Cost of Living in Elkins, AR

With a cost of living index of 87, Elkins, AR is a very affordable place to live. Living here is 13% cheaper than the national average and 17% above the Arkansas state average of 70. Elkins is a small community of 3,710 residents.

Housing costs are the biggest factor in Elkins's cost of living. The median monthly rent is $1,293 (2% below the US median of $1,319), and the median home value sits at $190,100 (38% below the national median of $304,900). At current prices, the median home costs roughly 2.3x the median household income — well within traditional affordability guidelines.

The median household income in Elkins is $81,111, which is 8% higher than the national median of $75,149. Residents spend roughly 19% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

Everyday prices in the Fayetteville-Springdale-Rogers, AR (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 6 are priced lower than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

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.