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.
A general summary of the cost of living index in Booneville, AR is shown above. Compared to the state average of Arkansas the cost of living index in Booneville, AR is 81, which is 3% lower than the average in Arkansas and compared to the national average it is 19% 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 Booneville, AR goods and services come in at 7% higher than the average in Arkansas and are 2% lower than compared to the nationwide average.
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The cost of living in Booneville is 3% lower than the Arkansas average.
The cost of living in Booneville is 19% lower than the national average.
The cost of housing in Booneville is 49% 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.
Compare Booneville, AR Cost of living To Other Cities
This is how much you would need to earn in Price difference in compared to
Cost of living index
Goods & Services index
Health care index
Using the salary calculator lets you compare the salary you earn in Booneville, 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 Booneville, AR, you have to earn a higher income in order to still have the same standard of living. To operate the Booneville, 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
Max Budget (28% DTI)
Max Budget (36% DTI)
The affordability of the housing market in Booneville, 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 Booneville, AR homeowners, the median income is $34,085. This indicates that a monthly maximum of $795 should be spent by homeowners on all housing related costs. Renters have a median income of $22,118. This indicates that renters should have a maximum of $516 used for their rent related monthly costs.
Arkansas Sales Tax
General Sales Tax
With Max Surtax
Arkansas Income Tax
Income Tax (Low)
Income Tax (High)
When considering the overall cost of living expenses in Booneville, 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
Avg. Mortgage Payment
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.