Summit, AR is a small town located in central Arkansas. It has many local companies such as Walmart, McDonalds, and Home Depot that provide services and amenities to residents. The cost of living in Summit is considerably lower than the US average. For example, the average 2 bedroom rent in Summit is just $720 compared to $1,430 in the US. Similarly, the Grocery Cost Index is 92 compared to 100 for the US on average. This makes Summit an attractive destination for those who are looking for a cheaper cost of living with all of the necessary amenities nearby.
Summit has an unemployment rate of 5.4%. The US average is 6.0%.
Summit has seen the job market decrease by -0.5% over the last year. Future job growth over the next ten years is predicted to be 24.3%, which is lower than the US average of 33.5%.
Tax Rates for Summit
- The Sales Tax Rate for Summit is 9.3%. The US average is 7.3%.
- The Income Tax Rate for Summit 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 Summit
- The average income of a Summit resident is $13,022 a year. The US average is $28,555 a year.
- The Median household income of a Summit resident is $50,694 a year. The US average is $69,021 a year.