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Prospera Business Network has just released their Quarter 3 Cost of Living Index for the Bozeman area. This is a very interesting comparison on how we stack up against other areas – including larger metropolitan communities.
Bozeman’s Cost of Living at Two Percent Above the National Average, Housing 16 Percent Above Average for Third Quarter 2014 via Prospera Network
Bozeman’s composite cost of living index score was 2.1 percent below the national average for the third quarter of 2014 according to the latest Cost of Living Index Report. The composite index is based on six component categories – housing, utilities, grocery items, transportation, health care and miscellaneous goods & services.
Housing: The second quarter 2014 housing index score was 116.1, meaning that area housing was 16.1 percent above the national average as of July 2014. The average price of a 2,400 square foot newly built home on an 8,000 square foot lot that met the index collection specifications was $364,152 in Bozeman. The average rate for a 950 square foot apartment in Bozeman that met the index collection specifications was $959. Mortgage rates are also taken into consideration when computing the housing index score.
Bozeman’s housing index score is often above average, while several below average index components result in the composite score being close to average. As seen by the most expensive comparison cities in the table below, at least Bozeman residents don’t have to contend with the housing markets in San Francisco, with a housing index score of 310.9, or Manhattan, NY with the most expensive composite score in the nation driven by a 437.6 housing index score.
All Other Categories: As is typical, Bozeman residents enjoy a bargain when it comes to utilities and transportation, which were 13.8 percent below average and 4.6 percent below average respectively. Also, miscellaneous goods & services came in at 3.5 percent below average. Groceries were 5.4 percent above the national average for the period while health care was 5.7 percent above average for the quarter.