Van Buren cost of living index

The above illustration supplies generalized information for the Van Buren, AR cost of living index. Compared to other cities in Arkansas and cities across the country, the cost of living index in Van Buren, AR is 85, which is 1% higher than the Arkansas average and 15% 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 Van Buren, AR are 7% higher than the average for Arkansas and 2% lower than the rest of the country.

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Salary Calculator

The salary calculator allows you to compare how much your current salary in Van Buren, AR would be worth in another city. In other words, the salary calculator will adjust the figure you enter for cost of living so that you can determine how much more or much less you would need to earn while maintaining your current quality of living. If you are considering relocating to a more expensive city than Van Buren, AR, the calculator will tell you how much more you need to earn so you can assess job offers more accurately. The Van Buren, AR salary calculator is easy to use. All you do is enter the name of another city, then move the slider to your current income. After that, the salary calculator will crunch the numbers for you and give you the information you need about the place you are considering going. Additionally, it will show a detailed breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

If you want to find a good determining factor for the cost of living and the general affordability of housing in Van Buren, AR, all you must look at is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Van Buren, AR, the median monthly income is $48,902 for those who own their own homes. Under the standard rule, that income level would allow for $1,141 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $26,974, per the median income in the area. That would allow for renters to spend up to $629 on monthly rental expenses.

Arkansas Sales Tax

Arkansas Income Tax

When assessing the complete cost of living in Van Buren, AR, the Arkansas income tax and the Arkansas sales tax percentages should unquestionably be taken into consideration. Sales taxes aren't just levies imposed onto sold goods, but they also include taxes that are charged when services are provided for a fee. The rates are different from state to state and can run has high as 7 percent. Some states have no sales tax at all. The Arkansas maximum surtax is 11.625%, and the Arkansas sales tax is 6.5%. By contrast, income tax is an unfortunate obligation that is charged by the government against earnings. Just like sales taxes, the rates for income taxes differ from state to state. They also decrease or increase according to the individual's tax bracket. Tax rates can run as high as 9 percent, with a minimum of zero. Income tax rates range from 0.9% to 6.9% in Arkansas.

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 Van Buren, AR cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.