Debt consolidation can be a great tool to help you get your finances in order. By consolidating your debts into one monthly payment, you can save money on interest and simplify your budget. There are many reputable lenders who offer debt consolidation in Little Rock (AR).
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Little Rock Arkansas AR
Little Rock, Arkansas is a city with a rich history dating back to 1821 when it was first established as the capital of the Arkansas territory. Today, Little Rock is known as the state’s cultural and economic hub, with a diverse range of businesses and industries that make it a key link between markets in the southwest and southeast. The city’s convenient location at the crossroads of several major highways makes it within 500 miles of ten major economic centers, making Little Rock an attractive option for businesses and organizations seeking to establish a presence in the region. In recent years, city leaders have worked to further bolster the area’s industrial base and expand port facilities in order to attract even more investment and growth.
Cost Of Living & Income
Data regarding the cost of living factors in Little Rock are summarized below. In 2004, ACCRA’s Cost of Living Index was 92.1 (with 100.0 being the average for the U.S.), and the Average House Price was $204,003. State income tax rate ranges from 1.0% on the first $2,999 of net taxable income to 7.0% on amounts over $25,000. The state sales tax rate is 6%, the County sales tax rate is 0.0051%, Local sales tax rate is 0.005%. The property tax rate is $69 per $1000 of assessed valuation (2001) (assessed valuation = 20% of market value).
The median household income in Little Rock, Arkansas was $54,878 in 2019. This is up from $37,572 in 2000. The per capita income in Little Rock was $34,701 in 2019.
Housing Market
Housing in Arkansas is still more affordable than in most other states. The average price of a home in Arkansas is $233,100, which is much lower than the national average of $388,965. However, prices have increased rapidly in recent years by 21.7%. This has caused inventory to drop sharply by 47.1%.
The median value of houses and condos in Little Rock was $171,700 in 2019. This is a significant increase from the $87,300 value in 2000. Across Arkansas, the median house value was $136,200 in 2019. In Little Rock, the mean prices for all housing units were $237,677 in 2019.
Retirement In Arkansas
The cost of living in retirement can be expensive, and many people are not prepared for it. A recent study found that the average Arkansan will need $728,000 in order to retire comfortably. This is a large sum of money, especially when compared to 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.
Retirees across the country are increasingly finding that Arkansas has a lot to offer in terms of affordable living options. With low property taxes, mild weather, and a relatively low cost of living, this state is an attractive option for those on a fixed income. Additionally, while the state’s income tax rates are average (between 2% and 5.9%), retirees may find states without an income tax more appealing.
Taxes And Banking
Income taxes in Arkansas are quite reasonable, starting at 2% and capping out at 5.9%. However, the state does impose a sales tax of 6.5% which can rise to 12.625% with local taxes factored in. Despite this, the state of Arkansas has a lower percentage of residents without checking or savings accounts when compared to the rest of the United States – only 7.1% of people living in Arkansas don’t have access to these financial resources.
Debt Relief In Little Rock AR
Debt consolidation in Little Rock (AR) can be a good way to get your finances back on track. By consolidating your debts into one loan, you can get a lower interest rate and lower monthly payments. This can make it much easier to pay off your debts and get out of financial trouble. However, there are some things to consider before taking out a consolidation loan. Make sure you weigh the pros and cons of this type of loan so that you can make the best decision for your situation.
