Prescott, AZ

Above Avg · 115

Arizona · Population 46,744 · Updated March 2026

$1,304
Median Rent / Month
$69,151
Median Income
$528,500
Median Home Value
$1,083
Owner Costs / Month

Affordability

How far your income goes in Prescott

22.6%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in Arizona

State-level tax rates that affect your costs

2.5%
Income Tax (Top Rate)
5.6%
Sales Tax
0.62%
Property Tax Rate

Estimated Annual Costs

$15,648
Annual Rent
$1,729
State Income Tax
$3,277
Property Tax (est.)

Cost of Living Overview

Prescott is more expensive than the national average. Higher housing costs are typically the primary driver. With a cost index of 115 (where 100 equals the national median), Prescott residents can expect to pay median rent of $1,304/month while earning a median household income of $69,151/year.

The median home value in Prescott, AZ is $528,500, with typical monthly owner costs around $1,083 including mortgage, insurance, and taxes. The median rent-to-income ratio of 22.6% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

Arizona has a moderate income tax rate of 2.5%. Combined with a 5.6% sales tax rate and 0.62% effective property tax rate, the overall tax environment is a factor in the total cost of living in Prescott.

Frequently Asked Questions

Common questions about living costs in Prescott

What is the cost of living in Prescott, AZ?
The cost of living index in Prescott, AZ is 115 (US average = 100). Median monthly rent is $1,304, median household income is $69,151/year, and the median home value is $528,500.
Is Prescott, AZ affordable?
No, Prescott is more expensive than the national average with a cost index of 115. The rent-to-income ratio is 22.6%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Prescott, AZ?
The median gross rent in Prescott, AZ is $1,304 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $15,648.
What is the median household income in Prescott?
The median household income in Prescott, AZ is $69,151 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Arizona?
Arizona has a top income tax rate of 2.5%, a sales tax of 5.6%, and an effective property tax rate of 0.62%.