Doing debt consolidation in Jonesboro (AR) can be a great way to get your finances back on track, particularly by consolidating your debts into one loan with a lower interest rate and monthly payments. However, it’s important to consider the pros and cons of this type of loan before making a decision, as it may not be the best option for everyone.
Jonesboro Arkansas AR
Jonesboro is a vibrant city located on Crowley’s Ridge in northeastern Arkansas. This growing city is one of two county seats of Craighead County and is home to 78,576 residents, according to the 2020 Census. The Jonesboro metropolitan area has a population of 133,860 and the combined statistical area including Paragould has a population of 179,932. This thriving community offers residents a wealth of amenities and opportunities for growth.
Housing prices in Arkansas have been on the rise in recent years, but the state still remains more affordable than most others in the nation. The average price of a home in Arkansas is now $233,100, which is 21.7% higher than it was just a few years ago. Despite this increase, the state’s average home price is still much lower than the national average of $388,965.
In 2019, the median value of a house or condo in Jonesboro was $166,000. This is up from $85,000 in 2000. statewide, the median value of a home in Arkansas was $136,200.
Cost Of Living & Income
In 2019, the median household income in Jonesboro was $42,939. This is compared to the median household income of $32,196 in 2000. The per capita income in 2019 was $27,996.
The cost of living in Jonesboro, Arkansas is relatively low compared to other parts of the United States. The city’s 2019 cost of living index was 81.1, which is lower than the national average of 100.
Retirement In Arkansas
Although retirement may seem like a distant event, it is important to start saving as soon as possible. A recent study found that the average Arkansan will need $728,000 in order to retire comfortably. This number far exceeds the average savings of residents, which is only $345,267. This means that the average retiree would be $382,733 short of what is needed to live comfortably in retirement.
Arkansas is a good place to retire for many reasons. The state has low property taxes, mild weather, and a relatively low cost of living. These factors make it an attractive option for those on a fixed income. Additionally, the state’s income tax rates are average (between 2% and 5.9%). However, retirees may find states without an income tax more appealing.
Taxes And Banking
The Arkansas state tax on individuals’ incomes ranges from 2% to 5.9%. Additionally, a sales tax of 6.5% is imposed.
Only 7.1% of people living in Arkansas don’t have access to checking or savings accounts, which is lower than most other states in America. This lack of financial resources can be detrimental to the residents of Arkansas.
Debt Consolidation In Jonesboro AR
Debt consolidation in Jonesboro can be a great way to get your finances back on track, especially when you have multiple debts with high-interest rates. By consolidating all your debts into one loan with a lower interest rate, you can reduce your monthly payments and pay off your debts more quickly. However, before taking out a consolidation loan, it’s important to weigh the pros and cons to make sure it’s the best decision for your particular situation.
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