High prices drive homebuyers to outlying areas

Living outside the main areas of employment and having to spend time and money commuting has long been a way of life for many people nationwide. And increasingly, Northwest Arkansas is no exception. Finding a nice home for less than $150,000 in Fayetteville, Springdale, Rogers or Bentonville is nearly impossible these days. That means people have to choose between renting, which offers no hope of equity or appreciation, and commuting to and from one of the outlying “bedroom” communities. For example, Rogers issued 375 building permits in the last 3 months of 2005 for homes with an average price of $177,989. Compare that to the average prices for homes in Gravette ($91,186), Decatur ($65,000), and Gentry ($77,500). With the cost of gasoline still at record high prices, the commute may be a trade-off, but with affordable homes rapidly disappearing in the 4 major towns of NW Arkansas, these outlying areas are the only hope for those wishing to purchase a home, building equity for the future, and acquiring a piece of the American Dream.

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