Prescott cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
IndexPrescottArizonaNational
Cost of living index10598100
IndexPrescottArizonaNational
Goods & Services index9297100
Groceries index9398100
Health care index95100100
Housing index13198100
Transportation index10099100
Utilities index9599100
A general overview of the cost of living index for Prescott, AZ is displayed above. In Prescott, AZ, the overall cost of living index is 105, which is 8% higher than the Arizona average and 5% higher than the U.S. average. The following categories are used to calculate the overall cost of living index: goods/services (33%), housing (30%), groceries (13%), utilities (10%), transportation (9%) and health care (5%). From the list, it is clear that the categories of goods/services and housing are responsible for the largest portions of the overall cost of living index. As a general rule, everyday goods and services provide an accurate measure of the general cost of goods in any given city. In the case of Prescott, AZ, the city's goods and services are 5% lower than the Arizona average and 8% lower than the U.S. average.

Did you know?

  • The cost of living in Prescott is 8% higher than the Arizona average.
  • The cost of living in Prescott is 5% higher than the national average.
  • The cost of housing in Prescott is 31% higher than the national average.
  • Arizona general sales tax is 10% higher than the national average.
  • Arizona state income tax is 16% higher than the national average.

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Compare Prescott, AZ Cost of living To Other Cities

Salary Calculator

This is how much you would need to earn in
Price difference in compared to
Cost of living index
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Groceries index
Health care index
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Transportation index
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Using the salary calculator lets you compare the salary you earn in Prescott, AZ to what it is in other cities. It will let you know what your earnings would have to be in another city to have the same standard of living, as determined by the cost of living in each city. For example, if the cost of living in the area you want to move to is higher than the cost of living in Prescott, AZ, you have to earn a higher income in order to still have the same standard of living. To operate the Prescott, AZ salary calculator, put in the name of the other city, then move the slider to the point that represents the current income. The salary calculator will take care of the rest and tell you how much more or less you must earn in the new city. A Total breakdown of the cost of living is also provided.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$52,938$4,412$1,235$1,588
Renters$27,157$2,263$634$815
If you want to find a good determining factor for the cost of living and the general affordability of housing in Prescott, AZ, all you must look at is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Prescott, AZ, the median monthly income is $52,938 for those who own their own homes. Under the standard rule, that income level would allow for $1,235 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $27,157, per the median income in the area. That would allow for renters to spend up to $634 on monthly rental expenses.

Arizona Sales Tax

StateGeneral Sales TaxWith Max Surtax
Arizona5.6%10.725%

Arizona Income Tax

StateIncome Tax (Low)Income Tax (High)
Arizona2.59%4.54%
The Arizona sales tax and Arizona income tax rates should definitely be considered when determining the overall cost of living in Prescott, AZ. Sales taxes are taxes that are imposed onto goods and services sold. Sales taxes do vary by state and can range from no tax at all to upwards of 7%. The Arizona sales tax is 5.6% and the maximum surtax is 10.725%. Income tax is the tax imposed on income by the government. The income tax rates will vary by state and will also increase or decrease depending on the corresponding tax bracket. State income tax rates can range from anywhere from no tax at all to more than 9%. The Arizona income tax rates range from 2.59% to 4.54%.

Goods & Services

ItemPrescottNational avg.Difference
Haircut $13.17$14.599.8%
Beauty Salon $26.66$34.6823.1%
Toothpaste $2.03$2.4717.9%
Shampoo $0.96$1.026.1%
Movie $8.50$9.8713.9%
Bowling $3.25$4.3926.0%

Groceries

ItemPrescottNational avg.Difference
Ground Beef $4.10$4.488.4%
Fried Chicken $1.54$1.465.2%
Milk $1.67$2.3629.1%
Potatoes $3.49$3.0614.0%
Pizza $8.00$9.2413.4%
Beer $8.04$8.636.9%

Health Care

ItemPrescottNational avg.Difference
Optometrist $97.80$99.782.0%
Doctor $96.20$105.038.4%
Dentist $85.75$88.703.3%
Ibuprofen $8.61$9.418.5%
Lipitor $288.75$298.503.3%

Housing

ItemPrescottNational avg.Difference
Home Price $272,800.00$181,400.0050.4%
Avg. Mortgage Payment $1,112.00$1,081.032.9%
Apartment Rent $772.00$889.0013.2%

Transportation

ItemPrescottNational avg.Difference
Gasoline $2.18$2.094.3%
Tire Balancing $39.20$45.2913.4%

Utilities

ItemPrescottNational avg.Difference
All Electricity$169.27$170.800.9%
Phone $25.39$28.2610.1%
Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City, StatePopulationCost of Living IndexNational Avg.
Mayer, AZ67582-18%
Wilhoit, AZ91283-17%
Chino Valley, AZ10,79892-8%
Prescott Valley, AZ38,56895-5%
Dewey-Humboldt, AZ3,9101011%
Prescott, AZ39,9161055%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Edmonds, WA39,92513030%
Carol Stream, IL39,86911313%
La Puente, CA39,98812323%
Holyoke, MA39,99611414%
San Gabriel, CA39,80915353%
Prescott, AZ39,9161055%
Source: The Prescott, AZ cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.