Best Affordable Places to Live in Arkansas in 2024

Best Places to Live in Arkansas

Looking for that special place where you can live your best life? No matter what age and stage of life you’re in — whether you’re just getting into your first home or you’re ready to retire — you’ll likely be able to find something that suits your needs in Arkansas. Here’s our roundup of some of the best places in Arkansas to live.

Best Affordable Places to Live in Arkansas

One of the big pluses of living in Arkansas is that almost anywhere you choose to buy or rent, the cost can be affordable. These five cities are all known for their quality of life, but they also have affordable home prices, so you won’t have to blow your budget.

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1. Little Rock

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Little Rock is Arkansas’ capital and its most-populated city, so you can expect to find a wide range of activities, amenities, and job opportunities. The city has several museums dedicated to its rich history, and there are plenty of places where you can see live music performances. Or you can head outside and explore Little Rock’s many parks and trails.

Population: 202,864

Median Household Income: $56,928

Cost of Living: 95.6%

Median Rent Price: $1,175

Home Price-to-Income Ratio: 3.54

Average Property Tax: 0.86%

Housing Affordability: The average home value in Little Rock has gone down a bit over the past year and is just above the median for the state, but still more than $100,000 under the national average.

2. Bryant

Housing Affordability: The average home value is up a bit in Bryant, year over year, and the rental market is warm, but the home price-to-income ratio shows costs are still in the healthy range. If you’re looking to buy in Bryant, go through the mortgage preapproval process to get a sense of what your budget can bear and what type of mortgage terms you might be eligible for.

3. Lowell

Housing Affordability: The average home value in Lowell is higher than in some other Arkansas locations, but it’s still well below the national average. Rent prices are down year over year, but Lowell’s rental market is heating up.

4. Fayetteville

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Fayetteville is Arkansas’ second-most-populous city and is home to the University of Arkansas. It also offers access to some of the region’s largest employers, including Walmart, Tyson Foods, and J.B. Hunt. Fayetteville has a reputation as a bike-friendly community, and its popular Botanical Gardens of the Ozarks offers events for all ages throughout the year.

Population: 99,285

Median Household Income: $52,111

Cost of Living: 91.1% of U.S. average

Median Rent Price: $1,700

Home Price-to-Income Ratio: 6.6

Average Property Tax: 0.73%

Housing Affordability: Fayetteville home prices can vary significantly depending on the neighborhood you choose, which is something to keep in mind if you’re hunting for a bargain. Rental prices are down year over year, but the market remains warm. If you are starting your first home search, learn more about the ins and outs of being a first-time homebuyer.

5. Cammack Village

Housing Affordability: The average home value in Cammack Village went up over the past year, and rental costs are also up. Despite the increase, the home price-to-income ratio is a respectable 3.3.

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Best Places to Live in Arkansas for Families

Families looking for easy access to shopping, dining, and activities for kids may find these five cities are a good fit.

1. Maumelle

Housing Affordability: The average home value in Maumelle went up over the past year, but home costs and the overall cost of living are still lower than the national average. Rent prices are also up year over year, and the rental market is warming.

2. Centerton

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Brandonrush , Creative Commons CC0 1.0 Universal

Every member of the family should be able to find something to like about Centerton, with its mountain-biking trails and golfing, shopping and dining, many parks, and even a city pool. Parents also appreciate the city’s good schools. And home prices in Centerton tend to be more affordable than in nearby Bentonville and other popular cities in this area.

Population: 21,525

Median Household Income: $90,793

Cost of Living: 85% of U.S. average

Median Rent Price: $1,750

Home Price-to-Income Ratio: 3.6

Average Property Tax: 0.74%

Housing Affordability: The average home value in Centerton is up year over year, but the home price-to-income ratio shows that costs are still manageable for most residents. The median rent price is also up, and the rental market is still warm.

3. Rogers

Photo credit: iStock/Michael Warren

Rogers, home of the very first Walmart store, is another family-friendly city in the fast-growing Northwest Arkansas region. Along with good shopping and dining, Rogers offers several unique experiences for kids and parents: They can cheer for the Double-A Northwest Arkansas Naturals baseball team at their downtown stadium. They can visit the Daisy Airgun Museum and the Arkansas Air & Military Museum. And they can enjoy live concerts at the Walmart Arkansas Music Pavilion.

