Hot Springs Village cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
IndexHot Springs VillageArkansasNational
Cost of living index10186100
IndexHot Springs VillageArkansasNational
Goods & Services index9896100
Groceries index9895100
Health care index9288100
Housing index10965100
Transportation index9192100
Utilities index105102100
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 101. This index is 17% higher than the Arkansas average, and 1% higher 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 3% higher than it is in Arkansas, and it is 2% lower than the national average.

Did you know?

  • The cost of living in Hot Springs Village is 17% higher than the Arkansas average.
  • The cost of living in Hot Springs Village is 1% higher than the national average.
  • The cost of housing in Hot Springs Village is 9% higher than the national average.
  • Arkansas general sales tax is 28% higher than the national average.
  • Arkansas state income tax is 60% lower than the national average.

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Compare Hot Springs Village, AR Cost of living To Other Cities

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
The salary calculator is meant to help you compare your salary in Hot Springs Village, AR to your potential earning power in another city. This can help you deduce what your salary would need to be in any given city in order for you to live the same lifestyle that you do in your current city. In other words, if you plan on moving to a city where the cost of living is higher than in Hot Springs Village, AR, you'll have to make more money in the new city in order to maintain the lifestyle you currently enjoy. To use the Hot Springs Village, AR salary calculator, simply input the new city, then move the adjustable slider to match your current income. Once you've selected your income, the calculator will determine if that income is sufficient to support your standard of living in the new city you entered. The calculator will also supply you with a rundown of living costs in the new city.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$55,148$4,596$1,287$1,655
Renters$39,702$3,309$926$1,191
How much of your monthly income goes to housing can tell you whether or not you can afford housing in Hot Springs Village, AR, as well as what the average cost of living is. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payment and not more than 36 percent of income on all expenses and debts. In Hot Springs Village, AR homeowners have a median income of $55,148. Using that number, you will come up with a maximum of $1,287 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $39,702, which means there is a maximum of $926 to be spent on the costs of renting a home or apartment.

Arkansas Sales Tax

StateGeneral Sales TaxWith Max Surtax
Arkansas6.5%11.625%

Arkansas Income Tax

StateIncome Tax (Low)Income Tax (High)
Arkansas0.9%6.9%
When assessing the complete cost of living in Hot Springs Village, AR, the Arkansas income tax and the Arkansas sales tax percentages should unquestionably be taken into consideration. Sales taxes aren't just levies imposed onto sold goods, but they also include taxes that are charged when services are provided for a fee. The rates are different from state to state and can run has high as 7 percent. Some states have no sales tax at all. The Arkansas maximum surtax is 11.625%, and the Arkansas sales tax is 6.5%. By contrast, income tax is an unfortunate obligation that is charged by the government against earnings. Just like sales taxes, the rates for income taxes differ from state to state. They also decrease or increase according to the individual's tax bracket. Tax rates can run as high as 9 percent, with a minimum of zero. Income tax rates range from 0.9% to 6.9% in Arkansas.

Goods & Services

ItemHot Springs VillageNational avg.Difference
Haircut $15.25$14.594.5%
Beauty Salon $28.00$34.6819.3%
Toothpaste $1.85$2.4725.2%
Shampoo $0.98$1.024.1%
Movie $9.75$9.871.2%
Bowling $3.75$4.3914.6%

Groceries

ItemHot Springs VillageNational avg.Difference
Ground Beef $4.77$4.486.6%
Fried Chicken $1.39$1.465.1%
Milk $2.22$2.365.8%
Potatoes $2.55$3.0616.7%
Pizza $9.55$9.243.3%
Beer $8.54$8.631.1%

Health Care

ItemHot Springs VillageNational avg.Difference
Optometrist $125.00$99.7825.3%
Doctor $100.00$105.034.8%
Dentist $76.00$88.7014.3%
Ibuprofen $8.71$9.417.5%
Lipitor $265.06$298.5011.2%

Housing

ItemHot Springs VillageNational avg.Difference
Home Price $201,800.00$175,700.0014.9%
Avg. Mortgage Payment $859.33$1,081.0320.5%
Apartment Rent $889.00$920.003.4%

Transportation

ItemHot Springs VillageNational avg.Difference
Gasoline $2.00$2.094.4%
Tire Balancing $35.40$45.2921.8%

Utilities

ItemHot Springs VillageNational avg.Difference
All Electricity$150.51$170.8011.9%
Phone $36.01$28.2627.4%
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, StatePopulationCost of Living IndexNational Avg.
Mountain Pine, AR76176-24%
Lonsdale, AR14885-15%
Piney, AR3,92185-15%
Fountain Lake, AR55987-13%
Hot Springs, AR35,48689-11%
Hot Springs Village, AR13,5101011%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Stanford, CA13,506217117%
Fairburn, GA13,52095-5%
Brainerd, MN13,52191-9%
South Park Township, PA13,49297-3%
Ephrata, PA13,52998-2%
Hot Springs Village, AR13,5101011%
Source: The Hot Springs Village, AR cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.