Report Reveals Bozeman Cost Of Living Is Decreasing - ABC FOX Montana Local News, Weather, Sports KTMF | KWYB

Report Reveals Bozeman Cost Of Living Is Decreasing

Bozeman's cost of living is the closest it's been to the national average since 2011. The report released by Prospera Business Network, an economic development organization shows cost of living for the second quarter of 2013.

The cost of living report index provided by local non-profit economic development organization Prospera Business Network states Bozeman's cost of living is 100.2, which is point two above the current national average of 100.

So, what does this mean?

"The recovering housing market and increased demand where there's not a lot of supply leads to a higher cost of living in terms of housing in the area," said Drew Little, Prospera Business Network Program Manager. "It can be a good sign that we're close to national averages in terms of it reflecting the recovering housing market, but we're glad we're not quite a bit above average."
The report is based on prices for groceries, housing, utilities, transportation and health care.
Little said the reports shows Bozeman is a place people want to live.

"It reflects a balancing force on how desirable it is to live here and also how reasonable all the rates and services are," said Little.

According to previous reports, Bozeman's comparative cost of living has varied over the years.  For instance in 2002 the composite cost of living index score for Bozeman was 98.2, while in 2008 it reached 107.5. It is important to note though that the Index does not measure inflation (price change over time). Instead, the national average is set as 100 each collection period. Therefore, the index conveys relative price levels at a specific point in time and the index score can be seen as a location's percentage of the average at that time.

Bozeman Economic Developer, Brit Fontenot said Bozeman tends to be more expensive to live because of several reasons.

"Property taxes are the only ways that fund our systems and that has an impact on prices," said Fontenot. "Plus, we live in a rural nature of the community, which takes more time and more to transport things."

He said the city continues to work on diversifying the economy, so that people want to build a life here.

"Diversifying the economy is  important to people who are looking to expand or relocate businesses here," said Fontenot. "The future looks bright for Bozeman. Right now we are looking at adding jobs that will provide mid-high level wages which will help people be able to afford the Bozeman lifestyle."

Kalispell also participates in the quarterly report. Statistics revealed, the town ranked higher for transportation and health care costs than Bozeman. To see the entire report, click here.

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