A+
7%
Overall NAT. AVG.
2%
Goods & Services NAT. AVG.
18%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Siloam Springs Arkansas National
Cost of living9386100
Goods & Services10298100
Groceries9295100
Health care10188100
Housing8265100
Transportation9690100
Utilities9492100

An Overview of Cost of Living in Siloam Springs, AR

The cost of living in Siloam Springs affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Siloam Springs is 93, which is 7% lower than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

The cost of living in Siloam Springs closely mirrors the national average in comparison to other cities nationwide. Essential items such as groceries, goods and services, health care and utilities are priced at a level consistent with similar urban areas. This means that residents of Siloam Springs can anticipate that their daily expenses will remain reasonably in line with those of an average city, contributing to a manageable cost of living.

Is Siloam Springs Affordable?

Is Siloam Springs an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Siloam Springs, the median home price is 16.9% lower than what most folks pay across the country, and monthly rent prices are 21.7% lower than the usual rates. Income levels in Siloam Springs come in at $52,073, which is 5.9% lower than the national average.

What Factors can Influence the Cost of Living in Siloam Springs?

Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In Siloam Springs, healthcare costs are 1% higher than the national average.

Subsidies: Some cities and states may extend government subsidies or aid programs aimed at reducing the cost of living for their residents. These initiatives encompass diverse forms of support, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farm subsidies. Regions with limited subsidy provisions may witness an increase in their overall cost of living.

Housing: When everyone's vying for homes in popular areas, it drives up property prices and rents, making the overall cost of living surge. On the flip side, in less sought-after locales, where housing demand is low, prices tend to dip, resulting in a more economical cost of living. In Siloam Springs, the housing index comes in at 18.4% lower than the national average.

Where is the Data From?

The Siloam Springs cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.

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Cost Of Living Quick Facts

  • The cost of living in Siloam Springs is 8% higher than the Arkansas average
  • The cost of living in Siloam Springs is 7% lower than the national average
  • Siloam Springs housing is 18% lower than the national average
  • Arkansas general sales tax is 27% higher than the national average
  • Arkansas state income tax is 11% lower than the national average

Most Affordable Places to Live in and Around Siloam Springs

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Compare Siloam Springs, AR Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$66,142$5,512$1,543$1,984
      Renters$40,000$3,333$933$1,200
      A good way to judge both the affordability of the housing and the cost of living in Siloam Springs is by simply calculating the maximum that should be spent on housing, otherwise known as the debt-to-income ratio (DTI). The plan is to avoid spending more than 28 percent of the gross income on costs that pertain to housing and no more than 36 percent on all expenses and debts. Siloam Springs has a median income of about $66,142 for people who own homes. Based on that number, a maximum of $1,543 should be spent on expenses related to housing. Renters have a slightly different median income, which is $40,000. Based on this average, renters should spend no more than $933 on all rental costs if they want to maintain a non-impoverished standard of living.

      Arkansas Sales Tax

      State General Sales Tax With Max Surtax
      Arkansas 6.5% 11.625%

      Arkansas Income Tax

      State Income Tax (Low) Income Tax (High)
      Arkansas 2% 5.5%

      Goods & Services

      Item Siloam Springs National avg. Difference
      Haircut $21.65$24.2610.8%
      Beauty Salon $45.00$45.561.2%
      Toothpaste $3.68$3.700.5%
      Shampoo $1.08$1.2815.5%
      Movie $11.50$12.135.2%
      Bowling $14.71$18.0018.3%

      Groceries

      Item Siloam Springs National avg. Difference
      Ground Beef $5.81$5.840.4%
      Fried Chicken $1.39$1.5711.8%
      Milk $4.52$4.673.2%
      Potatoes $5.22$4.935.9%
      Pizza $10.10$12.0916.4%
      Beer $10.21$10.412.0%

      Health Care

      Item Siloam Springs National avg. Difference
      Optometrist $99.78$125.6820.6%
      Doctor $108.55$135.7820.1%
      Dentist $83.89$113.2926.0%
      Ibuprofen $10.16$10.654.6%
      Lipitor $454.89$468.602.9%

      Housing

      Item Siloam Springs National avg. Difference
      Home Price $153,400.00$184,700.0016.9%
      Avg. Mortgage Payment $1,863.97$2,346.6920.6%
      Apartment Rent $743.00$949.0021.7%

      Transportation

      Item Siloam Springs National avg. Difference
      Gasoline $3.01$3.4613.0%
      Tire Balancing $52.21$59.9212.9%

      Utilities

      Item Siloam Springs National avg. Difference
      All Electricity $150.82$193.9922.3%
      Phone $203.29$192.255.7%
      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.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Springtown, AR136982.1%
      Proctor, OK378982.1%
      Sycamore, OK0982.1%
      Cherokee City, AR57982.1%
      Flint Creek, OK7358020.5%
      Siloam Springs, AR17,031936.9%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Calverton, MD17,03413333.1%
      Neabsco, VA17,03813635.5%
      Yorkton, SK17,021n/a 
      Woodmere, NY17,02019291.7%
      Pinewood, FL17,0441077.4%
      Siloam Springs, AR17,031936.9%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.