This article looks at the 15 best places in Arkansas for a couple to live on only Social Security. If you wish to skip our detailed analysis on Arkansas being a top choice for retirees on Social Security, you may go to the 5 Best Places in Arkansas for a Couple to Live on Only Social Security.
Arkansas: A Top Choice for Retirees on Social Security
In 2023, the Social Security Cost of Living Adjustment (COLA) reached the highest it had ever been since 1981. The 8.7% COLA in 2023 provided retirees with a substantial buffer against inflation, enabling many to increase their spending throughout the year. According to the Bank of America Corporation (NYSE:BAC) Institute, spending growth amongst older generations receiving Social Security checks grew up to 3 percentage points due to the adjustment.
Unfortunately for retirees, the cost-of-living adjustment (COLA) for 2024 was less than half of what they received the year prior. COLA for 2024 has been a mere 3.2%. While a smaller COLA is indicative of declining levels of inflation, it can also mean smaller benefit increases for retirees, potentially making it harder to keep up with rising living costs. According to a Motley Fool survey, 62% of retirees admitted that 2024’s 3.2% COLA was “insufficient”, with at least 44% of respondents considering going back to work since it did not cover their expenses. With that said, the COLA for 2025 is expected to be out in less than two months. Calculated based on third-quarter inflation data, the Social Security COLA for 2025 is expected to be a whole lot lower than the COLAs received in the previous years. Even if that doesn't happen, it is highly unlikely that the COLA percentage is enough to keep pace with inflation, They haven't done so in the past, so why would they now?
Barely making ends meet, many retirees have been “unretiring” to manage their expenses. Yet many others have been making a move to less expensive countries, cities, and even towns in order to manage living on their fixed checks. One state making it to our list of the best states to live in after retirement, largely due to its tax-friendly status and affordable cost of living, is Arkansas. There are many pros and cons of retiring to Arkansas, but the pros greatly outweigh the cons. Besides its affordability, Arkansas is also known for its picturesque landscapes, graced by the Ozark Mountains in the northwest and the Ouachita Mountains in the south. Many of its cities are a vibrant mix of art, entertainment, and modern conveniences. Retirees will be pleased to know that the state experiences all four seasons, and winters are generally milder than many other states. It’s also known to be steeped in a rich cultural heritage, and the food is highly sought after for its rich flavors and unique culinary traditions.
Some drawbacks of retiring to the state are that the state is predominantly home to rural landscapes, state and local taxes are high, and there is limited availability of public transport infrastructure. Nevertheless, for retirees managing life on their Social Security checks, retiring to Arkansas can be a dream. According to Redfin Corporation (NASDAQ:RDFN), the median price of a home in the state is $269,000. This is well below the national average, hovering around $442,451. This means that those looking to be homeowners can have the chance to buy one at a lower price here. At just 0.57%, property tax is the 16th lowest in the state. As Redfin Corporation (NASDAQ:RDFN) rightly points out, affordability enhances Arkansas’s allure, making it one of the best places to retire on Social Security alone.
Redfin Corporation (NASDAQ:RDFN) is a Seattle-based residential real estate brokerage and mortgage origination service. Company. It recently reported its second-quarter 2024 results, with revenue increasing by 7% to $295.2 million compared to the same period in 2023. Gross profit grew by 9% year-over-year to $109.6 million. However, real estate services gross profit declined by 4% to $53.7 million, with the gross margin dropping from 31% to 29%. The company reported a net loss of $27.9 million, slightly worse than the $27.4 million loss in Q2 2023. The net loss per share was $0.23, an improvement from $0.25 per share in the previous year.
“In a still-declining market, Redfin grew revenues, profits, and market share. The restructuring of our brokerage sales force, and the integration of Rent and Redfin operations, cap a series of seismic changes to increase Redfin’s profitability: we had already abandoned our own loan-origination system in 2022. In 2023, we closed our iBuying business, RedfinNow, and invested in digital businesses that immediately began contributing significant profits. Our adjusted EBITDA should be about break-even this year, and we plan to be significantly profitable in the years ahead.”
While we acknowledge the potential of RDFN as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than RDFN but that trades at less than 5 times its earnings, check out our report about thecheapest AI stock.
15 Best Places in Arkansas For A Couple To Live On Only Social Security
Methodology
To determine the best places in Arkansas for a couple to live solely on Social Security, we started by identifying the most affordable locations in the state using cost of living indexes. These locations were then evaluated based on key metrics, including median home price, average rent, and overall livability score, to assess their suitability for retirement living. We calculated a total Insider Monkey score for each location and ranked them in ascending order based on this score. The median home prices were sourced from Redfin, rental data was obtained from Zumper, and livability scores were derived from AreaVibes.