Population: 72,999

Median Household Income: $69,582

Cost of Living: 87% of U.S. average

Median Rent Price: $1,650

Home Price-to-Income Ratio: 4.8

Average Property Tax: 0.74%

Housing Affordability: The average home value in Rogers rose significantly in the past year but is still lower than the average home value nationwide. Rent prices are also up from last year.

4. Bentonville

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Bentonville is at or near the top of every “best of Arkansas” list for many reasons. Besides enjoying the beautiful mountain views, you’ll find there’s a lot for kids and adults to do in this growing city. And parents will be drawn to the well-regarded schools. Home costs are higher in Bentonville than in many other areas of the state, but the overall cost of living is lower than the U.S. average.

Population: 57,868

Median Household Income: $89,653

Cost of Living: 87% of U.S. average

Median Rent Price: $1,895

Home Price-to-Income Ratio: 4.9

Average Property Tax: 0.740% of property value

Housing Affordability: Home values are starting to stabilize in Bentonville, but the current price-to-income ratio is a bit outside the healthy range.

5. Springdale

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Brandonrush , Creative Commons CC0 1.0 Universal

The city of Springdale makes it easy for families to spend time together, with a lively farmers market, live performances at the Arts Center of the Ozarks, and activities at the Jones Center, a state-of-the-art recreation center with a skating rink and two pools.

Population: 87,672

Median Household Income: $56,144

Cost of Living: 82% of U.S. average

Median Rent Price: $1,525

Home Price-to-Income Ratio: 5.3

Average Property Tax: 0.73%

Housing Affordability: The home price-to-income ratio is a little outside the healthy range in Springdale, but the average home value is below the U.S. average.

Best Places to Live in Arkansas for Young Adults

Hoping to find a city with a thriving job market, a low cost of living, and fun things to do in your free time? Here are five locations that may offer the lifestyle you’re looking for.

1. Conway

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Conway, known as “the City of Colleges,” is home to Hendrix College, the University of Central Arkansas, and Central Baptist College — and there are several other schools in the area. So you’ll find plenty of young people living there (the median age is 29), and an educated workforce (41.3% have a bachelor’s degree or higher). Like most college towns, there’s lots to do in Conway, which has a fun downtown district but also outdoor activities like hiking, fishing, and a skate park.

Population: 67,617

Median Household Income: $48,104

Cost of Living: 83.5% of U.S. average

Median Rent Price: $1,356

Home Price-to-Income Ratio: 4.9

Average Property Tax: 0.49%

Housing Affordability: The average home value in Conway has been rising steadily in recent years, and the city’s price-to-income ratio reflects that. Still, the average home value in Conway is significantly below the U.S. average. Good news for would-be renters: Prices are dropping and the rental market is cooling.

2. Fort Smith

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Fort Smith embraces its history as a former military post in a frontier town, and the military still has a strong presence there. The city also is known for its popular farmers market, eclectic dining scene, and a wide range of outdoor activities.

Population: 89,992

Median Household Income: $48,033

Cost of Living: 76% of U.S. average

Median Rent Price: $960

Home Price-to-Income Ratio: 3.75

Average Property Tax: 0.78%

Housing Affordability: The average home value and median rent price are both lower in Fort Smith than in most locations in the state. Lower home values may help you find a home that fits your budget, which may make it easier to qualify for a mortgage.

3. Jonesboro

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Jonesboro is another fun college town, with many activities centered around Arkansas State University. There’s also plenty to do outdoors, including hiking, cycling, fishing, and boating. And the city has a diverse and thriving job market.

Population: 79,876

Median Household Income: $48,908

Cost of Living: 88.9% of U.S. average

Median Rent Price: $1,057

Home Price-to-Income Ratio: 4.4

Average Property Tax: 0.70%

Housing Affordability: If affordability is on your list of “must-haves,” Jonesboro is worth checking out. The average home value is up year over year, but costs are still lower than the state average. And rent prices have dropped in the past year.

4. Pea Ridge

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If you’re looking for a place with a more peaceful pace, Pea Ridge may be right for you. This city in the upper corner of Benton County has a rural feel, but it’s still close to amenities, activities, and jobs.

