To summarize, the cost of living in Phoenix, Arizona is relatively high, with the average cost of rent for a two-bedroom apartment being around $22,560 per year. Utilities cost around $411 per month on average or $4,932 per year. Food and grocery expenses average around $301 per person per month or $3,612 per year. Owning a car costs an estimated $4,900 per year and basic health insurance costs around $437 per month or $5,243 per year. In total, these expenses add up to approximately $41,247 per year. To be able to retire as a millionaire by the age of 60, a single person in Phoenix needs to earn at least $75,000 per year before taxes, taking into account a projected tax rate of 22-32%.

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