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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 2021.
So where is the most expensive place to live in Arkansas? That would be Fayetteville.
the 2015-2019 American Community Survey for the 62 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 De Queen (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 2021
The median income in Fayetteville comes in at $43,690 and the median home value is $207,600 for 2021.
The median income in Conway comes in at $47,221 and the median home value is $171,600 for 2021.
The median income in North Little Rock comes in at $43,703 and the median home value is $135,200 for 2021.
The median income in Little Rock comes in at $51,485 and the median home value is $167,600 for 2021.
The median income in Russellville comes in at $36,562 and the median home value is $128,300 for 2021.
The median income in Searcy comes in at $41,014 and the median home value is $145,000 for 2021.
The median income in Hot Springs comes in at $37,552 and the median home value is $122,900 for 2021.
The median income in Greenbrier comes in at $47,028 and the median home value is $141,200 for 2021.
The median income in Jonesboro comes in at $45,931 and the median home value is $152,900 for 2021.
The median income in Farmington comes in at $57,586 and the median home value is $176,600 for 2021.
How We Determined The Most Expensive Places To Live In The Natural State For 2021
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 2015-2019 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 62 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.
Taking A Chunk Out Of Your Paycheck In Arkansas For 2021
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:
- 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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