Compared to the rest of the country, Arkansas has a much lower cost of living. Arkansas has the third-lowest cost of living among all U.S. states. A dollar in Arkansas supports more real spending than it does in more expensive states. C2ER’s Cost of Living Index reported that Arkansas’ cost of living is approximately 14% lower than the rest of the nation. The index can be used to compare average prices for grocery, housing, utilities, transportation, healthcare, and more.
Arkansas' Buyer-Friendly Housing Market
Affordable housing is abundant in Arkansas, and it is one of the most significant contributing factors in the cost-of-living difference. Zillow reported that the median price of homes sold is $156,800, with the median list price per square foot at $101. The median rent price is $1,005. Arkansas is in the top 10 for lowest property taxes with an effective property tax rate of only 0.63%.
Affordable Utilities in Arkansas
Coupled with affordable housing costs, some of the lowest utility rates in the country make Arkansas a comfortable place to call home. According to the Global Energy Institute, the average household spent only $1,892 in 2019 on energy, which is 8.7% below the national average.
Necessities Cost Less in Arkansas
In Arkansas, our cost for necessities is low, so you can take advantage of all our state offers without sacrificing affordability. When your dollar goes further, it’s easy to see why the Natural State has such an excellent quality of life.