Marion cost of living index

A general overview of the cost of living index for Marion, AR is displayed above. In Marion, AR, the overall cost of living index is 87, which is 4% higher than the Arkansas average and 13% lower than the U.S. average. The following categories are used to calculate the overall cost of living index: goods/services (33%), housing (30%), groceries (13%), utilities (10%), transportation (9%) and health care (5%). From the list, it is clear that the categories of goods/services and housing are responsible for the largest portions of the overall cost of living index. As a general rule, everyday goods and services provide an accurate measure of the general cost of goods in any given city. In the case of Marion, AR, the city's goods and services are 6% lower than the Arkansas average and 13% lower than the U.S. average.

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Salary Calculator

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

A good way to judge both the affordability of the housing and the cost of living is by simply calculating the maximum that a person should spend on housing in Marion, AR, otherwise known as the debt-to-income ratio (DTI). The safest way to live in the city is to avoid spending more than 28 percent of the gross income that one earns on costs that pertain to housing and no more than 36 percent on all expenses and debts. Marion, AR has a median income of about $75,482 for people who own homes. Based on that number, a person should spend a maximum of $1,761 on expenses related to housing. Renters have a slightly different median income, which is $41,216. Based on this average, renters should spend no more than $962 on all of their rental costs if they want to maintain a non-impoverished standard of living.

Arkansas Sales Tax

Arkansas Income Tax

For those who live in Marion, AR and want to know what the true cost of living is, they ought to look at both the Arkansas income tax rate and the Arkansas sales tax rate. By sales tax, we mean the taxes that are included whenever a person is purchasing any goods or services. The amount that is taxed depends upon the particular state, where some states have a sales tax of zero percent while others can have a tax higher than seven percent. In Arkansas, the sales tax is 6.5%, while the most you'll pay in surtax is 11.625%. There is also income tax to consider, which is based upon the amount of money made in a year. Just like sales tax, income tax depends upon the particular state but also depends upon what tax bracket the person is in. Income tax for the state can be higher than nine percent in some states to zero percent in others. For those that live in Arkansas, the income tax rate ranges between 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 Marion, AR cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.