Alma cost of living index

The above illustration supplies generalized information for the Alma, AR cost of living index. Compared to other cities in Arkansas and cities across the country, the cost of living index in Alma, AR is 88, which is 5% higher than the Arkansas average and 12% lower than that for the entire country. The index is comprised of the following criteria: cost of retail goods and services (33%), groceries (13%), health care (5%), housing (30%), cost of public/private transportation (9%) and utilities (10%). Everyday goods and services, along with housing account for 63 percent of the total cost of living index. Goods and services that are a necessity regardless of location provide an accurate general sense of the cost of living in one city versus another. As seen above, the cost of retail goods and services in Alma, AR are 7% higher than the average for Arkansas and 2% lower than the rest of the country.

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Salary Calculator

Using the salary calculator lets you compare the salary you earn in Alma, 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 Alma, AR, you have to earn a higher income in order to still have the same standard of living. To operate the Alma, 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

The affordability of the housing market in Alma, AR as well as the overall cost of living can be indicated accurately by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should ever be used on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Alma, AR homeowners, the median income is $57,088. This indicates that a monthly maximum of $1,332 should be spent by homeowners on all housing related costs. Renters have a median income of $31,095. This indicates that renters should have a maximum of $726 used for their rent related monthly costs.

Arkansas Sales Tax

Arkansas Income Tax

One thing to keep in mind when considering the cost of living in Alma, AR is the Arkansas sales tax and Arkansas income tax rates. Sales taxes are taxes that are collected on most goods or services sold. Sales taxes can vary by state and can be as high as 7% and as low as 0% as not every state imposes a sales tax. The Arkansas sales tax rate is 6.5% and the maximum surtax that can be charged is 11.625%. Income tax is the tax imposed on income by both the federal and state government. The income tax rates varies by individual state and will also be higher or lower depending on the applicable tax bracket. The rates of state income tax can vary from 0% to more than 9%. The Arkansas income tax rates range from 0.9% to 6.9%.

Goods & Services

Groceries

Health Care

Housing

Transportation

Utilities

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.

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Source: The Alma, AR cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.