Sitting just outside Springdale and only 45 minutes from the Oklahoma border is Fayetteville, a lively town in Arkansas with a lot to offer. Fayetteville has a population of just over 85,000 and sits close enough to another major city that there is always something to see or do.
Fayetteville has a cost of living index of just 92.9, making it cheaper than the average city to live and work. No matter what reasons you’re considering for the move, be sure to get all the financial facts before you make the leap. While some aspects of life in Fayetteville are more than reasonable… some might come in more expensive than you’d expect!
Table of Contents
- Housing Costs in Fayetteville, Arkansas
- Rental Costs in Fayetteville, Arkansas
- Taxes in Fayetteville, Arkansas
- Utility Costs in Fayetteville, Arkansas
- Food Costs in Fayetteville, Arkansas
- Transportation Costs in Fayetteville, Arkansas
- Schools in Fayetteville, Arkansas
- Entertainment Costs in Fayetteville, Arkansas
- Clothing Costs in Fayetteville, Arkansas
- Should You Move to Fayetteville, Arkansas?
Housing Costs in Fayetteville, Arkansas
Median Home Prices in Fayetteville, Compared
|Location||Median Home Prices||Homeownership Rate|
It’s clear that while the median home value is lower in Fayetteville than in the average city in the US, it is higher than the state average by quite a bit. This is one of the big reasons that homeownership rates lag behind the rest of the state – it’s simply a lot cheaper to buy elsewhere in Arkansas.
The housing cost of living index in Fayetteville is 95.1. This means Fayetteville is cheaper than the average US city. However, it is a lot higher than some other places in the state – the housing cost of living index in Little Rock, Arkansas is just 61.9.
Median Home Values in Fayetteville, Arkansas
|Median Home Values||Percentage of Homes|
|$630,000 and Above||5.9%|
It’s easy to see where the bulk of the homes are located with Fayetteville, price-wise. 48.9% of homes in Fayetteville are single-family homes, while 35.3% are larger apartment complexes – this makes sense, given the low homeownership rates. 10.2% of homes are smaller apartment buildings, and 4% of homes are townhomes.
The majority of homes in Fayetteville are 3 bedroom homes, or 33.2%. 31.9% are 2 bedroom homes, and 15.4% are 1 bedroom homes. 48.3# of homes, or nearly half, were built between 1970 and 1999. 34.8% of homes were built after 1999, and just 13.7% of homes were built between 1940 and 1969.
Rental Costs in Fayetteville, Arkansas
|Housing Size||Fayetteville||Fayetteville Metro||Arkansas||United States|
As you can see, renting in Fayetteville is significantly cheaper than the national average. It is, however, slightly higher than the state’s average. It is important to note that the Fayetteville Metro area also includes parts of Springdale and Rogers, both larger towns as well.
Taxes in Fayetteville, Arkansas
The state of Arkansas has a blanket 6.5% sales tax on any goods bought or rented, which is fairly standard. Each city and county can impose their own taxes on top of this, however – again, very standard. In Fayetteville, anyone purchasing any goods pay the ‘base’ state sales tax of 6.5%, plus an additional 1.5% to Washington County… and an additional 2% to the city itself.
This makes the sales tax on any goods purchased or rented in Fayetteville a staggering 10%! This is significantly higher than the national average of 7.12%.
Property Taxes in Fayetteville, Arkansas
In Washington County, homeowning residents pay an average county property tax rate of 0.710%. This is higher than the state’s average, which is 0.610%, but lower than the national average of 1.070%.
This means for a home purchased at the median value of $253,228, residents can expect to pay $1,798 annually for their property taxes. This is nearly $1,000 less than the national average for a home of that value.
Income Taxes in Fayetteville, Arkansas
Like many states, Arkansas has a progressive tax rate, meaning the more you make, the more you pay to the state. It’s important to know that Arkansas is considered a retiree-friendly state, because any social security payments made to residents are exempt from state states.
|Up to $4,299||0.9%|
With a median household income of over the highest income, the average household in Fayetteville pays the highest tax rate, or 7% on all income.
Utility Costs in Fayetteville, Arkansas
The utility cost of living index in Fayetteville is 92.6, making it slightly cheaper than average. For the average 915 square foot apartment, residents can expect to pay about $170/month for all their basic utilities. This includes water, electricity, heating, cooling, and garbage. The average high-speed internet bill is about $57/month.
The average rate of residential electricity in Fayetteville is 8.26¢/kWh. This is significantly lower than the national average of 11.88¢/kWh, and lower than even the Arkansas average of 9.3¢/kWh.