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15. Springdale
Insider Monkey Score: 18
IM Cost of Living Index: 89.4
Median Home Price:$343,000
Average Rent (2-bedroom): $1,175
Livability Score: 69
Nestled in the heart of Northwest Arkansas, Springdale lands at number 15 on our list of best places in Arkansas for a couple to live on only Social Security. Besides its affordability, the best features of this city are its strong sense of community and beautiful natural surroundings. Its location in the scenic Ozark Mountains is a blessing for outdoor lovers, offering them easy access to hiking, fishing, and more activities. Retirees also look for a mild climate and excellent healthcare facilities when choosing where to retire, and Springdale does not disappoint in these areas either.
14. Bentonville
Insider Monkey Score: 20
IM Cost of Living Index: 91.8
Median Home Price:$483,000
Average Rent (2-bedroom):$1,300
Livability Score: 83
Known as the birthplace of Walmart, Bentonville has experienced massive growth over the years. For this reason, this city is exactly where retirees should consider putting down roots so they can enjoy top-notch healthcare, diverse dining opportunities, and other modern amenities. This once-sleepy town in the Ozarks is now home to a vibrant art scene, boasting the renowned Crystal Bridges Museum of American Art, stylish boutiques, luxurious hotels, and plenty of Southern charm.
13. Rogers
Insider Monkey Score: 21
IM Cost of Living Index: 89.3
Median Home Price:$510,000
Average Rent (2-bedroom):$1,350
Livability Score: 88
With living costs 11.7% lower than the national average, Rogers is another scenic destination worth considering for one’s golden years. Also snuggled in the Ozark region, this city adjacent to Bentonville boasts a historic downtown, tree-lined neighborhoods, and picturesque lakes in proximity for a fun day out. Healthcare facilities are on par, and residents also enjoy a strong sense of community. While median home prices may be high, retirees can still manage to live comfortably by renting and relying on their Social Security checks.
12. Centerton
Insider Monkey Score: 21
IM Cost of Living Index: 88
Median Home Price: $418,000
Average Rent (2-bedroom): $1,363
Livability Score: 75
Seniors looking for some of the best places in Arkansas to live on only Social Security can consider the growing community of Centerton. Centerton appeals to retirees with its small-town charm and convenient access to amenities due to its proximity to the larger cities of Bentonville and Rogers. Living expenses here are 12% lower than the national average, while the average rent for a two-bedroom is under $1,500. The city also enjoys natural beauty lent by the Ozarks, with residents enjoying plenty of outdoor activities.
11. Jonesboro
Insider Monkey Score: 27
IM Cost of Living Index: 84.1
Median Home Price:$212,000
Average Rent (2-bedroom): $982
Livability Score: 65
Home to Arkansas State University, Jonesboro is another appealing choice for retirees looking to manage life on their Social Security checks. College towns are naturally a cultural hub, and this city is no exception. Events, arts, and educational opportunities make Jonesboro a lively and happening retirement town. Living expenses are 15.9% lower than the national average, and the city also has budget-friendly accommodation for buying and renting. Affordable living costs, a friendly community atmosphere, and abundant recreational opportunities make Jonesboro one of the best places in Arkansas for a couple to live on only Social Security.
10. Conway
Insider Monkey Score: 29
IM Cost of Living Index: 82.5
Median Home Price:$319,000
Average Rent (2-bedroom): $926
Livability Score: 69
Next on our list of budget-friendly retirement choices in Arkansas is Conway, located in Central Arkansas. Conway is known to be one of the fastest-growing regions in the state, brimming with small-town warmth and modern conveniences. Living expenses are 17.5% lower than the national average, while rents are quite affordable too. Conway is also home to several top-notch educational institutions, lending it an intellectual aura and offering retirees a chance to engage in lifelong learning.
9. Fort Smith
Insider Monkey Score: 31
IM Cost of Living Index: 76.3
Median Home Price:$246,000
Average Rent (2-bedroom): $917
Livability Score: 63
Retirees are often compelled to choose Fort Smith owing to its picturesque setting alongside the Arkansas River. Besides the appealing riverfront that grants it beauty and plenty of recreation, Fort Smith has much more to offer retirees. Being one of the largest cities in Western Arkansas, it offers a wide range of amenities in terms of shopping, dining, culture, and most importantly, healthcare. Historic sites such as the Fort Smith National Historic Site and the Belle Grove Historic District enhance the city's unique character and charm.
