Chatham, MI vs Prescott, MI

Chatham, MI and Prescott, MI have a very similar cost of living, with only a 2.4% difference in their overall index. Chatham scores 66 while Prescott scores 68 on the cost of living index, where 100 represents the national average. The day-to-day expenses for residents in both cities are comparable, though differences emerge when looking at specific categories.

On the housing front, median rent in Chatham is $683/month compared to $961/month in Prescott — a 29% difference. Interestingly, home values tell a different story: while Chatham has cheaper rent, Prescott actually has lower median home values ($71,100 vs $154,200).

Median household income in Chatham is $47,813 compared to $55,673 in Prescott (-14.1%). While Prescott is more expensive, its higher salaries more than compensate — residents there may actually end up with more disposable income. Looking at affordability, residents of Chatham spend roughly 17.1% of their income on rent, less than the 20.7% in Prescott.