Banks, AR is a small town located in the Arkansas Delta known for its welcoming atmosphere. With an average 2 Bedroom rent of $650, it provides an affordable housing option for those looking to save money. Additionally, the Grocery Cost Index in Banks, AR is 91 versus 100 in the US which makes it a great spot for those looking to save on their groceries. This town offers plenty of local companies such as Bank's Auto Repair and Pappy's Bar-B-Q that provide quality services and amenities to its residents. Other services include The Starlite Drive-in Theater and the annual Banks Music Festival. Residents also enjoy outdoor activities such as fishing at Bear Creek Lake Park or visiting the Oaks Plantation Museum.
Banks has an unemployment rate of 5.0%. The US average is 6.0%.
Banks has seen the job market increase by 2.0% over the last year. Future job growth over the next ten years is predicted to be 30.3%, which is lower than the US average of 33.5%.
Tax Rates for Banks
- The Sales Tax Rate for Banks is 8.5%. The US average is 7.3%.
- The Income Tax Rate for Banks 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 Banks
- The average income of a Banks resident is $13,716 a year. The US average is $28,555 a year.
- The Median household income of a Banks resident is $42,344 a year. The US average is $69,021 a year.