Cost of Living in West Memphis, AR

An Overview of Cost of Living in West Memphis, AR

The cost of living in West Memphis 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 West Memphis is 82, which is 18% lower than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

Housing costs often consume a significant share of your take-home income, often surpassing 30%. Fortunately, West Memphis distinguishes itself by reporting housing expenses that are 44.8% below the national average. This indicates that both owning a home and renting in this area are notably more budget-friendly compared to the rest of the nation. With such favorable housing affordability, residents of West Memphis can allocate more of their income to housing, enhancing their financial flexibility.

What Do Locals Say About the Cost of Living in West Memphis?

Nobody knows their city better than the people who actually live there. So, we asked 6 local residents how they would rate the cost of living in West Memphis and this is how they responded. 50% of people said that the cost of living was affordable, with prices decreasing, while 50% of people said that the cost of living was very expensive and prices continue to rise.

Is West Memphis Affordable?

Wondering if West Memphis is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In West Memphis, for example, the median home price is 53.4% lower than what folks pay nationally, and monthly rent is 24.9% lower than the usual rates. Plus, income levels matter too, with West Memphis boasting a median household income of $32,601, which is 41.1% lower than the national average.

What Factors can Influence the Cost of Living in West Memphis?

Healthcare: Healthcare costs and insurance premiums can fluctuate greatly based on the city or state. Access to healthcare facilities, out-of-pocket expenses for doctor\’s visits, dentist costs, medication costs and specialized care costs can all impact the cost of living. In West Memphis, the healthcare costs are 13.5% lower than the national average.

Groceries: The costs associated with groceries have witnessed substantial increases over the past 2-3 years. In select markets, food prices have escalated by more than 20% during this timeframe, whereas others have seen more restrained upticks. The variances in food expenses can exert a considerable influence on the overall cost of living in a given locale. In West Memphis, the groceries index is 0.2% higher than the national average.

Urbanization: Larger, urban areas boasting abundant amenities and robust employment prospects often exhibit a heightened cost of living, driven by the increased demand for services and residential relocation. Consequently, this leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural locales or regions marked by diminished demand typically offer a more limited range of amenities and experience slower job market expansion. This translates into a more affordable cost of living.

Where is the Data From?

The cost of living data in West Memphis displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.