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COST OF LIVING INDEX QUARTERLY UPDATE

COST OF LIVING INDEX QUARTERLY UPDATE

Among the 253 urban areas that participated in the second quarter 2017 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 more than 20 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 quarterly survey is conducted by the Texarkana USA Chamber of Commerce.

The Ten Most and Least Expensive Urban Areas

in the Cost of Living Index (COLI)

Second Quarter 2017

National Average for 253 Urban Areas = 100

 

Most Expensive   Least Expensive  
    COL        COL
Ranking Urban Areas Index Ranking Urban Areas Index
1 New York (Manhattan) NY 235.0 1 McAllen TX 76.0
2 San Francisco CA 192.3 2 Conway AR 77.8
3 Honolulu HI 186.0 3 Harlingen TX 78.5
4 New York (Brooklyn) NY 180.2 4 Richmond IN 78.7
5 Washington DC 153.4 5 Tupelo MS 79.2
6 Orange County CA 152.4 6 Kalamazoo MI 80.5
7 Oakland CA 150.4 7 Wichita Falls TX 80.5
8 San Diego CA 146.9 8 Knoxville TN 82.2
9 Seattle WA 146.9 9 Martinsville-Henry County VA 82.4
10 Hilo HI 146.8 10 Memphis TN 82.8

 

Texarkana Metro area had an index of 83.5 on the current Cost of Living Index.

 

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 60 different items for which prices are collected quarterly by chambers of commerce, economic development organizations, and university applied economic centers in each participating urban area. Small differences should not be interpreted as showing a measurable difference.

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

  What Do Groceries Cost?

Each quarter, C2ER collects more than 90,000 prices from communities across the US for the Cost of Living Index. With food prices a big part of the national media attention, C2ER decided to once again feature those communities with the most and least expensive food costs as measured by the grocery item index number.  C2ER collects data on twenty-six items from a variety of surrogate categories to represent the grocery item component of the index.

 

The Five Most and Least Expensive Places for Grocery Items by Index Number

in the Cost of Living Index (COLI)

Second Quarter 2017

Average for 253 Urban Areas = 100

 

  Most Expensive   Least Expensive  
             
  Ranking Urban Areas  Index Ranking Urban Areas Index
1 Honolulu HI 155.4 1 Jackson-Madison County TN 79.2  
2 Hilo HI 151.8 2 Kalamazoo MI 80.6  
3 Kodiak AK 150.1 3 Harlingen TX 80.7  
4 New York (Manhattan) NY 145.1 4 Temple TX 80.8  
5 Juneau AK 138.1 5 McAllen TX 81.4  

 

Texarkana Metro had a score of 90.7 on grocery items for this quarter.

Planning a road trip?

Last year we saw gasoline prices fluctuate drastically, namely a significant fall in prices which subsequently gave way to a gradual and steady increase that has continued into Quarter 2 of 2017. Considering Quarter 2 prices were collected in the season of spring break vacations and road trips, we decided to look at the most and least expensive cities to buy gas and hit the road.

 

The Five Most and Least Expensive Places to Buy Gasoline

Second Quarter 2017

Average for 253 Urban Areas = $2.30

 

Most Expensive   Least Expensive  
Ranking Urban Areas Avg. Price Ranking Urban Areas Avg.   Price
1 Hilo HI $3.24 1 Omaha NE $1.64
2 San Francisco CA $3.15 2 Oklahoma City OK $1.95
3 Orange County CA $3.13 3 Auburn-Opelika AL $1.95
4 Los Angeles-Long Beach CA $3.09 4 Tulsa OK $1.96
5 Olympia WA $3.05 5 Chattanooga TN $1.97

 

Texarkana Metro reported an average price of $2.123 per gallon of gasoline.

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Media Release- COL 2nd Quarterly Release

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