COLI Release Highlights, Quarter 3 2013
<!–This report represents the sixth edition of a new format for the Cost of Living Index. Starting in 2007, C2ER has published an Annual Review of data for the preceding year. The data contained within the report represents unweighted average prices submitted for the first three quarters of the year, with new index numbers calculated using the modified weights for the upcoming year applied to these average prices. For further details on the annual average methodology, please visit our website at http://www.coli.org/Method.asp.
–>Among the 306 urban areas that have participated the third quarter 2013 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) to just over 19 percent below the national average in Norman, OK. 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 2013 National Average for 306 Urban Areas = 100|
|Most Expensive||Least Expensive|
|Ranking||Urban Areas||COL Index||Ranking||Urban Areas||COL Index|
|1||New York (Manhattan) NY||221.3||1||Norman OK||82.4|
|2||New York (Brooklyn) NY||175.6||2||Pueblo CO||82.5|
|3||Honolulu HI||167.5||3||Harlingen TX||83.4|
|4||San Francisco CA||159.9||4||Memphis TN||84.9|
|5||New York (Queens) NY||151.4||5||Youngstown-Warren OH||85.5|
|6||Hilo HI||149.1||6||Covington KY||85.7|
|7||San Jose CA||148.8||7||Tupelo MS||85.8|
|8||Stamford CT||143.3||8||Augusta-Aiken GA-SC||85.9|
|9||Washington DC||141.6||9||Birmingham AL||85.9|
|10||Orange County CA||140.7||10||Sherman-Denison TX||86.2|
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.