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Arkansas is a southern state with a population of a little over 3 million people with a rich history. It’s a state where many famous people emerged. Namely, former president Bill Clinton, Johnny Cash, actor Billy Bob Thronton, and was the first place in which the founder of Walmart, Sam Walton, set up his first store.
It is known for its diverse landscape, with the Ouachita mountains, the banks of the Mississippi River, to its lush verdant forestland called the Arkansas Timberlands. Nature lovers will find all that they need here. The Ozark National Forest is a hiker’s dream, with over a million acres of forested land to trek through.
Over the years, the state has diversified its businesses around the mid-20th century, becoming an agricultural and food manufacturing powerhouse in the southern United States. The top employers are the Arkansas State Government, Wal-Mart, Tyson Foods Inc., Arkansas Children’s Hospital, and Baptist Health.
And make sure not to mispronounce the name, as it’s against the law to do so. Keep in mind; it’s Ar-kan-saw!
Housing in Arkansas
The housing market in Arkansas is great for sellers right now. The median value of a home is ~$130,500. Over the past year, the market has increased in value by 3.7% and is estimated to rise another 3.9% before the year’s end. The average rent is around $1,000.
Some of the best cities to live in are Bentonville, Cammack Village, Fayetteville, Centerton, Conway, Cave Springs, and the capital of Little Rock.
Compared to other states, living here is markedly less expensive than others, even those neighboring it. Mix that with an abundance of jobs in a place like Little Rock, any job seeker will be in luck.
Taxes in Arkansas
The statewide sales tax rate is 6.5%. Combined with other municipalities and their own personal rate, sales taxes in Arkansas could add up to nearly 12%.
If you were to live in a city like Little Rock, in terms of property tax, you could expect to pay Pulaski County’s rate of 0.811%. Combine that with the median price of a home and you would end up paying roughly $1,000 annually. This is only a bit higher than the Arkansas average, which would be 0.627% of a home’s assessed value.