Arkansas Cost Of Living Statistics


Steve Goldstein
Steve Goldstein
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Arkansas Cost Of Living Statistics 2023: Facts about Cost Of Living in Arkansas reflect the current socio-economic condition of the state.

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LLCBuddy editorial team did hours of research, collected all important statistics on Arkansas Cost Of Living, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to start an Arkansas LLC business in 2023? Maybe for educational purposes, business research, or personal curiosity, whatever it is – it’s always a good idea to gather more information.

How much of an impact will Arkansas Cost Of Living Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.

Please read the page carefully and don’t miss any words.

Top Arkansas Cost Of Living Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 10 Arkansas Cost Of Living Statistics on this page 🙂

Arkansas Cost Of Living “Latest” Statistics

  • According to The Cost of Living Index published by the Council for Community and Economic Research, the housing utilities (buy and rent) in Arkansas are 21% lower compared to the national average.[1]
  • According to The Cost of Living Index published by the Council for Community and Economic Research, the utilities in Arkansas are 6% lower compared to the national average.[1]
  • According to The Cost of Living Index published by the Council for Community and Economic Research, food in Arkansas is 8% lower compared to the national average.[1]
  • According to The Cost of Living Index published by the Council for Community and Economic Research, healthcare in Arkansas is 21% lower compared to the national average.[1]
  • According to The Cost of Living Index published by the Council for Community and Economic Research, transportation in Arkansas is 21% lower compared to the national average.[1]
  • According to The Cost of Living Index published by the Council for Community and Economic Research, goods and services in Arkansas is 21% lower compared to the national average.[1]

Arkansas Cost Of Living “Living” Statistics

  • In the state of Arkansas, the cost of living is $1,732 which is 1.12 times less expensive than the average in the United States.[2]
  • The typical American family spends an additional 16% of its income or $9,826 on transportation each year.[3]
  • With an effective property tax rate of about 63%, Arkansas is among the 10 states with the lowest property taxes.[4]

Arkansas Cost Of Living “Other” Statistics

  • Thousands of individuals left Arkansas in search of jobs paying more, while 10% of Arkansans enlisted in the military.[5]

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How Useful is Arkansas Cost of Living

One of the ways that the cost of living in Arkansas is advantageous is in terms of affordable housing. Home prices in Arkansas are below the national average, making it a great place for those looking to become homeowners on a budget. This can be particularly appealing for young families and first-time homebuyers who may be struggling to find affordable housing in other parts of the country.

In addition to affordable housing, the cost of goods and services in Arkansas is also relatively low compared to many other states. This means that residents often pay less for everyday necessities like groceries, gas, and healthcare. For individuals or families living on a tight budget, these cost savings can make a big difference in their overall quality of life.

Furthermore, the cost of living in Arkansas could be attractive to those who are on a fixed income, such as retirees or individuals living on disability benefits. With lower expenses for necessities, individuals in these circumstances may find that their dollars stretch further in Arkansas than in other states with higher costs of living.

Another benefit of Arkansas’ cost of living is the potential for a higher overall standard of living. With lower expenses, residents may have more disposable income to spend on experiences and activities that enhance their quality of life. This could translate to more opportunities for travel, dining out, or pursuing hobbies and interests.

However, it’s important to note that the low cost of living in Arkansas may also reflect lower wages and fewer job opportunities compared to other states. While lower expenses can be advantageous, individuals considering a move to Arkansas should also consider whether the job market will provide them with the financial stability they need to support themselves and their families.

Ultimately, the usefulness of Arkansas’ cost of living will vary depending on individual circumstances and preferences. For those looking for affordability and a lower overall cost of living, Arkansas may be an attractive option. However, individuals should carefully weigh the pros and cons of living in Arkansas and consider how it aligns with their personal and professional goals.

Reference

  1. uark – https://catalog.uark.edu/graduatecatalog/feeandgeneralinformation/
  2. usatoday – https://www.usatoday.com/story/money/business/2014/09/07/wscs-10-least-expensive-states/15075077/
  3. worldpopulationreview – https://worldpopulationreview.com/state-rankings/cost-of-living-index-by-state
  4. arkansasedc – https://www.arkansasedc.com/why-arkansas/life-in-the-natural-state/detail/cost-of-living
  5. usnews – https://www.usnews.com/news/best-states/arkansas

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