Population: 7,852

Median Household Income: $88,942

Cost of Living: 91.1% of U.S. average

Median Rent Price: $1,600

Home Price-to-Income Ratio: 3.5

Average Property Tax: 0.74%

Housing Affordability: The average home value in Pea Ridge is a little high compared to some other Arkansas cities, but still sits about $50,000 below the U.S. average.

5. Farmington

Housing Affordability: Home and rental costs have both gone up in Farmington over the past year but home values are still noticeably lower than the national average. If you’re shopping for your first home, make sure you understand the difference between mortgage prequalification and preapproval.

Best Places to Live in Arkansas for Retirees

These five Arkansas cities have a lot to offer, whether you’re hoping to ramp things up in retirement or slow things down.

1. Hot Springs

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Hot Springs’ charm and manageable cost of living would make it a good place for just about anyone to settle down. But the city’s natural thermal springs and its focus on wellness may be especially appealing to retirees.

Population: 38,109

Median Household Income: $42,718

Cost of Living: 93.8% of U.S. average

Median Rent Price: $1,420

Home Price-to-Income Ratio: 5.6

Average Property Tax: 0.61%

Housing Affordability: Home prices have risen steadily in Hot Springs, pushing up the city’s price-to-income ratio. But the average home value is still near the average for the state and below the U.S. average. Rent prices are also up over the past year — but costs tend to fluctuate from month to month, and the rental market is trending downward.

2. Bella Vista

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Bella Vista started out as a resort town and retirement village in the foothills of the Ozarks, near the Missouri border. And though it became a full-fledged city in 2008, it still has a laid-back, relaxing vibe. Besides its lakes and golf courses, it is also known for its biking trails and, of course, the beautiful views that inspired the city’s name. (If you’re interested in the region, but open to cities in other nearby states, you can check out the cost of living by state for each.)

Population: 31,733

Median Household Income: $74,972

Cost of Living: 84% of U.S. average

Median Rent Price: $1,795

Home Price-to-Income Ratio: 4.3

Average Property Tax: 0.74%

Housing Affordability: The average home value in Bella Vista is higher than in some other Arkansas cities, but prices seem to be stabilizing. And the average home value is still low compared to the U.S. average. Understanding the different types of mortgage loans available to you can help you keep your options open.

3. Mountain Home

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Brandonrush , Creative Commons Attribution-ShareAlike 4.0 International

Mountain Home is another Arkansas city where retirees can choose between just sitting back and enjoying the view or getting out into nature and golfing, fishing, hiking, biking, and boating. The city also takes great pride in its large public library and many cultural activities.

Population: 13,150

Median Household Income: $41,058

Cost of Living: 83% of U.S. average

Median Rent Price: $975

Home Price-to-Income Ratio: 5.3

Average Property Tax: 0.51%

Housing Affordability: Even though the average home value is up year over year in Mountain Home, the overall cost of living has remained affordable in this scenic city, and home and rental prices are lower than in many other parts of Arkansas. There is a good selection of retirement communities and senior housing considering the town’s relatively small size.

4. Arkadelphia

Housing Affordability: The rental market is tight in Arkadelphia, and the median rent price rose significantly over the past year though it is still notably low. The average home value is also up, but it is still much lower than the average for the state.

5. Blytheville

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Paul Sableman , Creative Commons Attribution 2.0 Generic

If you’re looking for a city with a real sense of community, you may want to check out Blytheville. There’s a local theater group and community choirs for all ages. And Blytheville has parks, playgrounds, and a pool — so you’ll have somewhere to take visiting grandkids. It’s about an hour by car for Memphis, so access to an airport and major hospital is relatively easy.

Population: 12,706

Median Household Income: $43,191

Cost of Living: 82% of U.S. average

Median Rent Price: $750

Home Price-to-Income Ratio: 1.7

Average Property Tax: 0.61%

Housing Affordability: The average home value in Blytheville has dropped over the past year, which could make this an attractive choice for retirees on a tighter budget. Rental prices are also down year over year, but the rental market is heating up.

💡 Quick Tip: If you refinance your mortgage and shorten your loan term, you could save a substantial amount in interest over the lifetime of the loan.

