Cost Of Living In Prescott, Arizona (Taxes, Housing & More)

North of Phoenix and southwest of Flagstaff sits Prescott, a town of nearly 40,000 people incorporated in 1881. This desert town has a rich history and was once the capital of the territory of Arizona, until 1967 when it was moved to Tucson.

With a cost of living index at 115.7, Prescott is a little more expensive than the average US city. The housing cost of living is by far the hardest to swallow, which sits at 158.6, but utilities and groceries are also higher than the national average. The unemployment rate in Prescott is 3.9%, less than the national average.

Thinking about making the move to the hot, dry climate of Prescott? It might make sense for you and your family – but be sure you understand the costs involved, because it isn’t cheap!

Related Guide: What Are The Pros And Cons Of Living In Prescott, Arizona?

Despite the high housing costs, rent in Prescott is actually lower than the national average by quite a bit. It is also just slightly lower than the state’s average. 11.2% of housing in Prescott is large apartment complexes, and 9.2% of housing is smaller apartment buildings. 37.7% of residents in Prescott chooses to rent.

This is great news if you’re not interested in owning your own home, but instead renting for a while. With these rental prices, many families find Prescott much more reasonable to afford.

Utility prices run high in Prescott, with the utility cost of living index at 102.3. For an average resident who rents a 915 square foot apartment, they can expect to pay $220/month for all their basic utilities, like water, heating, and cooling. The average high-speed internet bill in Prescott is $82/month.

The average rate of residential electricity is about average with the US average – in Prescott, residents can expect to pay 11.96¢/kWh. For the national average, it is 11.88¢/kWh. This is however much more expensive than the state’s average, which comes in at 11.29¢/kWh.

Groceries tend to run very close to the national average in Prescott, with the grocery cost of living index at 100.1. The best-rated restaurants in Prescott include mid-range pizza restaurants, Italian restaurants, and food with a heavily southwestern influence.

The median household income in Prescott is $54,037, less than the national average of $68,400. If you trust budgeting gurus, households should be spending 11% of their annual income on groceries and food.

This leaves the average Prescott resident with $5,944 annually, or $495/month. This is a pretty standard grocery budget for many American’s, so it shouldn’t be a struggle for most.

If you love being outside, Prescott is the place for you. Watson Lake Reservoir is a beautiful recreation area for hiking, and the Lynx Lake Recreation Area is 55 acres of man-made park in the desert.

Heritage Park Zoo is a non-profit zoo sanctuary in Prescott, and admission is just $12 for adults, $10 for seniors or members of the military, $8 for students, or $6 for kids 2-12 years of age.

Sharlot Hall Museum is an open-air history museum that shares the history of the state in an engaging way, with cycling exhibits. Admission is $12 for adults, $10 for seniors and members of the military, $6 for students with an ID, or $5 for kids 13-17. Children under the age of 12 get in free.

There are 18 elementary schools, 14 middle schools, and 10 high schools in Prescott, with 12 of them being public district schools. There are 7 public charter schools and 25 total private schools.

The Prescott Public School System handles nearly 6,000 students each year. Prescot public schools regularly rank in the top 20% of Arizona public schools, with a student: teacher ratio of 20:1. This is higher than the Arizona average of 19:1 and the national average of 16:1.

There are several higher educational institutes in Prescott, including the Prescott College, the Embry-Riddle Aeronautical University, and Yavapai College.

The median household income in Prescott is $54,307, lower than the national average of $68,400. The largest industry in Prescott is health care and social assistance, with nearly 3,000 people working in that field. Retail trade and educational services are also top employers. The highest earners in Prescott work in utilities, agriculture, and forestry.

Prescott is 2 hours north of Phoenix, 1 and a half hours southwest of Sedona, and nearly 2 hours southwest of Flagstaff. It’s surrounded by the Prescott National Forest.

Fun fact: Virgil Earp (brother of Wyatt Earp) and Doc Holiday both lived in Prescott before the O.K. Corral made them famous!

With a high housing cost of living and a lower than average median household income, Prescott can be difficult to afford to live in for some. But if you can swing the housing costs, or have no desire to buy, Prescott makes a very attractive Arizona city to live in.

Whether you’ve moving for one of the schools in Prescott or you like the idea of living in a historic west town, Prescott has a lot to offer. It’s also known as a popular retirement town for Arizona residents. If you’re looking to spend your golden years in sunshine and heat, this might just be the spot for you!