Siloam Springs 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.
IndexSiloam SpringsArkansasNational
Cost of living index8686100
IndexSiloam SpringsArkansasNational
Goods & Services index9396100
Groceries index9295100
Health care index9088100
Housing index6965100
Transportation index9192100
Utilities index103102100
A general summary of the cost of living index in Siloam Springs, AR is shown above. Compared to the state average of Arkansas the cost of living index in Siloam Springs, AR is 86, which is equal to the average in Arkansas and compared to the national average it is 14% lower than. The cost of living index is made up of several categories. These are transportation at 9%, utilities at 10%, goods and services at 33%, housing at 30%, groceries at 13%, and health care at 5%. The bulk of the cost of living index comes from the categories of goods and services and housing. If you look at everyday goods and services they can be a good indicator in a certain city of the general costs of goods there. In Siloam Springs, AR goods and services come in at 3% lower than the average in Arkansas and are 7% lower than compared to the nationwide average.

Did you know?

  • The cost of living in Siloam Springs is equal to the Arkansas average.
  • The cost of living in Siloam Springs is 14% lower than the national average.
  • The cost of housing in Siloam Springs is 31% lower 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.

Find Real Estate Listings In Siloam Springs

Location
Price
Bedrooms
Bathrooms
 

New Real Estate Listings In Siloam Springs

Compare Siloam Springs, 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
Use the salary calculator to compare your current income in Siloam Springs, AR to any other city in the country. The calculator will tell you how much income you would need to make in a particular city to live at the same level based on the cost of living in each city. For example, if the cost of living in the city you are looking to move to is higher than that of Siloam Springs, AR, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Siloam Springs, AR salary calculator, enter the name of the new city, then move the slider to your current salary level. The salary calculator will do the rest and let you know if your salary would need to increase or decrease for the new city. You will also see a complete overview of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$53,099$4,425$1,239$1,593
Renters$31,250$2,604$729$938
A good way to judge both the affordability of the housing and the cost of living is by simply calculating the maximum that a person should spend on housing in Siloam Springs, AR, otherwise known as the debt-to-income ratio (DTI). The safest way to live in the city is to avoid spending more than 28 percent of the gross income that one earns on costs that pertain to housing and no more than 36 percent on all expenses and debts. Siloam Springs, AR has a median income of about $53,099 for people who own homes. Based on that number, a person should spend a maximum of $1,239 on expenses related to housing. Renters have a slightly different median income, which is $31,250. Based on this average, renters should spend no more than $729 on all of their rental costs if they want to maintain a non-impoverished standard of living.

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%
For those who live in Siloam Springs, AR and want to know what the true cost of living is, they ought to look at both the Arkansas income tax rate and the Arkansas sales tax rate. By sales tax, we mean the taxes that are included whenever a person is purchasing any goods or services. The amount that is taxed depends upon the particular state, where some states have a sales tax of zero percent while others can have a tax higher than seven percent. In Arkansas, the sales tax is 6.5%, while the most you'll pay in surtax is 11.625%. There is also income tax to consider, which is based upon the amount of money made in a year. Just like sales tax, income tax depends upon the particular state but also depends upon what tax bracket the person is in. Income tax for the state can be higher than nine percent in some states to zero percent in others. For those that live in Arkansas, the income tax rate ranges between 0.9% to 6.9%.

Goods & Services

ItemSiloam SpringsNational avg.Difference
Haircut $13.60$14.596.8%
Beauty Salon $30.40$34.6812.3%
Toothpaste $2.45$2.470.9%
Shampoo $0.82$1.0219.8%
Movie $9.00$9.878.8%
Bowling $2.93$4.3933.3%

Groceries

ItemSiloam SpringsNational avg.Difference
Ground Beef $4.82$4.487.7%
Fried Chicken $1.07$1.4626.9%
Milk $2.61$2.3610.7%
Potatoes $3.39$3.0610.7%
Pizza $10.10$9.249.3%
Beer $9.30$8.637.7%

Health Care

ItemSiloam SpringsNational avg.Difference
Optometrist $96.25$99.783.5%
Doctor $88.20$105.0316.0%
Dentist $79.75$88.7010.1%
Ibuprofen $7.97$9.4115.3%
Lipitor $295.31$298.501.1%

Housing

ItemSiloam SpringsNational avg.Difference
Home Price $116,900.00$175,700.0033.5%
Avg. Mortgage Payment $869.39$1,081.0319.6%
Apartment Rent $675.00$920.0026.6%

Transportation

ItemSiloam SpringsNational avg.Difference
Gasoline $1.80$2.0913.7%
Tire Balancing $46.33$45.292.3%

Utilities

ItemSiloam SpringsNational avg.Difference
All Electricity$157.83$170.807.6%
Phone $33.40$28.2618.2%
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.
Cloud Creek, OK8492-8%
Cherokee City, AR7294-6%
Proctor, OK15273-27%
Sycamore, OK29475-25%
Chewey, OK9875-25%
Siloam Springs, AR15,61486-14%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Grandville, MI15,61391-9%
New Haven, IN15,61283-17%
West Columbia, SC15,62395-5%
Hillcrest Heights, MD15,6041077%
Sevierville, TN15,59290-10%
Siloam Springs, AR15,61486-14%
Source: The Siloam Springs, AR cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.