Cost of living in Greenwood research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Greenwood is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in Arkansas, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Greenwood is 84, with 100 being the average.
The cost of living index in Greenwood is 0.8x lower than the national average.
Greenwood ranks as the #34 cheapest in Arkansas out of 65.
Greenwood ranks as the #629 cheapest out of 6,412 in the US.
The median home value in Greenwood is $143,800.
The median income in Greenwood is $57,837.
According to the most recent data on the cost of living, Greenwood has an overall cost of living index of 84, which is 0.8x lower than the national index of 100.
Compared to Arkansas, Greenwood has a cost of living index that's 0.9x lower than Arkansas's index of 90.
The standard of living in Greenwood ranks as #34 most affordable out of the 65 places we measured in Arkansas. By definition, that implies Greenwood ranks as the #31 most expensive place in the Natural State.
For more reading on life in Greenwood, check out:
Six factors go into calculating the cost of living index in Greenwood. Here is how it fairs on each of the criteria:
The Services index in Greenwood is 88.
The Groceries index in Greenwood is 92.
The Health index in Greenwood is 77.
The Housing index in Greenwood is 72.
The Transportation index in Greenwood is 95.
The Utilities index in Greenwood is 97.
|Living Expense||Greenwood||Arkansas||National Average|
Housing swings affordability the most between places in Arkansas, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2017-2021. The key points are:
The Median Home Value in Greenwood is $143,800.
The Median Rent in Greenwood is $772.
The Median Income in Greenwood is $57,837.
The Home Value To Income in Greenwood is 2.5x.
The Rent To Monthly Income in Greenwood is 0.16x.
|Median Home Value||$143,800||$142,100||$244,900|
|Home Value To Income||2.5x||2.7x||3.5x|
|Rent To Monthly Income||0.16x||0.18x||0.2x|
The cost of living varies in the cities and towns around Greenwood. Here's a quick look at the cost of living in the most populous nearby places:
Fort Smith, AR has a cost of living index of 83, 1.0x Greenwood.
Van Buren, AR has a cost of living index of 83, 1.0x Greenwood.
Clarksville, AR has a cost of living index of 78, 0.9x Greenwood.