Cost of Living in Prescott, AR

With a cost of living index of 65, Prescott, AR is one of the most affordable cities in the country. Living here is 35% cheaper than the national average and 5% below the Arkansas state average of 70. Prescott is a small community of 3,063 residents.

Housing costs are the biggest factor in Prescott's cost of living. The median monthly rent is $863 (35% below the US median of $1,319), and the median home value sits at $95,100 (69% below the national median of $304,900). At current prices, the median home costs roughly 3.2x the median household income — a moderately affordable ratio by today's standards.

The median household income in Prescott is $29,403, which is 61% lower than the national median of $75,149. Residents spend roughly 35% of household income on rent. This exceeds the recommended 30% threshold, meaning many renters here are cost-burdened. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.