An Overview of Cost of Living in Prescott, AZ
Understanding the cost of living in Prescott can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Prescott cost of living index is 123, which is 23% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.
If you prioritize affordability when seeking a new place to live, Prescott may not be your ideal choice, as it ranks among the most expensive locations in the entire United States. A very small amount of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Prescott falls into this category, which may not align with your preferences for a budget-friendly living environment.
Housing costs significantly influence the Prescott cost of living index, typically accounting for a substantial portion of one's post-tax income. Regrettably, within this particular region, expenses related to both residential ownership and renting exceeded those observed in an average city by 65.9%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.
Everyday goods and services make up 33% of the cost of living index and include things like clothing, personal hygiene products and entertainment which are a large portion of your monthly expenditures. Unfortunately, Prescott goods and services are 12.3% more expensive than the national average, leaving you with less money at the end of the month.
What Do Locals Say About the Cost of Living in Prescott?
The most insightful perspective on a city comes from its residents. We recently surveyed 46 locals to gauge their perception of the cost of living in Prescott. The feedback revealed that 41% of respondents found the cost of living to be reasonable, with prices on the decline, while 59% regarded it as notably expensive with prices that continue to rise.
Is Prescott Affordable?
Is Prescott affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Prescott, for instance, where the median home price falls 96.2% higher than the national average, and monthly rent rates are 4.7% lower than usual. Additionally, median income levels contribute to the equation, with Prescott flaunting a median household income of $58,562, 5.9% higher than the national norm.
What Factors can Influence the Cost of Living in Prescott?
Transportation: In situations where public transportation is limited or nonexistent, local residents may be required to own and maintain their own vehicles, contributing to an elevated cost of living. Monthly expenditures may encompass fuel costs, insurance premiums, routine vehicle upkeep and possibly lease or financing payments. In Prescott, the transportation index is 5% higher than the national average.
Utilities: Similar to the prices of any goods or services, utility expenses can fluctuate widely, contingent on variables such as climate, available energy sources, geographical location and state regulations. Costs associated with electricity, water, heating, and waste disposal can differ in magnitude, depending on the specific city or state. In Prescott, the utilities index registers at 15% lower than the national average.
Healthcare: The costs associated with healthcare and insurance premiums can exhibit notable disparities based on the city or state of residence. Access to healthcare facilities, out-of-pocket expenses for medical appointments, dental care charges, prescription medication costs and specialized medical care expenses all contribute to variations in the cost of living. In Prescott, healthcare costs are 12.4% lower than the national average.
Where is the Data From?
The Prescott cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.
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