This article takes a look at the 15 best places to retire in Arkansas. If you wish to skip our detailed analysis on navigating retirement living in the US, you may go to 5 Best Places to Retire in Arkansas.
What is the ‘Best’ in Retirement?
In retirement, finding the best option can often be difficult. According to a HireAHelper report, over 338,000 Americans moved for retirement in 2023. Similarly, the Social Security Administration states that by 2021, at least 450,000 American citizens had settled on an overseas retirement destination. Both of these figures depict dissatisfaction with present circumstances and an urge to change them, either through interstate travel or crossing international borders.
While many retirees do make the move overseas, this is not an option in everyone’s reach. Straight off the bat, a foreign relocation costs serious money – in excess of $10,000, reports BuzzFeed, Inc. (NASDAQ:BZFD) affiliated HuffPost. Of course, some retirees do manage to bring down this figure by finding the most affordable places to retire in the world, but this often means restricted retirement destinations and potentially skipping out on some amenities.
Others still are bound by familial responsibilities – Bloomberg reports that as much as 50% of the US young adult population still lives at home with their parents. Not only does this put an overseas retirement out of the question, but it also piles a greater financial burden on the parent generation, often forcing them to adjust their retirement plans accordingly. In fact, many of the Americans who continue to financially support their adult children often do not possess the $10,000 retirement relocation investment that BuzzFeed, Inc. (NASDAQ:BZFD) talks about in their publication.
As a result, American retirees have increasingly been turning to an interstate migration trend. Here, there are certain patterns – retirees look at factors such as cost of living, weather, healthcare, and more when making their decision. While not appearing in the top rankings for states that attract retirees, Arkansas still holds a solid place for those contemplating a move.
Making Arkansas Your Forever Home
On the face of it, Arkansas may not seem like the best retirement choice. After all, it doesn’t hold the glamour of popular retirement states such as Florida and Colorado. However, take a second look and there’s much more to see.
For instance, our study on the best states to live in after retirement puts Arkansas at number 14. The state exempts Social Security income from taxation, whereas other forms of retirement income are partially taxed with a $6,000 deduction allowed to senior citizens. Property taxes are also among the lowest in the US at just 0.57%.
As for real estate, Arkansas continues to be favorable. Redfin Corp (NASDAQ:RDFN) puts the median house price for Arkansas at $238,900 – over $140,000 cheaper than the US median. For senior citizens who plan to purchase their forever home during retirement, this makes the road financially easier. Zillow Group, Inc. (NASDAQ:Z) also presents a positive outlook for retirees looking to rent. The average monthly price for one-bedroom rentals sits at a low $800, especially helpful for retirees on Social Security . In fact, Arkansas also accommodates senior citizens with even smaller monthly budgets – Zillow Group, Inc. (NASDAQ:Z) lists rentals as low as $450.
To facilitate present and potential retirees in navigating the move to Arkansas state, we have compiled a list of the 15 best places to retire in Arkansas.
Methodology
To compile this list of the 15 best places to retire in Arkansas, we generated an exhaustive list of places in Arkansas recommended by several sources on the Internet, our own list of cities to retire on $2,000 a month, as well as from forums such as Reddit and Quora. Once a list of places was compiled using these sources, we then ranked them across multiple factors, namely, their cost of living, their livability scores, and their median house price. For this article, livability scores were taken from Area Vibes, and median house prices were taken from Redfin Corp (NASDAQ:RDFN). To ensure that the recommended places were of a suitable living standard, we removed any places with a livability score of below 60. A cumulative score was then assigned to each place, with the 15 highest-scoring places making our list of the 15 best places to retire in Arkansas.
For places that gained an equal score, their cost of living index was used as a tie-breaker. The resulting list is presented in ascending order, with the highest-ranked place being presented last. It is important to remember that personal preference plays a big part. The best course of action is to visit the place you plan to move to, converse with locals, take advice from a financial consultant, and only then make your final decision.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a similar consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
Here are the 15 best places to retire in Arkansas:
15. Paragould
Insider Monkey Score: 51
Cost of Living Index: 73.2
Livability Score: 63
Median House Price: $156,950
Up first on our list of best places to retire in Arkansas is Paragould. Located in Greene County in Northeastern Arkansas, the city is a welcome retreat for the financially-conscious retiree. With the cost of living 26.8% lower than the national average, Paragould is facilitating for both types of retirees – those who have a smaller amount in the bank and those who want to minimize spending on the essentials to finance other retirement-time adventures.
