C+
3%
Overall NAT. AVG.
2%
Goods & Services NAT. AVG.
17%
Housing NAT. AVG.
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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 Hot Springs Village Arkansas National
Cost of living10386100
Goods & Services10298100
Groceries9695100
Health care8988100
Housing11765100
Transportation8990100
Utilities9392100

An Overview of Cost of Living in Hot Springs Village, AR

Understanding the cost of living in Hot Springs Village can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Hot Springs Village cost of living index is 103, which is 3% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.

Everyday expenditures like food, housing, goods and services, transportation and health care in Hot Springs Village are priced in a manner consistent with other areas. This means that residents of Hot Springs Village can anticipate their daily expenses remaining reasonably similar to those in an average city, thereby supporting a manageable cost of living.

Is Hot Springs Village Affordable?

Is Hot Springs Village an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Hot Springs Village, the median home price is 15.2% higher than what most folks pay across the country, and monthly rent prices are 22.2% higher than the usual rates. Income levels in Hot Springs Village come in at $61,130, which is 10.5% higher than the national average.

What Factors can Influence the Cost of Living in Hot Springs Village?

Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In Hot Springs Village, healthcare costs are 11.2% lower than the national average.

Subsidies: Certain cities or states may implement government subsidies or assistance programs with the goal of alleviating the cost of living pressures on their residents. These programs encompass a broad spectrum of support mechanisms, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farming subsidies. Areas offering fewer subsidies may experience a rise in their cost of living.

Groceries: Grocery prices have seen substantial hikes in the last 2-3 years, with some markets witnessing food cost increases of over 20% during this period. Conversely, certain markets have experienced only moderate upticks. These variations in food expenses can have a substantial impact on the overall cost of living in any locality. In Hot Springs Village, the groceries index is 4.1% lower than the national average.

Where is the Data From?

The Hot Springs Village cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.

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Cost Of Living Quick Facts

  • The cost of living in Hot Springs Village is 20% higher than the Arkansas average
  • The cost of living in Hot Springs Village is 3% higher than the national average
  • Hot Springs Village housing is 17% higher 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 Hot Springs Village

See all the best places to live around Hot Springs Village

Compare Hot Springs Village, AR Cost of Living

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      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$62,413$5,201$1,456$1,873
      Renters$55,296$4,608$1,290$1,659
      The percentage of monthly income spent on housing related expenses can help predict the affordability of housing in Hot Springs Village, AR, as well as what the overall cost of living might be. 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 payments and not more than 36 percent of income on all expenses and debts. In Hot Springs Village, homeowners have a median income of $62,413. Using that number, a maximum of $1,456 per month should be allocated to housing expenses. For those who are renting instead of owning, the median income is $55,296, which means there is a maximum of $1,290 to be spent on the costs of renting a home or apartment.

      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 Hot Springs Village National avg. Difference
      Haircut $26.67$24.269.9%
      Beauty Salon $54.14$45.5618.8%
      Toothpaste $3.75$3.701.3%
      Shampoo $1.07$1.2816.4%
      Movie $11.78$12.132.9%
      Bowling $17.78$18.001.2%

      Groceries

      Item Hot Springs Village National avg. Difference
      Ground Beef $5.15$5.8411.8%
      Fried Chicken $1.39$1.5711.4%
      Milk $4.52$4.673.2%
      Potatoes $5.23$4.936.0%
      Pizza $10.47$12.0913.3%
      Beer $9.83$10.415.6%

      Health Care

      Item Hot Springs Village National avg. Difference
      Optometrist $113.39$125.689.8%
      Doctor $185.50$135.7836.6%
      Dentist $94.42$113.2916.7%
      Ibuprofen $10.08$10.655.4%
      Lipitor $409.22$468.6012.7%

      Housing

      Item Hot Springs Village National avg. Difference
      Home Price $212,800.00$184,700.0015.2%
      Avg. Mortgage Payment $1,950.05$2,346.6916.9%
      Apartment Rent $1,160.00$949.0022.2%

      Transportation

      Item Hot Springs Village National avg. Difference
      Gasoline $3.10$3.4610.4%
      Tire Balancing $66.08$59.9210.3%

      Utilities

      Item Hot Springs Village National avg. Difference
      All Electricity $166.58$193.9914.1%
      Phone $205.55$192.256.9%
      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.
      Mountain Pine, AR5167623.5%
      Piney, AR4,5188613.7%
      Lonsdale, AR2658910.7%
      Hot Springs, AR38,6978910.7%
      Fountain Lake, AR5389010.3%
      Hot Springs Village, AR15,5621032.9%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Mebane, NC15,564982.3%
      La Grange, IL15,55514343.2%
      Frankfort, IN15,5698613.6%
      Bridgeview, IL15,5761044.3%
      Dixon, IL15,5448217.7%
      Hot Springs Village, AR15,5621032.9%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.