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Everyone wants a home that mixes affordability with comfort and Arkansas does this very well. Families love the Natural State's beaches, midlands, and mountains as tourists before moving here and calling it home.
But before you decide to relocate, you have to do some research into the exact cost of living around the state -- and that's how we're going to help you.
These are the places in Arkansas that cost a pretty penny -- the most expensive cities in the state.
After we saved up for months and could finally afford it, we landed on this list of the ten most expensive cities in Arkansas for 2022.
So where is the most expensive place to live in Arkansas? That would be Fayetteville.
the 2016-2020 American Community Survey for the 63 places in Arkansas with more than 5,000 people.
What's the most expensive place to live in Arkansas? Well, HomeSnacks crunched the numbers and discovered that Fayetteville is the most expensive place to live in Arkansas.
So hopefully Walnut Ridge (the cheapest place to live in Arkansas) can show these guys how to live on a budget in the coming years. Read on for how these places had costs rise faster than inflation.
And if you already knew these places were expensive, check out some more reading about Arkansas and the most expensive cities in the country:
The 10 Most Expensive Places To Live In Arkansas For 2022
The median income in Fayetteville comes in at $47,350 and the median home value is $232,100 for 2022.
The median income in Conway comes in at $47,999 and the median home value is $179,400 for 2022.
The median income in Searcy comes in at $39,650 and the median home value is $145,900 for 2022.
The median income in North Little Rock comes in at $43,831 and the median home value is $144,100 for 2022.
The median income in Clarksville comes in at $32,842 and the median home value is $128,800 for 2022.
The median income in Alma comes in at $35,352 and the median home value is $145,600 for 2022.
The median income in Russellville comes in at $37,436 and the median home value is $133,100 for 2022.
The median income in Jonesboro comes in at $47,062 and the median home value is $161,500 for 2022.
The median income in Little Rock comes in at $53,620 and the median home value is $172,500 for 2022.
The median income in Arkadelphia comes in at $31,643 and the median home value is $114,100 for 2022.
Methodology: How We Determined The Most Expensive Places To Live In The Natural State For 2022
The two most important things to think about when it comes to being able to afford if you can live comes down to:
- How much do money do I make?
- How much do I have spend to live there?
You need to understand your costs in the context of how much money you make.
For example, if the median household earns $100,000 and spends $40,000 on housing it's actually cheaper to live there than a place with a median income of $50,000 and housing costs of $21,000. You might spend more on housing, but you have more money overall to play with.
With that example in mind, we derived several statistics from the latest Census American Community Survey 2016-2020 around incomes and costs. They are:
- Median Home Price / Median Income (lower is better)
- Median Income / Median Rent (Higher is better)
- Median Home Price
We added simply median home price because high home prices generally correlate with higher expenses for all costs related to homes (heating, electricity, etc).
You can then compare these metrics in each of the places in Arkansas to figure out which is the most expensive.
What you are left with is a "Cost of Living Index" by taking the average rank of each of these metrics for each city.
So we used that cost of living index in order to rank all of the 63 places in Arkansas that have more than 5,000 people.
The place with the highest cost of living in Arkansas according to the data is Fayetteville. You can download the data here.
Summary: Taking A Chunk Out Of Your Paycheck In Arkansas For 2022
Well there you have it, the places in Arkansas that have the highest cost of living, with Fayetteville ranking as the most expensive city in the Natural State.
Here's a look at the most affordable cities in Arkansas according to the data:
- Walnut Ridge
- De Queen
For more Arkansas reading, check out:
- Best Places To Live In Arkansas
- Cheapest Places To Live In Arkansas
- Most Dangerous Places in Arkansas
- Best Places To Raise A Family In Arkansas
- Safest Places In Arkansas
- Worst Places To Live In Arkansas
Detailed List Of The Most Expensive Cities In Arkansas
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