Cost of Living in Prescott, WI

With a cost of living index of 99, Prescott, WI is right around the national average in cost. Living here is 1% cheaper than the national average and 19% above the Wisconsin state average of 79. Prescott is a small community of 4,376 residents.

Housing costs are the biggest factor in Prescott's cost of living. The median monthly rent is $1,284 (3% below the US median of $1,319), and the median home value sits at $282,100 (7% below the national median of $304,900). At current prices, the median home costs roughly 3.4x the median household income — a moderately affordable ratio by today's standards.

The median household income in Prescott is $82,730, which is 10% higher than the national median of $75,149. Residents spend roughly 19% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

Everyday prices in the Minneapolis-St. Paul-Bloomington, MN-WI (Metropolitan Statistical Area) metro area tend to run above the national average. Out of 6 common grocery and utility items tracked by the Bureau of Labor Statistics, 5 are priced higher than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

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.