Food Costs in Fayetteville, Arkansas
|Item of Food in Fayetteville||Price|
|Average Meal for 1||$12-$15|
|Mid-Range Meal for 2||$45|
|Gallon of Milk||$2.50-$3|
|Loaf of Fresh Bread||$2-$2.50|
|1lb of Chicken||$3.75-$4|
|1lb of Bananas||$0.45-$0.60|
The grocery cost of living index in Fayetteville is 100, making it exactly the US average. Do these prices look about average to you? They should! There is no shortage of grocery stores or restaurants to choose from, either, which helps if you’re on a budget – or looking to splurge.
The median household income in Fayetteville is $42,101. If you calculate 11% of that for your annual food budget, that gives the average household about $4,631 annually to spend on food, or $385/month. Does this seem reasonable, when Fayetteville comes in exactly average for cost?
Transportation Costs in Fayetteville, Arkansas
The average commute time for a Fayetteville resident is 19.5 minutes one-way. This is significantly less than the national average of 26.4 minutes. With a transportation cost of living index at just 86.6, it is much cheaper than the national average to get around town.
78.6% of residents drive their own car to work, while 4.1% work from home, and 1.6% take mass transit options. Just 9.3% of residents carpool with coworkers.
The average cost of car insurance in Fayetteville is $1,458 per year. This is less than the national average of $1,674.
Cost of a Gallon of Gas, Compared
|Location||Price Per Gallon|
Public Transit in Fayetteville, Arkansas
The Ozark Regional Transit provides a public bus service that runs through downtown Fayetteville, and out into the suburbs. It also reaches Springdale, Rogers, and Bentonville, neighboring cities. This great thing about the bus line in the city of Fayetteville? It’s completely free.
Every single bus route within the city itself is completely free. If you choose to travel outside of Fayetteville you may encounter some fares, but if you just want to pop downtown? No cost.
Razorback Transit also runs a bus line for students of the University of Arkansas that travels throughout the school’s campus and common off-campus sites. This is also completely free, all the time.
It’s a wonder more people don’t use the bus to get to work each day!
Schools in Fayetteville, Arkansas
The public schools in Fayetteville regularly rank within the top 10% of schools in the state. There are 16 elementary schools, 11 middle schools, and 5 high schools, with 18 schools total being within the public district. There are 2 public charter schools and 68 total private schools. There are approximately 10,000 students each school year in the public school systems.
The student: teacher ratio in Fayetteville is exactly even with the state average at 14:1. This is less than the national average, which is 16:1.
The public school system has an average math proficiency score of 60%, and an average reading proficiency score of 58%. Both of these are higher than the state averages of 47% and 44%.
Entertainment Costs in Fayetteville, Arkansas
Love local theater? Fayetteville is home to TheaterSquared, a huge local live theater production that is highly regarded in the area. Tickets range from $15 up. Fayetteville is also home to the Botanical Gardens of the Ozarks, which costs $7 for adults, $4 for children aged 4-12, and is home to numerous different local plants. The Clinton House Museum, where Bill and Hillary Clinton were married, is also open to the public, and tours are free.
Lake Fayetteville is also a huge attraction for locals. On a nice summer day, you can hike around the lake, boat, fish, play disc golf, and more. Other outdoor activities include Lake Wedington, Wilson Park, and the Fayetteville Confederate Cemetery.
Clothing Costs in Fayetteville, Arkansas
|Item of Clothing||Price|
|1 Pair of Name-Brand Jeans||$37|
|1 Summer Dress (From a Chain Retail Store)||$55|
|1 Pair of Name-Brand Shoes||$77|
|1 Pair of Dress Shoes||$125|
Things like clothing, household goods, and other essentials do run a little more expensive in Fayetteville than in the rest of the US. It’s clear to see by the prices above that you will spend a premium on things you may want or need.
Luckily, there is no shortage of shopping choices, including the Northwest Arkansas Mall, Evelyn Hills mall, and the Spring Creek Shopping Centre. With such variety, you can find what you need on any budget, for the most part!
Should You Move to Fayetteville, Arkansas?
If you’re thinking about moving to Fayetteville for the school, the community, or just a change of pace from your life, there is a lot to offer. With over 85,000 residents, there is plenty to see and do – it’s anything but a small town that you may think of when someone mentions Arkansas.
Make sure your financials are in order before making the leap, but with the cost of living lower than the national average, it’s hard to go wrong!