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2015 Cost-of-Living Figures Released

Prescott maintained a cost-of-living slightly less than the national average in 2015 according to the Council for Community and Economic Research. The quarterly survey provides data on 273 urban areas. In the first quarter of each year, the Council reports the annual average for each area. Prescott’s annual average for 2015 was 96.3 versus a national average of 100.0, meaning our cost-of-living was 3.7% lower than the national average. Since this survey reports on urban areas, the local numbers reflect both Prescott and Prescott Valley information. The 96.3 index for Prescott includes six sub-indexes that vary in their weight to the overall index. For example, the sub-index for grocery items makes up 13.24% of the composite index. Prescott’s grocery items had an index of 95.2. The sub-index for housing costs in Prescott is 102.3, or 2.3% higher than the national average. It accounts for 28.04% of the overall index. The other sub-indexes and Prescott’s figures are utilities (94.4), transportation (99.2), health care (95.8) and miscellaneous goods and services (91.3). Eight Arizona urban areas take part in this cost-of-living survey each quarter. The other participating cities and towns, along with their 2015 annual averages, are: Flagstaff (116.4), Lake Havasu City (101.5), Yuma (99.8), Phoenix (95.9), Sierra Vista (95.3), Tucson (92.8), and Bullhead City (92.4). Price-gathering for the first quarter of 2016 was completed earlier this month and the results of that survey will be published in early April. The Prescott Chamber of Commerce is responsible for gathering the appropriate data for our urban area.