Arkansas Home Prices Ranked Third-Lowest in U.S.September 26, 2022
Arkansas has some of the most affordable home prices in the United States, according to a recent study.
Online publication The Ascent recently published “Average House Price by State in 2022,” which looks at housing markets across the United States. This study found that Arkansas has the third-lowest home prices in the country.
The average home price in Arkansas, based on the Zillow Home Value Index for July 2022, was $177,710. In comparison, the average home price across the United States for the same time period was $354,649. The average home price in Arkansas is roughly 50.11% of the national home price average, based on the Zillow Home Value Index.
In addition to low home prices, property owners benefit from low property taxes in Arkansas. The Tax Foundation lists Arkansas one of the lowest property tax states, ranking the state as no. 40 in the country. Arkansans pay 0.64% in property taxes as a percentage of owner-occupied housing value, and Arkansas’ state and local property tax collections per capita is $788, according to the Tax Foundation.
Personal income and corporate income taxes have been cut consistently over the last decade. Since 2015, the top personal income tax rate has been cut from 7% to 4.9%, and the top corporate income tax rate has been cut from 6.5% to 5.3%.
The benefits of living in Arkansas are already drawing new residents to the state.
Arkansas was the top state for inbound movers, by percentage, in 2021. According to the 2021-22 HireAHelper U.S. Migration Report, Arkansas had 44% more people move into the state than move out of state.
The Natural State was also recently named one of the top 10 moving destinations in the country by online financial education website Max My Money. Citing the state’s low cost of living and plentiful job opportunities, Arkansas was listed as the no. 10 state that more people are moving to now. Arkansas was also named one of the top states for retirement by MoneyRates in August 2022 and MoneyWise in July 2022 due to its affordability.
For those looking to make a move to Arkansas, there’s a new talent recruitment initiative ready to help them out. The “See Why Arkansas” initiative, a partnership between the Arkansas Economic Development Commission and the Arkansas Department of Parks, Heritage and Tourism, is welcoming newcomers and returning Arkansans to The Natural State.
“See Why Arkansas” highlights the state’s many strengths, using testimonials from individuals and families who have made the move to Arkansas, and provides a variety of useful tools, including a “Love Where You Live” Guide and a relocation calculator that shows the differences in the cost of living between Arkansas communities and other parts of the United States.
Lower taxes for individuals, families, and companies make Arkansas an attractive state to live and to do business. With its low cost of living, low tax burden, business-friendly regulatory environment, and abundant outdoor amenities, Arkansas provides a full package for individuals searching for a new home and for companies looking relocate and expand.