Cost of Living in Cove, AR

With a cost of living index of 55, Cove, AR is one of the most affordable cities in the country. Living here is 45% cheaper than the national average and 15% below the Arkansas state average of 70. Cove is a small community of 359 residents.

Housing costs are the biggest factor in Cove's cost of living. The median monthly rent is $574 (56% below the US median of $1,319), and the median home value sits at $80,000 (74% below the national median of $304,900). At current prices, the median home costs roughly 3.1x the median household income — a moderately affordable ratio by today's standards.

The median household income in Cove is $26,172, which is 65% lower than the national median of $75,149. Residents spend roughly 26% of household income on rent. This is near the 30% threshold that financial experts generally consider the upper limit of affordability. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.