Cost of Living in Hermitage, AR

With a cost of living index of 54, Hermitage, AR is one of the most affordable cities in the country. Living here is 46% cheaper than the national average and 16% below the Arkansas state average of 70. Hermitage is a small community of 379 residents.

Housing costs are the biggest factor in Hermitage's cost of living. The median monthly rent is $464 (65% below the US median of $1,319), and the median home value sits at $114,600 (62% below the national median of $304,900). At current prices, the median home costs roughly 5.5x the median household income — a stretch for many buyers, though not uncommon in today's market.

The median household income in Hermitage is $20,750, which is 72% lower than the national median of $75,149. Residents spend roughly 27% 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.