8. North Little Rock
Insider Monkey Score: 32
IM Cost of Living Index: 87.9
Median Home Price:$201,000
Average Rent (2-bedroom): $1,084
Livability Score: 73
North Little Rock, the twin city of Little Rock, lies on the north shore of the Arkansas River. Living expenses in the city are 12.1% lower than the national average, while home prices and rent are also very affordable. North Little Rock is best known for its suburban tranquility and recreational areas, including the scenic Riverfront Park along the Arkansas River. Retirees can enjoy walking trails, fishing, and community events in this affordable city.
7. Mountain Home
Insider Monkey Score: 35
IM Cost of Living Index: 78.8
Median Home Price: $225,000
Average Rent (2-bedroom): $875
Livability Score: 67
Resting in the southern Ozark Mountains near the northern state border with Missouri, Mountain Home offers retirees stunning views, a relaxed lifestyle, and an affordable cost of living. The cost of living index is 78.8, signifying that living expenses here are 20.2% lower than the national average. It is considered one of the first water resort and retirement regions, brimming with fishing, water sports, outdoor recreation, and lots of shopping and dining.
6. Batesville
Insider Monkey Score: 36
IM Cost of Living Index: 77.2
Median Home Price:$195,000
Average Rent (2-bedroom): $1,100
Livability Score: 68
Situated 80 miles northeast of Little Rock, Batesville is not just known for its affordability, but also for its rich history and scenic beauty. It is embraced by the natural beauty of the Ozark Mountains, sports a charming downtown area with historic buildings, local shops, and dining options, and also flaunts a peaceful atmosphere. Living expenses are 22.8% lower than the national average, housing prices are very affordable, and rent is also small enough to manage on one’s Social Security.
5. Blytheville
Insider Monkey Score: 38
IM Cost of Living Index: 85.2
Median Home Price:$158,000
Average Rent (2-bedroom): $690
Livability Score: 64
We start off our list of the top five best places in Arkansas for a couple to live on only Social Security with Blytheville. Also making it to our list of best places to retire in Arkansas, this city is ideal for seniors looking to avoid the hustle and bustle of larger cities. At the same time, there are lots of things to do as well. The Arts Council of Mississippi County offers several programs at the Ritz Civic Center throughout the year. Seniors can also enjoy the Thunder Bayou Golf Links, an eighteen-hole course on the Arkansas Natural Golf Trail, amongst other attractions.
4. Malvern
Insider Monkey Score: 38
IM Cost of Living Index: 77.2
Median Home Price: $122,000
Average Rent (2-bedroom): $900
Livability Score: 61
Malvern, known as the Brick Capital of the World owing to its history in brick manufacturing, is brimming with small-town charm and ample recreational opportunities. Retirees can choose to whitewater raft and kayak at The Ouachita River Whitewater Park crossing through the city, visit the Hot Spring County Museum, or enjoy natural attractions like nearby Lake Catherine State Park.
3. El Dorado
Insider Monkey Score: 40
IM Cost of Living Index: 81.7
Median Home Price:$240,000
Average Rent (2-bedroom):$730
Livability Score: 70
Number three on our list of best places in Arkansas for a couple to live on only Social Security is the hidden gem of El Dorado. Revered for its rich history, Southern charm, and thriving arts scene, El Dorado has everything a retiree looks for when settling down in their golden period. There is a beautifully preserved downtown area, abundant cultural events, concerts, and festivals, as well as quality healthcare facilities. Places such as the Murphy Arts District (MAD) are the heart of the town, hosting everything from concerts and festivals to theater productions and more.
2. Clarksville
Insider Monkey Score: 45
IM Cost of Living Index: 74.4
Median Home Price:$182,000
Average Rent (2-bedroom):$869
Livability Score: 66
Serving as the "Southern Gateway" to the Ozark Mountains, Clarksville is more than just an affordable town for those looking to get by on their Social Security check. This picturesque city is located on Spadra Creek, north of the Arkansas River. It provides abundant opportunities for outdoor activities like hiking, fishing, and exploring the nearby Ozark National Forest. The availability of local amenities, including healthcare facilities, shops, and restaurants, further makes it a well-rounded retirement destination.
1. Russellville
Insider Monkey Score: 47
IM Cost of Living Index: 78.3
Median Home Price:$196,000
Average Rent (2-bedroom):$780
Livability Score: 74
Based on our methodology, the best place in Arkansas for a couple to live on only Social Security is Russellville. Overlooking the expansive 34,000-acre Lake Dardanelle and the flowing Arkansas River, and snuggled between the Ozark and Ouachita Mountains, Russellville is the perfect blend of affordability, natural beauty, and modern conveniences.
