This is part of a series here at Ultimate Money Blog. I’m going to be featuring fun money facts about all 50 states in America and why it is frugal to live in that particular state. Here are the states we’ve covered so far:
When I think of Arkansas, I think of banjos playing. No offense to anyone that lives there, it’s just the first thing that comes to mind. It’s President Bill Clinton’s home state, Ozark Mountains and Hot Springs National Park is located there, and the Duggars live in Tontitown. What makes Arkansas a frugal state? Let’s find out.
In 2004, the average income per household was $35,295. Located in Bentonville, Arkansas are the Wal-mart headquarters. Many residents are employed by Wal-mart, Tyson Foods, and J.B. Hunt. All three companies are currently headquartered in the state. Arkansas is dubbed “The Natural State”, and draws many visitors in each year, making tourism a large part of Arkansas’ economy. The state’s agricultural production contains soybeans, cattle, cotton, hogs, poultry, eggs, rice, and milk.
Arkansas has a state income tax ranging from 1.0%-7.0%. Retirees don’t have to pay taxes on social security, so this would make Arkansas a great state to retire to! In addition to the state tax, there are more than 300 local taxes.
Farming, education, and automobile parts manufacturing are popular careers in Arkansas. If you’re interested in working for Wal-mart, Arkansas may peak your interest.
The most inexpensive place to live in Arkansas may be in Fort Smith. There you can pick up a house for around $91,000 (source).
If you’re a huge Wal-mart fan (or Bill Clinton, or the Duggars), you may want to relocate to Arkansas. Full of natural beauty, farming, and lots of land, you just may find yourself at home.
Do you have any other ideas on why it’s frugal to live in Arkansas? Would you consider moving there?