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Crunching the Numbers
How Much Bang for the Buck in Arkansas?
The incredible natural beauty of the state is free, and the state's rich heritage can be explored inexpensively. A laid-back atmosphere and a wealth of activities draw residents of all ages to the state.
But did you realize that Arkansas is also a very economical place to live? Arkansas's housing, utilities and taxes rank at or well below other areas of the country.
With growing cities, as well as hundreds of small towns and farming communities, Arkansas offers choices for every lifestyle and income.
Economic Outlook
According to the Arkansas Department of Economic Development, Arkansas had a 4.9 percent unemployment rate for 2005, which was better than the national average. From 1999-2005, the labor force grew 8.6 percent, exceeding the national average of 7.1 percent. And from 2003-05, the per capita income of the state increased by 10.5 percent.
Arkansas currently ranks No. 8 in the nation in population, personal income and employment growth.
The state also boasts a favorable cost-of-living index - about 91.0 compared with 100.0 for the rest of the country. Businesses receive low tax obligations through incentives, exemptions, credits and refunds.
Cost of Living Comparison
The median household income in Little Rock is $41,036, about the national average of $43,057. But in Little Rock, you save more of your salary because the cost of living is less than in other major metropolitan areas.
Hot Cities Ranking
Several cities and metropolitan areas in Arkansas ranked high on Entrepreneur magazine's lists of "entrepreneurial hot cities," rankings based on business formation and business growth.
The Memphis metropolitan area, which includes parts of Arkansas, Tennessee and Mississippi, ranked No. 10 on the magazine's list of large cities. The Little Rock-North Little Rock metro ranked No. 14 on its list of mid-size cities.
Five Arkansas metros ranked on the magazine's list of small cities: Jonesboro was No. 6, Fayetteville-Springdale-Rogers reached No. 28, Fort Smith was No. 45, Texarkana ranked No. 88 and Pine Bluff was No. 143.
Among states for entrepreneurial growth, Arkansas ranked No. 25.
| Population Stats |
| Estimate for state |
2,752,629 |
| Estimate for Little Rock-North Little Rock |
243,740 |
| Persons younger than 18 |
25.4% |
| Persons 65 and older |
14% |
Persons per square mile
(national average 79.6) |
51.3 |
Source: U.S. Census Bureau
Your paycheck will stretch farther in Little Rock than in other major cities across the country. If your salary is $50,000 in Little Rock, to enjoy the same lifestyle elsewhere you will need a salary of...
| Los Angeles |
$103,750 |
| Seattle |
$86,685 |
| Santa Fe |
$68,965 |
| Chicago |
$106,865 |
| Manhattan |
$153,524 |
| Boston |
$100,843 |
| Dallas |
$76,118 |
| Atlanta |
$70,822 |
| Washington, D.C. |
$105,754 |
Source: Third-quarter 2005 figures from www.homefair.com/calc/salcalc.html
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