2014-08-30_5401445a8e40e_bullhead-city-Real-Estate-Market-Report.jpgSecond Quarter 2015 Cost-of-Living Numbers are in!

Cost-of-living (COLI) figures for the second quarter of 2015 have just been released and the City of Bullhead continues to be one of the most affordable City’s in Arizona.  The cost-of-living index for Bullhead City is 93 percent versus the national average of 100, meaning that Bullhead City’s cost-of-living is 7 percent less than the national average.


A city’s composite index is made up of six components; grocery items, housing, utilities, transportation, health care and miscellaneous goods and services.  The  cost-of-living doesn’t measure local price changes from period to period, but rather changes in how local prices compare to prices in other areas from period to period.  

Statewide, there were seven cities that participated in the COLI for second quarter of 2015 (Q22015).  Their cost-of-living indexes are:  City of Flagstaff (115.7), Lake Havasu City (102), City of Yuma (100.7), Town of Prescott-Prescott Valley (96),  City of Phoenix (95.7),  City of Sierra Vista (94.1) and City of Tucson (91.4).


The cost of living in Bullhead City for Q22015 was 9 percent lower than Lake Havasu City, 7.7 percent lower than Yuma and 3 percent lower than the Prescott-Prescott Valley area. 


Comparing local grocery items; Bullhead City and the Prescott-Prescott Valley area’s index recorded the lowest at 92.2 percent, which is 7.8 percent below the national average.


There was no change in the utilities cost for Bullhead City during the second quarter, the cost remains at 23.7 percent below the national average.  This is a very good number to be at when you are looking to grow your population base in an area where the desert climate is in the triple digits four to five months out of the year.    


Review of health care costs for the seven cities indicate Bullhead City’s index was 98.2 percent, still below the national average as well as Tucson at 97.8, Phoenix at 96.9, Yuma-Sierra Vista-Prescott/Prescott Valley Area all at 95.3 percent and City of Lake Havasu’s index was 107.3 percent for this reporting period. 


Housing costs in Bullhead City was 14.1 percent below the national average for Q22015 and compared to the other six participating Arizona cities, Bullhead City’s housing costs of 85.9 percent was the lowest with the exception of Tucson costs of 84 percent.  An additional note regarding housing, in review of the local Bullhead City Board of Realtor’s Home Sold Report for the period of January 1 through September 30, 2015 the median sell price for a three-bedroom single family home is $160,000; a three-bedroom manufactured home is $70,500 and a two-bedroom condo is $105,000. “This is why we continue to see individuals from southern California and the Midwest build second homes, retirement homes and relocate to our community,” said City Manager Toby Cotter.


“Two factors have always drawn families and retirees to our city; its climate and its low cost-of-living and we continue to see factual data proving that Bullhead City is one of the most affordable places to live in the nation,” said City Manager Toby Cotter. In review of the second quarter data, a dollar continues to go farther in Bullhead City and if you are a retiree looking to relocate to a warmer climate, Bullhead City offers a way to stretch your nest egg for years to come.


Among the 265 urban areas that participated in the second quarter 2015 Cost of Living Index, the index ranked Honolulu, HI as the most expensive place to purchase grocery items at 159.0 percent and Waco, TX as being the least expensive at 78.9 percent.  COLI data for the City of Bullhead is collected by the City Manager’s Administrative staff and submitted to the Council for Community and Economic Research for inclusion in the index.


If you have any questions concerning the cost of living data, please feel free to contact the City Manager’s office at (928)763-9400. Please feel free to check out the Cost-of-Living Index Calculator on the City’s website, go to www.bullheadcity.com/movingto .