Deep in the heart of Arkansas lies Fayetteville, a small town located in the northwest corner of the state. Fayetteville is the third largest city in the state, and it's located close to the Ozark Mountains and just a day trip away from big cities, like Tulsa, Springfield, MO and Little Rock. What put Fayetteville on the map is that it's home to the University of Arkansas, the biggest public school in the state. The Wal-Mart headquarters are nearby, which makes the city a good place to work and earn money. In 2010, Forbes ranked the city #8 in the country for business and careers; U.S. News called it one of the best places to retire in the country.
Fayetteville, AR is a great place for affordable rent-to-own homes! With a median household income of over $47,350 and a median rent of $837, the Fayetteville, AR rent-to-own market is more affordable than the traditional housing market which has shown tremendous growth across the U.S. and with it, aggressive competition for home purchases. With the current housing shortage trend it can make it harder to become a homeowner, including in Fayetteville, AR. This means higher than average down payments for homes and higher qualification standards for conventional home loans. With a rent-to-own property, tenants are also buyers. You can live in the house for a set amount of time before you purchase it, meaning that you get to know the house, your neighbors, and your community before making the final purchase. This enables you and your family to make the right choice based on both information and experience. Rent-to-own is also a great alternative way to get into a home if you have bad credit or don't have enough saved for a down payment.
Fayetteville, AR is seeing rapid growth and Fayetteville, AR's' housing market remains not optimal with an average home price that is 7% above the 2023 national average. Fayetteville, AR is part of Washington county and taxes are an important factor to consider when purchasing a home whether through rent to own or a traditional purchase. The average tax rate as of 2023 for county Washington is 0.59% which is below the national average, which is 0.99%.
Housing Statistics If you want to move to Fayetteville, you're in luck. There's a ton of housing there--from rentals to houses for sale and rent to own homes. This is because it's a college town, and there's a high annual residential turnover rate of 33%. If you want to rent, you're in luck because nearly 50% of the houses there are rentals. If you want to own or rent to own, about 37% of the residences there can be purchased. There's a high vacancy rate of 15% in the town, too, so if you want to move there immediately, chances are you can find something you'll like right away. If you find a buyable or rent to own house, expect to pay about $170,000 total. There have been about 750 homes sold in the last six months, so the market is moving and you could be part of it!
School Systems School is the centerpiece of Fayetteville, with the University of Arkansas at the center of much of the city's goings-on. For younger folks, there are also a lot of options for school. The city contains Fayetteville School District 1, and there are nine public elementary schools, five public middle schools and four public high schools. Arkansas public schools have struggled quite a bit, so if you want to send your kids to private school, there are two K-12 private schools there and one K-8 school.
Tourist Attractions The University of Arkansas is the main attraction in town, as well as the Razorback Games at Reynolds Razorback Stadium. Fayetteville also offers TheatreSquared - an awesome community theater that puts on fantastic shows, and the Arkansas Air Museum, which is a great spot for aviation fans. The Botanical Garden of the Ozarks is also a favorite for outdoor aficionados. For history buffs, the city is home to a Confederate Cemetery and the Clinton House Museum, where Bill Clinton used to live and work when he was a professor at the University of Arkansas.
Neighborhoods Looking for a place to settle down in Fayetteville? Here's a bit more about the neighborhoods in town: