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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 2020.
So where is the most expensive place to live in Arkansas? That would be Fayetteville.
the 2014-2018 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 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 2020
Fayetteville is the third-largest city in Arkansas and county seat of Washington County. The city is centrally located within the county and has been home of the University of Arkansas since the institution's founding in 1871. Fayetteville is on the outskirts of the Boston Mountains, deep within the Ozarks. Known as Washington until 1829, the city was named after Fayetteville, Tennessee, from which many of the settlers had come. It was incorporated on November 3, 1836 and was rechartered in 1867. The four-county Northwest Arkansas Metropolitan Statistical Area is ranked 105th in terms of population in the United States with 463,204 in 2010 according to the United States Census Bureau. The city had a population of 73,580 at the 2010 Census. At 1,400 feet of elevation, it is also one of the highest major US cities between the western Great Plains and the Appalachian Mountains.
The median income in Fayetteville comes in at $42,101 and the median home value is $202,700 for 2020.
Searcy is the largest city and county seat of White County, Arkansas, United States. According to 2014 Census Bureau estimates, the population of the city is 23,768. It is the principal city of the Searcy, AR Micropolitan Statistical Area which encompasses all of White County. The city takes its name from Richard Searcy, a judge for the Superior Court of the Arkansas Territory. A college town, Searcy is the home of Harding University.
The median income in Searcy comes in at $40,044 and the median home value is $150,700 for 2020.
North Little Rock is a city in Pulaski County, Arkansas, United States, across the Arkansas River from Little Rock in the central part of the state. The population was 62,304 at the 2010 census. North Little Rock, along with Little Rock and Conway, anchors the six-county Little Rock-North Little Rock-Conway Metropolitan Statistical Area, which is further included in the Little Rock-North Little Rock Combined Statistical Area with 902,443 residents.
The median income in North Little Rock comes in at $41,780 and the median home value is $131,700 for 2020.
Hot Springs is the eleventh-largest city in the state of Arkansas and the county seat of Garland County. The city is located in the Ouachita Mountains among the U.S. Interior Highlands, and is set among several natural hot springs for which the city is named. As of the 2010 United States Census, the city had a population of 35,193. In 2015 the estimated population was 35,635.
The median income in Hot Springs comes in at $34,120 and the median home value is $117,200 for 2020.
Conway is a city in the American state of Arkansas and the county seat of Faulkner County, located in the state's most populous Metropolitan Statistical Area, Central Arkansas. Although sometimes considered a suburb of Little Rock, Conway is unique in that the majority of its residents do not commute out of the city to work. The city also serves as a regional shopping, educational, work, healthcare, sports, and cultural hub for Faulkner County and surrounding areas. Conway's growth can be attributed to its jobs in technology and higher education with its largest employers being Acxiom, the University of Central Arkansas, Hewlett Packard, Hendrix College, Insight Enterprises, and many technology start up companies. Conway is home to three post-secondary educational institutions, earning it the nickname "The City of Colleges".
The median income in Conway comes in at $46,972 and the median home value is $167,000 for 2020.
Greenbrier is a city in Faulkner County, Arkansas, United States. It is part of the Little Rock-North Little Rock-Conway Metropolitan Statistical Area. The population was 4,706 at the 2010 census, up from 3,042 at the 2000 census.
The median income in Greenbrier comes in at $45,625 and the median home value is $139,600 for 2020.
Russellville is the county seat and largest city in Pope County, Arkansas, United States, with a population of 27,920, according to the 2010 Census. It is home to Arkansas Tech University and Arkansas Nuclear One, Arkansas' only nuclear power plant. Russellville borders Lake Dardanelle and the Arkansas River.
The median income in Russellville comes in at $36,837 and the median home value is $134,400 for 2020.
Little Rock is the capital and most populous city of the U.S. state of Arkansas. It is also the county seat of Pulaski County. It was incorporated on November 7, 1831, on the south bank of the Arkansas River close to the state's geographic center. The city derives its name from a rock formation along the river, named "la petite roche" by the French explorer Jean-Baptiste Bnard de la Harpe in the 1720s. The capital of the Arkansas Territory was moved to Little Rock from Arkansas Post in 1821. The city's population was 193,524 at the 2010 census. The six county Little Rock-North Little Rock-Conway, AR Metropolitan Statistical Area is ranked 75th in terms of population in the United States with 724,385 residents according to the 2013 estimate by the United States Census Bureau.
The median income in Little Rock comes in at $49,957 and the median home value is $162,800 for 2020.
Jonesboro is a city in Craighead County, Arkansas, United States. According to the 2010 Census, the population of the city was 71,551. A college town, home of the Arkansas State Red Wolves, Jonesboro is the largest city in northeastern Arkansas and the Arkansas Delta; it is the fifth-most populous city in the state.
The median income in Jonesboro comes in at $44,780 and the median home value is $152,200 for 2020.
Magnolia is a city in Columbia County, Arkansas, United States. As of the 2010 census the population was 11,577. The city is the county seat of Columbia County.
The median income in Magnolia comes in at $34,366 and the median home value is $110,200 for 2020.
How We Determined The Most Expensive Places To Live In The Natural State For 2020
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 2014-2018 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 2020
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
- El Dorado
For more Arkansas reading, check out:
- 10 Best Places To Live In Arkansas
- These Are The 10 Best Counties To Live In Arkansas
- 10 Cheapest Places To Live In Arkansas
- 10 Best Places To Raise A Family In Arkansas
- These Are The 10 Best Places To Retire In Arkansas
- These Are The 10 Richest Cities In Arkansas
- 10 Safest Places In Arkansas
Detailed List Of The Most Expensive Cities In Arkansas
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