Cost Of Living in Sheridan, 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	Sheridan	Arkansas	National
Cost of living	94	86	100
Goods & Services	107	98	100
Groceries	98	95	100
Health care	88	88	100
Housing	80	65	100
Transportation	88	90	100
Utilities	94	92	100

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Cost Of Living Quick Facts

The cost of living in Sheridan is 9% higher than the Arkansas average
The cost of living in Sheridan is 6% lower than the national average
Sheridan housing is 20% 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	$79,713	$6,643	$1,860	$2,392
Renters	$19,093	$1,591	$445	$573

The affordability of the housing market in Sheridan, AR as well as the overall cost of living can be predicted by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Sheridan homeowners, the median income is $79,713. This indicates that a monthly maximum of $1,860 should be spent by homeowners on all housing related costs. Renters have a median income of $19,093. This indicates that renters would have a maximum of $445 for their rent related monthly costs.

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	Sheridan	National avg.	Difference
Haircut	$28.72	$24.26	18.4%
Beauty Salon	$47.61	$45.56	4.5%
Toothpaste	$3.61	$3.70	2.6%
Shampoo	$1.17	$1.28	8.9%
Movie	$13.35	$12.13	10.1%
Bowling	$15.56	$18.00	13.6%

Groceries

Item	Sheridan	National avg.	Difference
Ground Beef	$5.76	$5.84	1.4%
Fried Chicken	$1.36	$1.57	13.3%
Milk	$4.65	$4.67	0.5%
Potatoes	$5.31	$4.93	7.6%
Pizza	$11.20	$12.09	7.4%
Beer	$10.24	$10.41	1.6%

Health Care

Item	Sheridan	National avg.	Difference
Optometrist	$115.17	$125.68	8.4%
Doctor	$132.33	$135.78	2.5%
Dentist	$81.53	$113.29	28.0%
Ibuprofen	$10.35	$10.65	2.8%
Lipitor	$471.21	$468.60	0.6%

Housing

Item	Sheridan	National avg.	Difference
Home Price	$157,400.00	$184,700.00	14.8%
Avg. Mortgage Payment	$2,117.76	$2,346.69	9.8%
Apartment Rent	$641.00	$949.00	32.5%

Transportation

Item	Sheridan	National avg.	Difference
Gasoline	$3.05	$3.46	12.0%
Tire Balancing	$53.11	$59.92	11.4%

Utilities

Item	Sheridan	National avg.	Difference
All Electricity	$166.99	$193.99	13.9%
Phone	$205.18	$192.25	6.7%

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.
Hensley, AR	45	100	0.2%
Leola, AR	704	81	18.7%
Prattsville, AR	448	83	17.4%
Poyen, AR	361	84	15.7%
Tull, AR	489	89	10.7%
Sheridan, AR	4,919	94	6.2%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Becker, MN	4,919	103	2.9%
Paradise Hills, NM	4,918	103	2.5%
Parker, TX	4,920	182	82.0%
Cicero, IN	4,921	95	5.2%
Summit, WI	4,922	129	28.6%
Sheridan, AR	4,919	94	6.2%

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 Sheridan, AR