Malvern, AR is a small town with a population of around 8,000 people located in central Arkansas. The two bedroom rent in Malvern is significantly lower than the US average at $770 compared to $1,430. This can be attributed to the low cost of living that has been maintained due to the local economy being powered by local businesses. Companies such as Malvern National Bank, Central Arkansas Water, and First Electric Cooperative all contribute to the local economy and provide essential services to the people of Malvern. Additionally, grocery costs are below the national average with a grocery cost index rating of 92 compared to the US rating of 100. This makes it more affordable for residents to purchase groceries and other necessary items. In conclusion, Malvern’s local economy is driven by its myriad of locally owned businesses providing reasonably priced services and products for its citizens.
Malvern has an unemployment rate of 4.6%. The US average is 6.0%.
Malvern has seen the job market decrease by -1.4% over the last year. Future job growth over the next ten years is predicted to be 24.9%, which is lower than the US average of 33.5%.
Tax Rates for Malvern
- The Sales Tax Rate for Malvern is 8.0%. The US average is 7.3%.
- The Income Tax Rate for Malvern 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 Malvern
- The average income of a Malvern resident is $15,997 a year. The US average is $28,555 a year.
- The Median household income of a Malvern resident is $34,880 a year. The US average is $69,021 a year.