What to Expect When Planning for the Cost of Living in Arkansas

If you’re planning on moving to Arkansas, it’s a good idea to get to know what you can expect for the cost of living. The state has one of the lowest costs of living in the entire country, so your dollar can stretch more than other areas.

Houses and Utilities Are Affordable

You’ll find lots of affordable housing in Arkansas across the state. In addition, the property tax is one of the lowest in the country. For example, even in the most expensive areas, you can expect to pay only around $1,300 monthly for a three-bedroom apartment. If you’re moving with a family of four, you can expect to pay about $2,800 per month to cover all necessary expenses. It’s not hard to find an affordable price on a rental, even if you need a family-sized place.

The real estate market has managed to stay strong even through the pandemic. Demand continues to rise and is expected to keep going through 2021. At the end of 2020, the average home value was just over $140,000, which is amazingly inexpensive. It’s enough to make you start searching for the best long-distance moving company to move here before the market explodes.

Some states have costly utilities, but Arkansas is not one of them. In fact, utilities are very affordable. To give you an idea of what you can expect, for around 900 square feet, your utility bill will be close to $160 per month. Utilities include electricity, water, heating and cooling, and garbage service. If you include internet, you’re only adding an extra $60 per month to your expected obligations.

Lots of Local Resources

You might wonder why the cost of living is so low. It’s pretty simple: The location is exceptionally resourceful. Arkansas boasts a robust and diverse agricultural industry. Because the state is primarily self-sufficient in terms of cotton, rice, poultry, and cattle, the benefits get passed on to the people. Everything is produced locally, so residents pay local prices. There aren’t any extra import taxes or other fees associated with getting these valuable resources into the residents’ hands.

The state also produces millions of gallons of biodiesel every year and produces 28% of its total electricity, courtesy of the nuclear power plant on Lake Dardanelle. Arkansas also relies heavily on natural gas and coal, all of which are naturally found in-state. When it comes to natural gas, the state produces more than it uses, so it exports the excess to other states. As a result, the need to ship in these resources isn’t as high as in other states.

Unless you live under a little rock, you’ve probably heard about how the price of building materials has gone up, resulting in higher home prices. You can see it in major cities across the country. The effect isn’t as prominent in Arkansas because the state also has an excellent in-state supply of building materials. Given the situation, housing has remained affordable across the state compared to other housing markets. Combine affordable housing with low property taxes, and purchasing a home here is a financially sound decision.

A Few Last Words on the Cost of Living in Arkansas

It’s clear that the cost of living in Arkansas is considerably lower than that of most of the United States. From housing to utilities, living comfortably isn’t an unrealistic goal. The state also has enough local resources to be largely self-sufficient. When something is imported into Arkansas, it doesn’t upset the financial balance the state enjoys. If you’re planning to move to Arkansas, you will be pleasantly surprised at how much further your hard-earned money will go.

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