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Overview
Located in the South Central region, Arkansas is a state with diverse landscapes. It mostly consists of densely forested land, high mountains (like Ouachita and Ozark Mountains), and lowlands along the rivers.
Over 3 million people live in Arkansas, many of whom take up residence in Little Rock. It is not only the state capital but also the major hub for business, transportation, government, and culture. Pine Bluff is the largest southeastern city while Jonesboro is the biggest city in the eastern part of Arkansas.
Buying a House in Arkansas
Are you looking for cheap homes for sale? There are nearly 20,000 properties in Arkansas with a median home value of $122,000. The typical home value is $142,220.
While the majority of homes (about 95 percent) on the market are for sale, there are also homes for rent (around 5 percent). Approximately 50% of those properties are single-family homes.
Rent to Own vs Buying
Whether you want to purchase a townhouse, single-family home, condo, or apartment, a rent-to-own with a lease option could be a great opportunity for you. This is especially true if you are an eager buyer but with a bad credit score.
Even if you sign a rent-to-own contract with no credit check, your credit score still matters. It will play a vital role in qualifying for financing when you apply for a loan or mortgage. That said, you need to work on improving your credit score throughout your lease.
Remember that the seller will eventually capitalize on your rent payments whether you purchase the home or not, thereby making some profit off of the property at the end of the lease. The sellers do not worry about if the buyer/tenant has a sufficient credit score and money for the down payment.
Living Expenses in Arkansas
The good news is that the cost of living is lower than the national average in general. Prices of houses average 34% less than the national average. Transportation and healthcare rank 12% lower than the national average, while utilities and groceries are about 6% below the average.
Conclusion
Arkansas has an excellent backdrop for outdoor activities and unlimited beauty. The state does not fall short of providing activities and amenities for residents. Moreover, the low cost of living and affordable housing make it a great place for everyone to call home.
Reported Annual Crime In Arkansas
| Statistic | Arkansas | National |
|---|---|---|
| Violent crime | 8,783 | 370,388 |
| Murder | 212 | 19,131 |
| Rape | 1,584 | 86,726 |
| Robbery | 1,384 | 152,431 |
| Assault | 6,979 | 277,038 |
| Property crime | 20,988 | 1,216,038 |
| Burglary | 9,530 | 468,957 |
| Theft | 16,577 | 1,063,593 |
| Motor vehicle | 4,686 | 301,970 |
| Arson | 399 | 32,898 |