Cost Of Living in Hope, AR

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	Hope	Arkansas	National
Cost of living	84	86	100
Goods & Services	102	98	100
Groceries	96	95	100
Health care	89	88	100
Housing	53	65	100
Transportation	89	90	100
Utilities	93	92	100

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Cost Of Living Quick Facts

The cost of living in Hope is 2% lower than the Arkansas average
The cost of living in Hope is 16% lower than the national average
Hope housing is 47% lower than the national average
Arkansas general sales tax is 27% higher than the national average
Arkansas state income tax is 23% lower than the national average

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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	$60,538	$5,045	$1,412	$1,816
Renters	$28,043	$2,337	$654	$841

A good way to judge both the affordability of the housing and the cost of living in Hope 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. Hope has a median income of about $60,538 for people who own homes. Based on that number, a maximum of $1,412 should be spent on expenses related to housing. Renters have a slightly different median income, which is $28,043. Based on this average, renters should spend no more than $654 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%	4.9%

Goods & Services

Item	Hope	National avg.	Difference
Haircut	$26.67	$24.26	9.9%
Beauty Salon	$54.14	$45.56	18.8%
Toothpaste	$3.75	$3.70	1.3%
Shampoo	$1.07	$1.28	16.4%
Movie	$11.78	$12.13	2.9%
Bowling	$17.78	$18.00	1.2%

Groceries

Item	Hope	National avg.	Difference
Ground Beef	$5.15	$5.84	11.8%
Fried Chicken	$1.39	$1.57	11.4%
Milk	$4.52	$4.67	3.2%
Potatoes	$5.23	$4.93	6.0%
Pizza	$10.47	$12.09	13.3%
Beer	$9.83	$10.41	5.6%

Health Care

Item	Hope	National avg.	Difference
Optometrist	$113.39	$125.68	9.8%
Doctor	$185.50	$135.78	36.6%
Dentist	$94.42	$113.29	16.7%
Ibuprofen	$10.08	$10.65	5.4%
Lipitor	$409.22	$468.60	12.7%

Housing

Item	Hope	National avg.	Difference
Home Price	$83,700.00	$184,700.00	54.7%
Avg. Mortgage Payment	$1,950.05	$2,346.69	16.9%
Apartment Rent	$685.00	$949.00	27.8%

Transportation

Item	Hope	National avg.	Difference
Gasoline	$3.10	$3.46	10.4%
Tire Balancing	$66.08	$59.92	10.3%

Utilities

Item	Hope	National avg.	Difference
All Electricity	$166.58	$193.99	14.1%
Phone	$205.55	$192.25	6.9%

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.
Ozan, AR	87	97	3.2%
Fulton, AR	114	97	3.2%
McNab, AR	113	97	3.2%
Emmet, AR	444	77	22.8%
Bodcaw, AR	173	78	22.0%
Hope, AR	9,668	84	16.3%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Key Largo, FL	9,670	141	40.9%
Hamburg, NY	9,672	96	4.3%
Loudoun Valley Estates, VA	9,673	169	69.0%
Wapakoneta, OH	9,662	94	6.4%
Farnham, QC	9,662	n/a
Hope, AR	9,668	84	16.3%

Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.

Cost of Living in Hope, AR