MAY 31ST, 2023

Arkansas Mortgages

The housing statistics according to the US census bureau are as follows. US census information has long been a reliable way to track housing information and market trends.
The median value of owner-occupied housing units according to the 2000 census is $72,800 dollars, which is just more than half that of the national average, which is $119,600.
The lower house price has its expected correlates in both the median household income, and the home ownership rates. The median household income according to the 1999 census was $32,182, which is almost 25% lower than the national average of $41,994. The lower income does not necessarily discourage people from taking advantage of the low home prices, with the home ownership rate in Arkansas being 69.4% as opposed to the national average of 66.2%. The higher home ownership rate shows that despite household incomes being close to 25% lower than the national average, this is compensated for by the fact that home prices themselves are close to 50% less than the national average.

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In a move to make housing more affordable in Arkansas, the city of Texarkana, Arkansas, is initiating a new, low-income housing program. The program is funded through the Arkansas Development Finance Authority, according to a statement from Barbara Pitts, the city’s community development director.

Much of the money is from taxpayers, Pitts said the new home allocation comes from U.S. Department of Housing and Urban Development. The money was given to the state by the DHUD and constitutes a $400,000 construction grant.

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In all, five new homes are being built in the 2300 block of E. 11th Street, these are to be purchased by eligible applicants. Construction began on the project on the 15th of April, Al Nash, a housing specialist working on the program, says all of the homes will have three bedrooms.

“They’re going to be all-brick homes with vinyl eaves and overhangs,” According to Nash. Basic appliances such as a dishwasher, washer and dryer come with the house, Nash said, and the house size ranges between 1,200 square feet and 1,295 square feet.

The project hopes to have the homes completed sometime around August, and that the new homes represent a step forward in the renovation and betterment of the Arkansas housing market.

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