West Memphis 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.
IndexWest MemphisArkansasNational
Cost of living index8084100
IndexWest MemphisArkansasNational
Goods & Services index8893100
Groceries index9193100
Health care index8988100
Housing index5665100
Transportation index9289100
Utilities index9197100
Here we can see a simple outline of the cost of living in West Memphis, AR. As you can see, with the average cost of living in West Memphis, AR being 80, that puts it 6% lower than the average of Arkansas and 20% lower than our nation's average. This simple outline of the cost of living index was formulated using prices of: goods and services (weighted 33%), housing prices (weighted 30%), groceries (weighted 13%), utilities (weighted 10%), transportation (weighted 9%), and health care (weighted 5%). Thus, goods/services, along with housing influences the majority of the cost of living index. The price of daily goods and services is a valuable and reliable number to be aware of when considering the general price of the city's goods. In the case of West Memphis, AR, the price of goods and services are 5% lower than the average of Arkansas as well as 12% lower than the nation's average.

Did you know?

  • The cost of living in West Memphis is 6% lower than the Arkansas average.
  • The cost of living in West Memphis is 20% lower than the national average.
  • The cost of housing in West Memphis is 44% 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 West Memphis

Location
Price
Bedrooms
Bathrooms
 

New Real Estate Listings In West Memphis

Compare West Memphis, 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
Using the salary calculator lets you compare the salary you earn in West Memphis, AR to what it is in other cities. It will let you know what your earnings would have to be in another city to have the same standard of living, as determined by the cost of living in each city. For example, if the cost of living in the area you want to move to is higher than the cost of living in West Memphis, AR, you have to earn a higher income in order to still have the same standard of living. To operate the West Memphis, AR salary calculator, put in the name of the other city, then move the slider to the point that represents the current income. The salary calculator will take care of the rest and tell you how much more or less you must earn in the new city. A Total breakdown of the cost of living is also provided.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$47,312$3,943$1,104$1,420
Renters$21,019$1,752$490$631
If you want to find a good determining factor for the cost of living and the general affordability of housing in West Memphis, AR, all you must look at is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In West Memphis, AR, the median monthly income is $47,312 for those who own their own homes. Under the standard rule, that income level would allow for $1,104 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $21,019, per the median income in the area. That would allow for renters to spend up to $490 on monthly rental expenses.

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 considering the overall cost of living expenses in West Memphis, AR, it's important to take into account the sales tax for Arkansas, as well as the rate for income tax in Arkansas. Goods and services sold to consumers in any state have some form of sales tax. Each state has its own tax code, which means that sales tax rates vary from state to state, ranging from over 7% in some states to as low as 0% in others. The maximum surtax for Arkansas is 11.625%, and the sales tax in the state of Arkansas is 6.5%. Alternatively, the tax imposed on your income by the state government is known as income tax. The rate for this tax also varies from state to state, and your rate is affected by your tax bracket, which is determined by your level of income. Income tax rates might be as high as 9%, down to as low as 0%. The range for income tax rates in Arkansas starts from 0.9% and goes up to 6.9%.

Goods & Services

ItemWest MemphisNational avg.Difference
Haircut $13.20$15.5615.2%
Beauty Salon $25.67$36.1128.9%
Toothpaste $2.06$2.4716.8%
Shampoo $0.79$0.9618.1%
Movie $10.27$10.131.4%
Bowling $3.60$4.7423.9%

Groceries

ItemWest MemphisNational avg.Difference
Ground Beef $3.87$3.983.0%
Fried Chicken $1.08$1.4123.2%
Milk $1.91$2.067.3%
Potatoes $3.73$2.9825.1%
Pizza $8.52$9.4710.0%
Beer $8.54$8.792.8%

Health Care

ItemWest MemphisNational avg.Difference
Optometrist $63.32$101.0437.3%
Doctor $83.78$107.4422.0%
Dentist $86.73$90.424.1%
Ibuprofen $8.16$9.2812.1%
Lipitor $423.17$426.500.8%

Housing

ItemWest MemphisNational avg.Difference
Home Price $85,100.00$175,700.0051.6%
Avg. Mortgage Payment $733.34$1,133.2335.3%
Apartment Rent $683.00$920.0025.8%

Transportation

ItemWest MemphisNational avg.Difference
Gasoline $1.80$1.999.7%
Tire Balancing $44.12$45.763.6%

Utilities

ItemWest MemphisNational avg.Difference
All Electricity$126.07$163.8123.0%
Phone $31.57$28.3911.2%
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.
Jericho, AR6067-33%
Jennette, AR10573-27%
Anthonyville, AR21673-27%
Sunset, AR22174-26%
Earle, AR2,50576-24%
West Memphis, AR25,76780-20%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
North Tustin, CA25,72418989%
Lafayette, CO25,81211515%
Belvidere, IL25,71387-13%
West Linn, OR25,71013535%
Wakefield, MA25,83515050%
West Memphis, AR25,76780-20%
Source: The West Memphis, AR cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.