Arkansas Economic Development Commission

It Pays to Live in Arkansas

Arkansas Economic Development Commission Where you can get your most home May 30, 2017

There are many perks when it comes to moving to Arkansas – the natural beauty, southern hospitality, abundant job opportunities and how far a dollar will get you, just to name a few. Arkansas has the third-lowest cost of living in the nation. Only Mississippi and Indiana offer more purchasing power, dollar for dollar, than Arkansas. 

Affordable housing is one of the biggest factors in the cost-of-living difference. A new report from the personal finance site GOBankingRates.com explored the median property listing prices on Zillow to calculate how much home $300,000 can buy in each U.S. state.  The Arkansas housing costs came out to $88 per square foot. That would mean that $300,000 buys approximately 3,390 square feet, making the state one of the most affordable places to live in the nation. The least expensive cost-of-living state was Indiana at a median price per square foot of $86, and the most expensive cost-of-living state was Washington, D.C., coming in at a whopping $497 per square foot median price.

According to Zillow, houses in the state have a median listing price of $150,000, with average monthly rent of around $1,000. Not only are housing costs more affordable in this state, but Arkansas has also scored well in terms of health, grocery, utilities, and transportation costs.

The affordability of living in Arkansas is bringing more and more business and opportunity to the state. Companies, both small and large, are moving to the area and the workforce is growing even stronger. Thanks to a low cost of living and a high quality of life, The Natural State is one of the best places in the country to relocate for families and professionals alike.

For more news and information about living and working in Arkansas, sign up for our newsletter.

AEDC Download 2017 economic impact report