Best Places to Live in Arkansas Near the Water

Keep these locations in mind if a home on the water, near the water, or with a water view is one of your house-hunting priorities.

1. Russellville

Photo credit: iStock/Michael Dean Shelton

Though Russellville is a popular tourist destination (thanks to its proximity to beautiful Lake Dardanelle and four state parks), it’s also a fun place to live, with an annual fall festival, a Center for the Arts that hosts concerts and theater productions, and the Centerville Dragway for racing fans.

Population: 29,133

Median Household Income: $38,908

Cost of Living: 80% of U.S. average

Median Rent Price: $1,100

Home Price-to-Income Ratio: 5.0

Average Property Tax: 0.62%

Housing Affordability: The average home value in Russellville is up year over year, but prices have been stabilizing in recent months. Rentals are also higher this year, and the tight rental market is warming.

2. Siloam Springs

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Siloam Springs is a growing city with something for everyone, including a revitalized downtown, historic sites, and lots of outdoor activities. Adventure seekers can enjoy Siloam Springs Kayak Park on the Illinois River or the downhill cycling trails at City Lake.

Population: 18,654

Median Household Income: $54,596

Cost of Living: 91.2% of U.S. average

Median Rent Price: $1,495

Home Price-to-Income Ratio: 4.8

Average Property Tax: 0.74%

Housing Affordability: The average home value in Siloam Springs is up year over year, and higher than the average value for the state, but it’s lower than the U.S. average. The median rent is also up, but the rental market is cooling.

3. Greers Ferry

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Brandonrush , Creative Commons Attribution-ShareAlike 4.0 International

The tiny city of Greers Ferry is located on Greers Ferry Lake, a 40,000-acre body of water that offers fishing, boating, diving, and waterskiing. The city is known primarily as a resort town, but the great scenery and local amenities could make it an appealing location for retirees — or anyone looking for a relaxing, outdoorsy life.

Population: 902

Median Household Income: $49,607

Cost of Living: 82.3% of U.S. average

Median Rent Price: $650

Home Price-to-Income Ratio: 4.9

Average Property Tax: 0.55%

Housing Affordability: The median rent price in Greers Ferry rose steadily through 2022 but was lower (and more stable) in 2023. The average home value is up year over year but is less than the average for the U.S. Property taxes are also low in Greers Ferry, as is the overall cost of living.

4. Mount Ida

Housing Affordability: Rentals are hard to find in Mount Ida, but home prices are close to the state average — which may be good news for buyers hoping to live near a major lake.

5. Clarksville

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Clarksville is loaded with lakes and rivers where you can fish, swim, or just enjoy the view from a boat or the shoreline. The city also has a community garden, an aquatic center, and a municipal airport.

Population: 9,555

Median Household Income: $33,778

Cost of Living: 79% of U.S. average

Median Rent Price: $614

Home Price-to-Income Ratio: 4.9

Average Property Tax: 0.58%

Housing Affordability: The average home value in Clarksville has been rising steadily in recent years, but it is still far below the state and U.S. averages. The rental market is tight, and costs can fluctuate from month to month.

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The Takeaway

Arkansas has something for just about everyone, whether you’re looking for a big (but not too big) city, a suburb with plenty for the kids to do, or a tight-knit and charming small town. And because the overall cost of living, and the cost of housing specifically, is lower than in most states, Arkansas can be an attractive option for families, retirees, and young adults just starting out.

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FAQ

What is the most affordable city in Arkansas?

Some of the most affordable cities in Arkansas are Blytheville, Fort Smith, and Arkadelphia, although there are many affordable cities in Arkansas that are worth checking out.

What is the cost of living in Arkansas?

The cost of living in Arkansas is 11.5% lower than the U.S. average, according to the most recent data from the MERIC Index, which ranks the cost of living by state. (Currently, Arkansas is ranked seventh-lowest in the U.S.)

How much do you need to earn to live comfortably in Arkansas?

The amount you’ll need to live comfortably in Arkansas depends on your definition of “comfort” and the size of your family. According to the online Living Wage calculator provided by the Massachusetts Institute of Technology, the living wage for an individual with no children in Arkansas is currently $31,720 per year before taxes. For a couple with two children and just one parent working, a comfortable living wage would be $75,379 per year before taxes.

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