Cheapest Homes in Arkansas

The housing market is quite as deflated in Arkansas as it is in Alabama. Finding cheap homes in this rural southern state isn't quite as easy as it is in the Midwestern states I've been writing about lately, but when you start finding the cheapest homes in Arkansas, you realize you just have to look a little harder. Arkansas has a wide range of homes in the $40,000 to $50,000 range, but I even found a few homes selling for less than $20,000--some less than $10,000.

Arkansas has a reputation as a provincial backwater even among southern states like Texas (where I currently live), which might make people from other parts of the country laugh. What I've found in my trips through Arkansas is a lots of natural beauty, people who don't seem much different than those I meet where I live (you might not like that), and devotion to the religion known as Arkansas Razorbacks Football. Arkansas not only gives us the beautiful Ozark Mountains, but the Hog State is headquarters of the world's largest corporation, Wal-Mart. Like any other place, Arkansas is a many-splendored region.

Cheapest Homes in Little Rock

Little Rock is the largest city in Arkansas, roughly 2.5 times larger than Fort Smith, the second largest town. Little Rock has roughly 193,000 people in its city limits and nearly double that amount in the metropolitan area. Since you're more likely to be searching for a house in Little Rock than anywhere else in the state, let's start in the capital city.

Searching through North Little Rock, you can find a home on Seville Drive selling for $28,000. The Seville Drive home is a 3 bed, 2 bath residence. You can find an $18,000 purchase price on a 3 bed, 1 bath house on East Roosevelt Road in Little Rock. The commission for selling either of these house is $1,250 for the broker, so you should get quick access to the home and the closing shouldn't be troublesome. When potential home buyers ask me whether cheap homes and lower commissions mean lousy service by the realtor, I tell then, "Not necessarily." I like to think most real estate brokers are professionals and have no incentive to drag their feet, but you don't have to worry at all about these homes.

Eaton Drive in Little Rock has a 3 bedroom, 1 bathroom house selling for just over $16,000. At Acorn Place, a house is being offered for $22,000 right now. This house has a 3 bed, 1 bath layout and has over 1,500 square feet inside. A number of other foreclosed homes are listed in the $52,000 to $64,000 range, so if you want a cheap house in a little better neighborhood or a specific part of town, you have plenty of options.

Cheap Homes in Fayetteville

Housing isn't quite as cheap in Fayetteville, a town of 73,500 people which is home to the University of Arkansas. A foreclosed home on Wright Avenue in Fayetteville with 3 bedrooms and 2 bathrooms is selling for $30,000, but most of the other housing arrangements I've found cost at least double that. For instance, a home on Lake Sequoyah Drive with 3 bedrooms and 2 bathrooms is selling for $60,000 right now. A 3 bed, 1 bath residence on West Dove Drive has an asking price of $78,570, though this house is selling on auction.

Inexpensive Homes in Fort Smith

Fort Smith is a little bit better in terms of housing prices than Fayetteville right now. Ft. Smith, the second largest city in the state, is found on the far western side of Arkansas near the Oklahoma border. The town has a 3 bed, 2 bath residence with 2,150 square feet selling for $47,000. You'll also find a 3 bed, 2 bath home with over 1,800 square feet selling for $42,000. This house is found on Belle Avenue.

Cheap Housing in Texarkana

If you aren't from North Texas or Southern Arkansas, you're likely to assume Texarkana is found in the great state of Texas. You won't find one Texarkana, though, but a Texarkana, Texas and a Texarkana, Arkansas--two separate cities with two different mayors. The Texas side claims to have a population of about 34,000 to 36,000 people, while the Arkansas side claims 30,000 people. It's estimated that more than 225,000 people live in the Texarkana Municipal Area, and many people live in one state and commute to work in the other. This means you have the option of buying a home on either side of the state line. Keep in mind that Arkansas has a state income tax, while Texas does not.

You can find quite affordable housing in Texarkana, Arkansas. On Kirby Street, you'll find a 2 bed, 1 bath residence selling for $7,100.

Benton is the hometown for the Wal-Mart grocery empire, so it's only natural that you'll find some cut-rate housing in the Benton, Arkansas area. I found a 2 bed, 1 bath residence on South Richards Street selling for $11,900. This house has 1,187 square feet. On the West Hillside in Benton, you'll find a 3 bed, 2 bath lot with 1,562 square feet which is selling for $29,900.

More Foreclosed Homes in Arkansas

Looking across the state, you'll find a depressed market in most towns. Hot Springs National Park has a 3 bedroom, 2 bathroom home selling for $31,999. Blytheville has a foreclosed home with 3 bedrooms and 2 bathrooms which is being offered for $20,000. Jacksonville, Arkansas has a 3 bed, 1 bath foreclosed property selling for $37,385.

So wherever you plan on moving in Arkansas, you should be able to find affordable housing. The market remains soft, so now is the time to get into the home you and the family need.