A-
5%
Overall NAT. AVG.
7%
Goods & Services NAT. AVG.
17%
Housing NAT. AVG.
Search Homes for Sale
Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Benton Arkansas National
Cost of living9586100
Goods & Services10798100
Groceries9895100
Health care8888100
Housing8365100
Transportation8890100
Utilities9492100

An Overview of Cost of Living in Benton, AR

The cost of living in Benton affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Benton is 95, which is 5% lower than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

The cost of living in Benton closely mirrors the national average in comparison to other cities nationwide. Essential items such as groceries, goods and services, health care and utilities are priced at a level consistent with similar urban areas. This means that residents of Benton can anticipate that their daily expenses will remain reasonably in line with those of an average city, contributing to a manageable cost of living.

Is Benton Affordable?

Wondering if Benton is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Benton, for example, the median home price is 19.5% lower than what folks pay nationally, and monthly rent is 11.4% lower than the usual rates. Plus, income levels matter too, with Benton boasting a median household income of $59,994, which is 8.4% higher than the national average.

What Factors can Influence the Cost of Living in Benton?

Taxes: Cities that impose higher taxes, including sales and income taxes, can contribute to an escalated cost of living. The added expense of taxes on everyday goods like clothing and food naturally results in higher overall costs. Similarly, a higher income tax rate can further elevate the cost of living. In Benton, the general sales tax rate starts at 6.5%, and income tax rates begin at 2%.

Utilities: Like everything else, utilities costs can range significantly depending on factors like climate, energy sources available, location and even state regulations. Things like electricity, water, heating and waste disposal costs can be higher or lower, depending on the city or state. The utilities index in Benton comes in at 5.9% lower than the national average.

Transportation: In situations where public transportation is limited or nonexistent, local residents may be required to own and maintain their own vehicles, contributing to an elevated cost of living. Monthly expenditures may encompass fuel costs, insurance premiums, routine vehicle upkeep and possibly lease or financing payments. In Benton, the transportation index is 11.8% lower than the national average.

Where is the Data From?

The cost of living data in Benton displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.

New Real Estate Listings in Benton Area
Search Homes for Sale in Benton, AR

Cost Of Living Quick Facts

  • The cost of living in Benton is 10% higher than the Arkansas average
  • The cost of living in Benton is 5% lower than the national average
  • Benton housing is 17% lower than the national average
  • Arkansas general sales tax is 27% higher than the national average
  • Arkansas state income tax is 11% lower than the national average

Most Affordable Places to Live in and Around Benton

See all the best places to live around Benton

Compare Benton, AR Cost of Living

      vs
      How would you rate the cost of living in Benton?
      Write a review to give others more information about this area.
      Is the cost of living increasing or decreasing in Benton?
      Write a review to give others more information about this area.
      See all Benton poll results

      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$75,366$6,281$1,758$2,261
      Renters$41,951$3,496$979$1,259
      The affordability of the housing market in Benton, AR as well as the overall cost of living can be predicted by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Benton homeowners, the median income is $75,366. This indicates that a monthly maximum of $1,758 should be spent by homeowners on all housing related costs. Renters have a median income of $41,951. This indicates that renters would have a maximum of $979 for their rent related monthly costs.

      Arkansas Sales Tax

      State General Sales Tax With Max Surtax
      Arkansas 6.5% 11.625%

      Arkansas Income Tax

      State Income Tax (Low) Income Tax (High)
      Arkansas 2% 5.5%

      Goods & Services

      Item Benton National avg. Difference
      Haircut $28.72$24.2618.4%
      Beauty Salon $47.61$45.564.5%
      Toothpaste $3.61$3.702.6%
      Shampoo $1.17$1.288.9%
      Movie $13.35$12.1310.1%
      Bowling $15.56$18.0013.6%

      Groceries

      Item Benton National avg. Difference
      Ground Beef $5.76$5.841.4%
      Fried Chicken $1.36$1.5713.3%
      Milk $4.65$4.670.5%
      Potatoes $5.31$4.937.6%
      Pizza $11.20$12.097.4%
      Beer $10.24$10.411.6%

      Health Care

      Item Benton National avg. Difference
      Optometrist $115.17$125.688.4%
      Doctor $132.33$135.782.5%
      Dentist $81.53$113.2928.0%
      Ibuprofen $10.35$10.652.8%
      Lipitor $471.21$468.600.6%

      Housing

      Item Benton National avg. Difference
      Home Price $148,700.00$184,700.0019.5%
      Avg. Mortgage Payment $2,117.76$2,346.699.8%
      Apartment Rent $841.00$949.0011.4%

      Transportation

      Item Benton National avg. Difference
      Gasoline $3.05$3.4612.0%
      Tire Balancing $53.11$59.9211.4%

      Utilities

      Item Benton National avg. Difference
      All Electricity $166.99$193.9913.9%
      Phone $205.18$192.256.7%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Salem city, AR1,9358218.0%
      Perla, AR2048019.9%
      Salem, AR1,5328317.2%
      Traskwood, AR3508218.2%
      Magnet Cove, AR9648218.1%
      Benton, AR36,360955.3%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Owasso, OK36,395964.1%
      Oak Creek, WI36,3211088.3%
      West Fargo, ND36,4061043.7%
      Winchester, NV36,302955.1%
      Moorpark, CA36,44317676.0%
      Benton, AR36,360955.3%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.