Hot Springs, Arkansas is located deep within the Ouachita Mountains, which could explain the many natural hot springs surrounding the area, and what gave this little town its name. Known as the "City Built on Fun," Hot Springs offers more than just "healing waters" and hot baths. In the center of this quiet southern town of 35,000 stands the oldest Federal Reserve in the United States, which is maintained as part of Hot Springs National Park. This quaint little town observes "Autumn" as a reason to celebrate. With the fall colors so abundant, it makes perfect sense! And it's no stranger to the cultural arts and theatre so common to bigger cities. Hot Springs has it all!
Hot Springs, AR is a great place for affordable rent-to-own homes! With a median household income of over $40,125 and a median rent of $749, the Hot Springs, 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 Hot Springs, 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.
Hot Springs, AR is seeing rapid growth and Hot Springs, AR's' housing market remains optimal with an average home price that is -41% below the 2022 national average. Hot Springs, AR is part of Garland 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 2022 for county Garland is 0.46% which is below the national average, which is 0.99%.
Hot Springs, AR has a walk score of
Hot Springs, AR has a bike score of
The state tax rate is 2.0 to 5.5% on top of the federal tax rate of 10 to 37%.