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COLI Release Highlights, Quarter 3, 2016

COST OF LIVING INDEX QUARTERLY UPDATE

 

Among the 261 urban areas that participated in the third quarter 2016 Cost of Living Index, the after-tax cost for a professional/managerial standard of living ranged from more than twice the national average in New York (Manhattan) NY to almost 25 percent below the national average in McAllen, TX.   The Cost of Living Index is published quarterly by C2ER – The Council for Community and Economic Research.

The Ten Most and Least Expensive Urban Areas
in the Cost of Living Index (COLI)
Third Quarter 2016
National Average for 261 Urban Areas = 100
 Most Expensive  Least Expensive
Ranking Urban Areas COL Index Ranking Urban Areas COL Index
1 New York (Manhattan) NY 232.0 1 McAllen TX 76.4
2  Honolulu HI 188.5 2 Harlingen TX 78.5
3 San Francisco CA 181.9 3 Richmond IN 80.4
4  New York (Brooklyn) NY 177.0 4 Kalamazoo MI 80.6
5  Orange County CA 153.0 5  Tupelo MS 81.3
6  Oakland CA 152.4 6 Conway AR 81.6
7 Washington DC 151.6 7 Wichita Falls TX 81.6
8 Hilo HI 147.2 8 Cleveland TN 81.7
9 Boston MA 146.4 9  Martinsville-Henry County VA 81.8
10 San Diego CA 145.7 10 Knoxville TN 82.7

The Cost of Living Index measures regional differences in the cost of consumer goods and services, excluding taxes and non-consumer expenditures, for professional and managerial households in the top income quintile. It is based on more than 90,000 prices covering almost 60 different items for which prices are collected three times a year by chambers of commerce, economic development organizations or university applied economic centers in each participating urban area. Small differences in the index numbers should not be interpreted as significant.

The composite index is based on six components: housing, utilities, grocery items, transportation, health care, and miscellaneous goods and services.

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