An overview of the general cost of living index for Hot Springs Village, AR is displayed above for your reference. Residents in Hot Springs Village, AR enjoy a cost of living index of 98. This index is 17% higher than the Arkansas average, and 2% lower than the national average. The following categories are used when determining the cost of living index for any given city: health care (5%), transportation (9%), utilities (10%), groceries (13%), housing (30%), and goods/services (33%). Clearly, housing and goods/services make up the majority of the formula for calculating the cost of living index. Because of this, the general cost of living for any given area can be estimated by looking at the cost of everyday goods in that area. For those living in Hot Springs Village, AR, the average cost of goods and services is 1% higher than it is in Arkansas, and it is 7% lower than the national average.