14. Van Buren
Insider Monkey Score: 52
Cost of Living Index: 76.6
Livability Score: 67
Median House Price: $162,000
If collectibles, original art, crafts, and antiques sound like your cup of tea, then Van Buren may just prove to be your perfect retirement destination. This Crawford County city is known as the go-to spot for all artsy finds, giving residents plenty of variety to choose from. Add its low cost of living and affordable median house price to the mix, and you have your very own retirement jackpot.
13. Searcy
Insider Monkey Score: 53
Cost of Living Index: 75.1
Livability Score: 69
Median House Price: $179,900
Searcy is our next pick, and it’s one of the best places to retire in Arkansas for retirees. Senior citizens can visit the Searcy Art Gallery, catch a show at the Rialto Theater, and enjoy a day of golfing at the River Oaks Golf Club.
12. Mountain Home
Insider Monkey Score: 53
Cost of Living Index: 74.5
Livability Score: 69
Median House Price: $206,000
Set in the Southern Ozark Mountains, Mountain Home offers residents captivating views that are enough to push anyone to move. Surrounded by several natural wonders, including lakes, parks, and hiking trails, Mountain Home is the ideal location for the outdoors-loving retiree. Plus its low cost of living acts as the cherry on top.
11. Little Rock
Insider Monkey Score: 55
Cost of Living Index: 80.7
Livability Score: 72
Median House Price: $206,800
Our next pick is the capital of Arkansas, Little Rock. Set on the Arkansas River, the city hosts many historic buildings and exhibits, including the William J. Clinton Presidential Library and Museum, the Old State House Museum, and the Arkansas Arts Center. With a bustling city life that still manages to maintain a low cost of living, Little Rock is one of the best places to live in Arkansas.
10. Highland
Insider Monkey Score: 58
Cost of Living Index: 70.7
Livability Score: 62
Median House Price: $117,000
A small city, Highland’s population sits at just over 1,000 residents according to the latest United States Census. This makes it the perfect retirement place for senior citizens who may want to lead a quiet, laid-back, and peaceful life during their Golden Years. Retirees can also find activities to busy themselves with, such as visiting the local cinema or exploring dining options.
9. Batesville
Insider Monkey Score: 61
Cost of Living Index: 71.3
Livability Score: 71
Median House Price: $233,500
A college town, Batesville is a great choice for senior citizens who may want to live with family during their retirement period. As one of the best places to retire in Arkansas for families, Batesville offers a low cost of living, a low median house price, and an overall high standard of living – a win-win situation all around.
8. Harrison
Insider Monkey Score: 63
Cost of Living Index: 73.7
Livability Score: 71
Median House Price: $180,000
With a suburban feel, Harrison is an attractive location for many retirees. It offers a low cost of living, a median house price that is over $200,000 lower than the national median, and a high livability score that is a testament to Harrison’s quality of life. Retirees can keep themselves entertained with the Junk-Shun Barn Flea Market, the Boone County Heritage Museum, and the Buckets Sports Bar & Grill – to name a few.
7. Magnolia
Insider Monkey Score: 65
Cost of Living Index: 68.7
Livability Score: 65
Median House Price: $127,500
Up next is Magnolia – one of the cheapest places to retire in Arkansas and among the most affordable on our list. However, Magnolia’s budgeted lifestyle carries plenty of entertainment for senior citizens planning an active retirement. The city is home to the Magnolia Blossom Festival and also boasts the World’s Largest Charcoal Grill.
6. Prescott
Insider Monkey Score: 66
Cost of Living Index: 70.9
Livability Score: 65
Median House Price: $86,000
Prescott’s place on our list is self-explanatory. With a median house price of just $86,000, the city is a great find for retirees who are looking to purchase their retirement forever home. Prescott is also known for its historic sites, including the Prairie D’Ane Battlefield.
Click to continue reading and see the 5 Best Places to Retire in Arkansas.
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Disclosure: none. 15 Best Places to Retire in Arkansas is originally published on Insider Monkey.
