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Arkansas Named #2 Most Affordable State to Live in U.S.

 January 11, 2023

Arkansas has been named one of the most affordable states to live in by a national publication.

Entrepreneur magazine has named Arkansas as the #2 most affordable state in its “The Cheapest States to Live in 2023” list.

According to the publication, Arkansas has one of the lowest costs of living in the nation. Average prices for groceries, housing, utilities, transportation, healthcare, and more tend to be lower in Arkansas than nearly every other state.

Entrepreneur magazine emphasized the affordability of housing in Arkansas, noting that both home prices and average rents are lower than other states. In 2022, Arkansas was named the state with the third-lowest home prices in the U.S. by online publication The Ascent.

“Arkansas is a superb place for people on a budget, and you might be surprised by how many business owners live here,” the magazine writes.

The publication also highlighted the abundance of outdoor opportunities The Natural State has to offer. Outdoor lovers can fish, hunt, kayak, bike, and much more throughout Arkansas. Arkansas is home to 52 state parks, 13 major lakes, three national forests, and approximately 1,000 miles of biking trails – all waiting to be discovered and enjoyed by new residents.

Arkansas has already attracted attention for the many opportunities and amenities that it offers. In 2021, Arkansas was the #1 state for inbound movers by percentage – with 44% more people moving into the state than moving out. Max My Money also named Arkansas as one of the top 10 moving destinations in the United States in 2022, and Arkansas was named one of the best states to retire in by both MoneyRates and MoneyWise based on the state’s affordability and lifestyle amenities.

In making its list, Entrepreneur looked at multiple factors to determine the affordability of each state. These factors included cost of living, median income, and each state’s unemployment rate.

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