| Index | Hope | Arkansas | National |
| Cost of living | 83 | 86 | 100 |
| Groceries | 98 | 96 | 100 |
| Health care | 96 | 95 | 100 |
| Housing | 54 | 67 | 100 |
| Transportation | 93 | 94 | 100 |
| Utilities | 94 | 93 | 100 |
| Lifestyle & Entertainment | 96 | 93 | 100 |
| Household Items | 98 | 96 | 100 |
| Education & Childcare | 97 | 92 | 100 |
Understanding the cost of living in Hope can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Hope cost of living index is 83, which is 17% lower than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.
Housing costs often consume a significant share of your take-home income, often surpassing 30%. Fortunately, Hope distinguishes itself by reporting housing expenses that are 45.8% below the national average. This indicates that both owning a home and renting in this area are notably more budget-friendly compared to the rest of the nation. With such favorable housing affordability, residents of Hope can allocate more of their income to housing, enhancing their financial flexibility.
Is Hope affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Hope, for instance, where the median home price falls 53.1% lower than the national average, and monthly rent rates are 28.9% lower than usual. Additionally, median income levels contribute to the equation, with Hope flaunting a median household income of $59,634, 26.7% lower than the national norm.
Urbanization: Urban areas with a wealth of amenities and employment opportunities tend to come with a higher price tag for living. Why? Well, more people want to be there, which drives up home prices and rents. On the flip side, less densely populated rural areas or places where there's not as much demand usually mean fewer attractions, things to do and slower job growth. That often results in a lower cost of living.
Taxes: Locations with elevated tax rates, encompassing both sales and income taxes, can be a factor in driving up the cost of living. When you're paying more in taxes for everyday household expenses, it naturally translates into higher expenses. Similarly, a higher income tax rate can also contribute to an overall higher cost of living. In Hope, the standard sales tax rate starts at 6.5%, and the income tax rates commence at 2%.
Utilities: Like everything else, utilities costs can range significantly depending on factors like climate, energy sources available, location and even state regulations. Things like electricity, water, heating and waste disposal costs can be higher or lower, depending on the city or state. The utilities index in Hope comes in at 6.4% lower than the national average.
The cost of living data for Hope shown above is based on a U.S. average baseline score of 100, making it easier to compare how far your dollar may go from one city to another. Housing uses U.S. Census home price and rental data, while all remaining values are AI-assisted estimates informed by regional pricing, climate, transportation dynamics, and local economic factors. These scores are best used for directional comparisons between cities.
| Cost of living index | |
| Groceries index | |
| Health care index | |
| Housing index | |
| Transportation index | |
| Utilities index | |
| Lifestyle index | |
| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $89,580 | $7,465 | $2,090 | $2,688 |
| Renters | $41,191 | $3,433 | $961 | $1,236 |
| State | General Sales Tax | With Max Surtax |
| Arkansas | 6.5% | 11.625% |
| State | Income Tax (Low) | Income Tax (High) |
| Arkansas | 2% | 4.9% |
| City | Population | Cost of Living Index | National Avg. |
| Fulton, AR | 118 | 96 | 4.0% |
| McNab, AR | 115 | 96 | 4.0% |
| Ozan, AR | 90 | 96 | 4.0% |
| Emmet, AR | 456 | 77 | 23.3% |
| Bodcaw, AR | 179 | 78 | 22.2% |
| Hope, AR | 10,014 | 83 | 16.5% |
| City | Population | Cost of Living Index | National Avg. |
| Lacombe County, AB | 10,012 | n/a | |
| Winfield, IL | 10,018 | 127 | 26.9% |
| Cody, WY | 10,018 | 109 | 8.7% |
| San Diego Country Estates, CA | 10,007 | 163 | 62.6% |
| Yarmouth, NS | 10,021 | n/a | |
| Hope, AR | 10,014 | 83 | 16.5% |
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