Cost of Living in Mountain Home, AR

An Overview of Cost of Living in Mountain Home, AR

Knowing the cost of living in Mountain Home allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Mountain Home stands at 84, marking it 16% lower than the national average.

Everyday necessities such as clothing, personal hygiene products and recreational activities collectively contribute to the overall cost of living. The favorable news is that in Mountain Home, these essential goods and services are priced 10.6% below the national average. This translates to the ability to procure essential items and indulge in leisure activities without depleting one's financial resources excessively. With the resulting savings, individuals have the opportunity to allocate additional funds towards their savings or other financial objectives.

What Do Locals Say About the Cost of Living in Mountain Home?

The real experts on a city are its residents. That's why we reached out to 7 locals to get their views on the cost of living in Mountain Home. We surveyed the residents and asked them if they felt like prices were affordable or out of reach. The results were as follows. 14% found it budget-friendly with decreasing prices, while 86% said it's simply not affordable as prices have continued to rise.

Is Mountain Home Affordable?

Wondering if Mountain Home 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 Mountain Home, for example, the median home price is 30% lower than what folks pay nationally, and monthly rent is 25.6% lower than the usual rates. Plus, income levels matter too, with Mountain Home boasting a median household income of $40,351, which is 27.1% lower than the national average.

What Factors can Influence the Cost of Living in Mountain Home?

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 Mountain Home, the healthcare costs are 5.1% lower than the national average.

Taxes: Areas with higher taxes, including sales taxes and income taxes, can contribute to a higher cost of living. Paying more tax for everyday goods and services like clothing and food will result in higher costs, as will paying a higher rate of income tax. The general sales tax rate in Mountain Home starts at 6.5% and the income tax rates start at 2%.

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.

Where is the Data From?

The Mountain Home 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.