Separate studies show Arkansas is one of the least expensive places to live, raise family
This article originally appeared on Yahoo! Finance
LITTLE ROCK, Ark. – Two separate studies show Arkansas as one of the most affordable places in the United States to live and raise a family.
The studies were by consumer finance providers. The first, Doxo, manages household bill paying, and the second, SmartAsset, finds financial advisors for families.
The Doxo study found Arkansas to be among the least expensive states in the country at 17% below the national average using the company’s Cost of Bills Index. Only two states, Oklahoma and Kentucky, were ranked less expensive than Arkansas in the Doxo study at 16%.
Analysts for Doxo used the typical yearly cost for cable & phone, mobile phone, auto loans & insurance, life & health insurance, alarm & security and rent & mortgage to arrive at its figures. For Arkansas, this worked out to an average of $1,762 per month in household bills in the study.
The SmarAsset study used data from the MIT Living Wage Index to focus on the income needed to support different family types in the U.S. The Natural State was ranked well here because it is among the least-expensive states for families with children.
The families study ranked Arkansas as the least expensive state in the nation for families consisting of one adult and one child or families with two adults, one or both working, and one child.
Analysts continued to list living wage requirements for these respective family types with typical expenses: One adult and one child was $65,274, two adults with one working adult and one child was $65,934 and two adults, both working and one child was $73,789.
The news may be getting better. The Arkansas legislature met in a special session Monday, and it is expected to pass legislation to cut personal income and corporate tax in the state, among other issues. The net result is projected to keep an additional $500 million with consumers.