Is it Cheaper to Live in Arkansas?

TBN Editor 2 July 25, 2022July 25, 2022

Growing trends of inflation have got us all worried about our budgets. Almost half of the income is taken up by the house rent and maintenance charges. Not to mention the added taxes on everyday products. It has pushed people to look for alternatives and Arkansas is one of them. The state is ranked third in terms of lowest living costs which makes one wonder whether to look for houses for sale Rogers AR and move permanently. So, let’s find out what makes this city so affordable to live in.

Affordable Housing Market

Arkansas has one of the most affordable housing markets in the US and is probably the contributing factor of what makes this state so inexpensive. As per Zillow’s report, the median price of the home is $156,800 and the price per square foot is between $95-$105. Furthermore, the taxes on the properties are amongst the lowest in the country at just 0.63%.

Even those who do not want to own a place can live cheaply. The average rent of a one-bedroom apartment is between $500-$600. The cost does not increase drastically even if you get a bigger house for the family. The average price of the 4-bedroom apartment is under $1000.

Low Energy Cost

The average household in Arkansas spends only $1,900 on energy which is 8.7% less than the national average. Coupled with affordable housing, the low energy costs make Arkansas a comfortable place to call home. Furthermore, the state also enjoys low taxes from federal and state government which allows residents to take all advantages without sacrificing the affordability.

Low Incomes

The average salary in Arkansas is 20% less than the national average. It essentially means that most residents of the state do not have as high spending power as the people in other states. The low purchasing power increases the competition between companies to sell their products at cheaper prices. It makes this state a heaven for people with salaries that are higher than average.

Cities To Avoid In Arkansas

Although Arkansas is cheap, it is not without catches. There are cities in the state that have higher crime rates, subpar education systems and enjoy a bad reputation. You should try to avoid the following cities to have a decent lifestyle: