| Index | Prescott | Arizona | National |
| Cost of living | 122 | 101 | 100 |
| Groceries | 101 | 101 | 100 |
| Health care | 103 | 101 | 100 |
| Housing | 167 | 96 | 100 |
| Transportation | 99 | 102 | 100 |
| Utilities | 113 | 111 | 100 |
| Lifestyle & Entertainment | 102 | 103 | 100 |
| Household Items | 99 | 101 | 100 |
| Education & Childcare | 102 | 103 | 100 |
Getting a feel for the cost of living in Prescott is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Prescott is 122, which is 22% higher than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.
The cost of living in Prescott is among the highest in the country, making it a very expensive place to live. Only a small fraction of regions boast a cost of living that is at least 20% higher than the national average, and regrettably, Prescott falls into this category, which may not be suitable for those seeking an economically favorable living environment.
When it comes to the cost of living in Prescott, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 67.5% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.
Locals have the inside scoop on their city. So, we polled 48 residents in Prescott to learn how they view the cost of living. We asked how they felt about the cost of living in their area, and if they thought that prices were increasing, decreasing or staying the same. The verdict? 40% find it reasonable with decreasing prices, but 60% think it's quite pricey, with prices that continue to rise.
Is Prescott an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Prescott is 98.6% higher than the national average, while the average monthly rent prices are 5.2% lower than average. The affordability of any location can also be influenced by median income levels. Prescott has a median household income of $86,781, which is 6.7% 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 12.5% higher than the national average.
Transportation: In cities with limited or no public transportation, residents may find it necessary to own and maintain vehicles, thereby elevating the cost of living. Monthly expenditures include fuel, insurance, routine maintenance and potential lease or financing commitments. In Prescott, the transportation index stands at 0.7% lower than the national average.
Healthcare: Healthcare expenses and insurance premiums can vary significantly depending on the specific city or state. Factors such as accessibility to healthcare facilities, out-of-pocket expenses for doctor's visits, dental care expenses, prescription costs and specialized medical care fees can all influence the overall cost of living. In Prescott, healthcare costs are 2.5% higher than the national average.
The cost of living data for Prescott shown above is based on a U.S. average baseline score of 100, making it easier to compare how far your dollar may go from one city to another. Housing uses U.S. Census home price and rental data, while all remaining values are AI-assisted estimates informed by regional pricing, climate, transportation dynamics, and local economic factors. These scores are best used for directional comparisons between cities.
| Cost of living index | |
| Groceries index | |
| Health care index | |
| Housing index | |
| Transportation index | |
| Utilities index | |
| Lifestyle index | |
| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $101,854 | $8,488 | $2,376 | $3,056 |
| Renters | $54,456 | $4,538 | $1,271 | $1,634 |
| State | General Sales Tax | With Max Surtax |
| Arizona | 5.6% | 10.725% |
| State | Income Tax (Low) | Income Tax (High) |
| Arizona | 2.5% | 2.5% |
| City | Population | Cost of Living Index | National Avg. |
| Mayer, AZ | 1,908 | 91 | 8.9% |
| Wilhoit, AZ | 981 | 93 | 6.9% |
| Dewey-Humboldt, AZ | 4,281 | 106 | 6.2% |
| Chino Valley, AZ | 11,776 | 111 | 10.7% |
| Prescott Valley, AZ | 47,357 | 111 | 11.5% |
| Prescott, AZ | 44,634 | 122 | 21.7% |
| City | Population | Cost of Living Index | National Avg. |
| Freeport, NY | 44,654 | 134 | 34.0% |
| Saint-Eustache, QC | 44,539 | n/a | |
| Winter Haven, FL | 44,524 | 100 | 0.2% |
| Moorhead, MN | 44,762 | 101 | 1.5% |
| Altoona, PA | 44,840 | 87 | 13.2% |
| Prescott, AZ | 44,634 | 122 | 21.7% |
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