A number of recent studies have looked at the richest cities in the U.S. South. Among the states analyzed were Georgia, Mississippi, Alabama, Kentucky, and more. Looking west of the Mississippi River, this study will identify the richest cities in Arkansas.
Arkansas has transformed over the last 50 years, with the Bentonville area especially experiencing a surge in wealth, now doubt due to some major corporate headquarters being there. So, read on and find out what the richest city in Arkansas is, as well as the top 15 wealthiest places in the state.
What Is the Richest City in Arkansas?
To define the “richest city in Arkansas,” we sourced data from the Census Bureau’s 2023 American Community Survey 5-Year Estimates (which is the latest data available), including median household income, mean household income, median home value, and median property taxes paid, and then analyzed and scored each one of these factors, assembling a list of the top 15 richest cities in Arkansas.
In order to fully grasp the figures, here are some important things to note about Census data. The Census Bureau measures median household incomes up to $250,000, with households earning more being denoted as “$250,000+”. Similarly, the Census does this with median home value, which goes up to $2 million, with everything above that being expressed as “$2,000,000+”. Lastly, the same limits apply to measuring median property taxes paid, which go up to $10,000 and any amount above that is denoted as “$10,000+”.
This is what makes average household income so useful in this analysis of the wealthiest cities in Arkansas. Unlike median household income, the Census Bureau provides mean (or average) household income with exact values for every city in Arkansas. All four of these metrics were scored, added up, and then ranked by the cities’ combined scores.
Another aspect of the Census that needs explanation is the Census-designated place — CDP. The Census treats CDPs like cities — their terminology is “place” — and so will this list of the richest cities in Arkansas. However, many of these CDPs might not officially be cities or towns. Often they’re unincorporated communities, sections of townships, and what you might see as neighborhoods.
Below you’ll find a table detailing the top 15 richest cities in Arkansas and their respective dollar figures for each metric:
Based on this four-factor metric of median household income, average household income, median home value, and median property taxes paid, the richest city in Arkansas is Goshen. This place is located in the Northwest Arkansas metropolitan area, an area that includes the major cities of Bentonville, Fayetteville, Springdale, and Rogers. This town consists of 779 households, and is southeast of Springdale. Goshen has a somewhat unusual employment breakdown for such a wealthy place, with the three largest industries being Retail Trade (13.8% of the workforce), Health Care & Social Assistance (13.6%), and Educational Services (13.3%), according to Data USA. Goshen has the highest median household income in the state at $177,604 per year. Its average household income is the second highest at $229,953, behind only Natural Steps (the No. 2 wealthiest place in Arkansas). According to Zillow, the median home value is $701,419, which is higher than the $616,800 reported by the Census bureau. Unfortunately, this makes Goshen have the highest property taxes, with households paying a median of $4,020 a year.
The No. 2 richest city in Arkansas – Natural Steps – is smaller than Goshen, with 268 households. It is situated on Lake Maumelle, part of an ongoing pattern of lake towns ranking among the richest across all U.S. states. It is just outside Little Rock, to the northwest. The median household income here is $151,944, which is around $25,000 less than Goshen’s. However, its average household income is $20,000 more, and the highest in the state at $249,260. The median home value reported by the Census Bureau is $443,900, which is more than double that of Little Rock. Property taxes are significantly lower than Goshen’s. The median paid per household is $2,563 a year.
The No. 3 richest place in Arkansas takes us back to the Northwest Arkansas metro area. Cave Springs is south of Bentonville and southwest of Rogers. It has a population of 5,495 as of the 2020 Census, up from 1,729 in 2010, which is some insane growth. Cave Springs, like Goshen, has an unexpected employment breakdown for its top three industries: Retail Trade (25.8% of the workforce), Health Care & Social Assistance (14.3%), and Manufacturing (9.47%). Cave Springs is a pretty big suburb, with 1,811 households. The median household income is $147,917. The average household income is $173,661. According to Zillow, the median home value is $557,642, substantially above the $431,300 reported by the Census Bureau. Property taxes here, while higher than average, are still cheaper than in No. 1 Goshen, at a median of $2,753 per household.
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