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There's a the age old question everyone thinks about when they decide to move to a city in Arkansas:
Should I buy a place or rent? Well, we aren't here today to solve that problem for you exactly. We are just assuming you'll do the right thing and a buy a place. And while we are happy to tell you the best place to live in Arkansas, this analysis is going to tackle the question of the best place to buy a house as an investor. That is we are going to try and determine the up and coming cities in the Natural State.
To do that we are going to look at places in Arkansas that are growing faster than average, but where home prices are below average. In every day terms, the "deals". The best deal in Arkansas at the moment? That would be Cherokee Village according to our analysis.
Here's a look at the top ten places to buy a home in arkansas for 2020:
- Cherokee Village (Homes For Sale)
- Crossett (Photos | Homes For Sale)
- Walnut Ridge (Photos | Homes For Sale)
- White Hall (Photos | Homes For Sale)
- Greenbrier (Homes For Sale)
- Berryville (Photos | Homes For Sale)
- Pea Ridge (Photos | Homes For Sale)
- Prairie Grove (Photos | Homes For Sale)
- Mena (Photos | Homes For Sale)
- Alma (Photos | Homes For Sale)
What's the best place to buy a home in Arkansas for 2020? According to our analysis, would the the ideal place to buy a home looking into the future.
The methodology that wen't into this can be a bit complicated, so we'll break it down for you in as much detail as we can below. If you're not worried about finding a deal on good places to live, check out the most expensive places to live in arkansas and, for those of you on a budget, the cheapest places to live in arkansas.
For more Arkansas reading, check out:
- These Are The 10 Best Counties To Live In Arkansas
- 10 Best Places To Raise A Family In Arkansas
- These Are The 10 Best Places To Retire In Arkansas
The 10 Best Cities To Buy A House In Arkansas For 2020
Prior to European settlement, Native American tribes, including the Quapaw and later the Cherokee, lived in the area. Several historical figures of the Wild West such as Jim Bowie and Jesse James passed through the Greenbrier region toward Oklahoma and Texas. The Wiley brothers settled near East Fork Cadron around 1818, about 8 miles east of today's Greenbrier. In 1837, Jonathan Hardin settled near the Wiley settlement. Also in the early 19th century, the Casharagos settled north of Greenbrier in the present community of Republican.
Berryville was founded by local settler Blackburn Henderson Berry in 1850; his nephew James Henderson Berry would become the fourteenth governor of Arkansas in 1883.
While the official governmental history of Pea Ridge dates to the establishment of a post office in 1850, the area actually has a history of human habitation stretching back centuries prior.
Mena was founded by Arthur Edward Stilwell during the building of the Kansas City, Pittsburg and Gulf Railroad, which stretched from Kansas City, Missouri to Port Arthur, Texas. Train service to Mena began in 1896.
Alma was incorporated in 1874 and the economy was largely agricultural until the introduction of the canning industry. Today, the city claims the title of "Spinach Capital of the World".
How do you determine the best places to buy a home in arkansas for 2020?
We were in real estate for almost five years and have been working on this site for another three. Suffice is to say, we've put a lot of thought into what goes into finding a good place to buy a home.
So all that thinking has come to this moment where we get to spell out how we'd approach finding an up-and-coming place to live in Arkansas. Put differently, the analysis will try to find places in Arkansas with undervalued homes relative to pent up demand.
To do that we looked at the most recent American Community Survey Census data for 2014-2018 and compared it to the previous vintage (2012-2016). Specifically, we used the following criteria:
- Y-o-Y Change In Population (People want to live here)
- Y-o-Y Change In Median Home Prices (People are willing to pay for it)
- Home Prices Relative To The State Average (It's still kinda cheap)
We want places that are growing, have seen home prices increase in recent years, and are still "cheap" for Arkansas with the following caveats:
- Home prices had to be within 20% of the state average (Much lower than that and you get to some of the more dangerous places)
- Home prices increased in the last year, and
- Above 5,000 people (Bigger cities have more data points)
So of the 0 cities and towns in Arkansas, only 63 places made it through our initial filters to even be considered.
We then ranked each place from 1 to 63 for the criteria mentioned above with 1 being the best for that criteria. We averaged the rankings to create a "best place to buy" index with the place having the lowest index being the best. You can download the data here.
Turns out that Cherokee Village is the best potential gem in the not-so-rough in the Natural State.
Read on for more on these places.
There You Have It - The Best Places To Purchase A House In arkansas for 2020
There's our analysis of the best places to buy a house in Arkansas. And, to be clear, we aren't necessarily saying these places are the best places to live, just that it looks like they might be in a couple of years based on the data.
In fact, every place in the following table meets our criteria, so even though it may not look super long, remember we started off with all 0 places in the state.
So if we'd could rent or buy in these cities, we'd definitely buy.
For more arkansas reading, check out:
Detailed List Of The Best Places To Buy A Home In Arkansas
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