Cost of Living in Hot Springs Village, Arkansas
Hot Springs Village is a Census-designated place spanning Garland County and Saline County in Arkansas with a population of 14,466. The total cost of housing, food, child care, transportation, health care, taxes, and other necessities for a single adult in Hot Springs Village is $33,677 a year — about the same as the annual cost of living for Arkansas of $32,443 and less than the national figure of $38,433.
Using cost of living data from the nonprofift think tank Economic Policy Institute, 24/7 Wall St. estimated the cost of living in Hot Springs Village and over 29,000 other cities and towns in the US.
Housing Costs in Hot Springs Village, Arkansas
Housing is one of the largest components of cost of living. In Hot Springs Village, the median home value is $203,300, less than the national median home value of $204,900.
Renting is a sometimes lower cost alternative to homeownership. In Hot Springs Village, some 12.70% of occupied homes are rented, less than the 36.2% national renter rate. The typical renter in Hot Springs Village spends $1,130 a month on housing, less than the $1,023 national median monthly rent.
In addition to home value, one of the largest determinants of housing affordability is area income. While nationwide the price of a typical U.S. home is 3.4 times the $60,293 U.S. median household income, housing affordability ratios range from approximately 1.0 in the least expensive cities to more than 10.0 in the country's most expensive markets. In Hot Springs Village, the median household income is $60,995, 3.3 times the median home value.
Transportation Costs in Hot Springs Village, Arkansas
Transportation can also be a significant component of cost of living. In Hot Springs Village, 90.30% of commuters drive to work, compared to 85.5% of commuters nationwide. An estimated 62.50% of workers commute to jobs outside of Hot Springs Village, a larger share than the 43.7% share of commuters nationwide who live and work in different cities. The average commute in Hot Springs Village is 29.3 minutes long, compared to the 26.6-minute average commute nationwide. Taking into account the cost of gas, as well as public transit and car maintenance, the EPI estimates that a single person in Hot Springs Village spends $10,333 a year on transportation, about the same as the national average of $9,760.
Health Care Costs in Hot Springs Village, Arkansas
Out-of-pocket health care costs and insurance premiums — assuming at least a basic level of health insurance coverage — are slightly lower than they are on average nationwide in Hot Springs Village but in line with what they are across Arkansas as a whole.
For a single adult living in the area, average health care costs come out to $3,804 per year, compared to an average of $3,769 across Arkansas and $4,266 nationwide.
Child care Costs in Hot Springs Village, Arkansas
For families with children, child care adds thousands of dollars to overall annual spending. In Hot Springs Village, the average annual cost of child care for two children — one 4 year old and one 8 year old — is $12,930, about $1,300 more than the comparable average of $11,139 across all of Arkansas. Meanwhile, across the U.S. as a whole, childcare expenses for two children averages $15,853 per year.
Food Costs in Hot Springs Village, Arkansas
In Hot Springs Village, a single adult spends an average of $3,063 on food annually, and a family of four spends $8,845 on average. For context, average annual food expenditure across Arkansas and the U.S., respectively, are $2,988 and $3,240 for a single adult, and $8,630 and $9,354 for a family of four. These estimates are calculated for a nutritionally adequate diet of food purchased at a grocery store for at-home preparation.
Taxes in Hot Springs Village, Arkansas
Few expenses vary as much from city to city and town to town as taxes. Accounting for state and federal income taxes, as well as Social Security contributions and Medicare payroll taxes, the average adult working in Hot Springs Village, Arkansas pays $5,661 annually — closely in line with the statewide average of $5,387.
It is important to note that these calculations do not include other common taxes such as property, sales, and excise taxes. Accounting for these taxes, while excluding taxes levied at the federal level, Hot Springs Village residents live in a state with a modest average tax burden. Per capita state tax collections in Arkansas total $3,266 per year, compared to the $3,151 average across all states.
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