Siloam Springs, Arkansas is a beautiful city located in the Northwest corner of the state. It has an abundance of natural beauty and outdoor recreation opportunities, making it a great place to settle down. The cost of living is relatively low compared to the US with 2 bedroom rent averaging at $840 compared to the US average of $1,430. Additionally, the Grocery Cost Index indicates that groceries are 3% cheaper in Siloam Springs than they are on average in the US. There are several local companies that make up the economy of Siloam Springs including Simmons Foods, Inc., UniFirst Corporation, and Randolph Industries Group, LLC. These businesses employ many people from both in and out of town who help keep the city thriving and growing.
Siloam Springs has an unemployment rate of 3.4%. The US average is 6.0%.
Siloam Springs has seen the job market increase by 0.7% over the last year. Future job growth over the next ten years is predicted to be 46.9%, which is higher than the US average of 33.5%.
Tax Rates for Siloam Springs
- The Sales Tax Rate for Siloam Springs is 9.5%. The US average is 7.3%.
- The Income Tax Rate for Siloam Springs is 6.9%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Siloam Springs
- The average income of a Siloam Springs resident is $17,798 a year. The US average is $28,555 a year.
- The Median household income of a Siloam Springs resident is $54,596 a year. The US average is $69,021 a year.