Cost of Living in Prescott Valley, AZ

An Overview of Cost of Living in Prescott Valley, AZ

Are you thinking about relocating, but curious about the potential cost of living in Prescott Valley? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Prescott Valley stands at 113, making it 13% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

Housing costs significantly influence the Prescott Valley 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 32.2%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.

Goods and services make up 33% of the total cost of living index score and are a large part of your everyday expenses. These items could include things like haircuts, salons, toothpaste, shampoo, clothes, movies, bowling, gym memberships or yoga. In Prescott Valley, you can expect to pay 12.3% more than average for these items, making it a more expensive place to live.

What Do Locals Say About the Cost of Living in Prescott Valley?

The real experts on a city are its residents. That's why we reached out to 16 locals to get their views on the cost of living in Prescott Valley. We surveyed the residents and asked them if they felt like prices were affordable or out of reach. The results were as follows. 31% found it budget-friendly with decreasing prices, while 69% said it's simply not affordable as prices have continued to rise.

Is Prescott Valley Affordable?

Is Prescott Valley an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Prescott Valley, the median home price is 41% higher than what most folks pay across the country, and monthly rent prices are 11.8% higher than the usual rates. Income levels in Prescott Valley come in at $54,315, which is 1.8% lower than the national average.

What Factors can Influence the Cost of Living in Prescott Valley?

Transportation: In areas where public transportation is scarce or unavailable, residents often find themselves compelled to own and upkeep vehicles, thereby increasing the overall cost of living. Monthly expenses encompass fuel, insurance, routine maintenance and potentially lease or financing payments. In Prescott Valley, the transportation index is 5% higher than the national average.

Utilities: Much like any other costs, utility expenses can exhibit considerable variations, influenced by factors such as climate, available energy sources, geographic location and state regulations. The costs associated with electricity, water, heating, and waste disposal can vary significantly depending on the city or state in question. In Prescott Valley, the utilities index stands at 15% lower than the national average.

Housing: A sought-after location with high housing demand often leads to increased property values and rental rates, which can significantly inflate the overall cost of living. Conversely, areas with low housing demand, particularly in less desirable locales, tend to experience the opposite effect, causing prices to drop and contributing to a more affordable cost of living. In Prescott Valley, the housing index stands at 32.2% higher than the national average.

Where is the Data From?

The Prescott Valley 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. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.