
- Shelter: Housing costs, whether rent or mortgage, utilities, and related expenses, constitute a major portion of spending.
- Transportation: Given the sprawling nature of many Arizona communities, transportation expenses, including vehicle maintenance, fuel, and insurance, are substantial.
- Food and Beverages: Daily groceries and dining out contribute significantly to the overall budget.
- Health Care: Medical expenses, including insurance premiums, doctor visits, and prescriptions, are a notable expenditure.
- Utilities: Essential services like electricity, water, gas, and internet are continuous costs for households.
Understanding these expenditure patterns helps residents and those considering a move to Kingman to budget effectively and manage their finances. For more detailed insights into the economic environment, exploring resources like the Cost of Living in Kingman, AZ can provide further context.
