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.
The above illustration supplies generalized information for the Greenwood, AR cost of living index. Compared to other cities in Arkansas and cities across the country, the cost of living index in Greenwood, AR is 87, which is 4% higher than the Arkansas average and 13% 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 Greenwood, AR are 7% higher than the average for Arkansas and 2% lower than the rest of the country.
Find Real Estate Listings In Greenwood
New Real Estate Listings In Greenwood
Did you know?
The cost of living in Greenwood is 4% higher than the Arkansas average.
The cost of living in Greenwood is 13% lower than the national average.
The cost of housing in Greenwood is 29% 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 Greenwood, 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
The salary calculator is meant to help you compare your salary in Greenwood, AR to your potential earning power in another city. This can help you deduce what your salary would need to be in any given city in order for you to live the same lifestyle that you do in your current city. In other words, if you plan on moving to a city where the cost of living is higher than in Greenwood, AR, you'll have to make more money in the new city in order to maintain the lifestyle you currently enjoy. To use the Greenwood, AR salary calculator, simply input the new city, then move the adjustable slider to match your current income. Once you've selected your income, the calculator will determine if that income is sufficient to support your standard of living in the new city you entered. The calculator will also supply you with a rundown of living costs in the new city.
Median Income & Debt-To-Income Ratio
Max Budget (28% DTI)
Max Budget (36% DTI)
The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Greenwood, AR as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Greenwood, AR homeowners, is $76,424. This would allow for a maximum of $1,783 per month to be spent on housing costs. For renters, the median monthly income is $30,532 which would result in a maximum of $712 to be spent on rental costs.
Arkansas Sales Tax
General Sales Tax
With Max Surtax
Arkansas Income Tax
Income Tax (Low)
Income Tax (High)
When you are determining the total cost of living in Greenwood, AR you will want to make sure you consider both the Arkansas sales tax and the Arkansas income tax rates. Sales tax come in the form of taxes levied on both services and goods that are sold. The sales tax rates are different state to state and range from zero sales tax to higher than 7%. The sales tax in Arkansas is 6.5%, with the highest surtax being 11.625%. Tax that is on income by the government is income tax. Different states have different income tax rates and these rates can be higher or lower dependent on the corresponding tax bracket. The state income tax rates are different state to state and range from no income tax to more than 9% income tax. The income tax rates in Arkansas have a range from 0.9% 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.