COVID has only hastened the movement of young urban professionals, or “yuppies” as they were once known, fleeing big cities like New York and San Francisco, and moving to smaller cities like Austin.
But due to work from home (WFH) and Zoom video calls becoming the new business norm during this era of COVID, professionals, especially young professionals, are now moving to or giving a serious thought to transplanting themselves to small cities. Even the likes of Bentonville, Arkansas.
Headlines on rampant crime, riots and increasingly Draconian COVID vaccination and mask crackdowns, are only accelerating the trend.
The 2010s, All Over Again
Throughout the 2010s, no other city personified the attraction for New York expats like Austin. For years, Austin regularly made the list of cities that young professionals were moving . Today that is also true, with the Texas city ranking high on lists for where Millennials should move to. Powered by a strong music scene and a thriving downtown, Austin has grown at “a feverish pace, with luxury apartments, chic coffee shops and pricey bars” popping up in many neighborhoods, per the New York Times.
Young professionals and tech workers have moved in at a level unlike any other American city, and a whopping 180 residents move into the city every day, according to the New York Times. But this very influx has made Austin more unaffordable. In just 10 years, Austin went from one of the most affordable cities, to one of the least affordable cities in America.
So, what’s next? Bloomberg predicts Bentonville, AR, will become “the next Austin.”
When you think of Arkansas, the Ozark Mountains, Bill Clinton, and rural living may come to mind. But in the fast-growing area of Bentonville, alongside Fayetteville, Springdale and Rogers, something unique is happening. The city of Bentonville has seen a population increase of over 42% in just 10 years, and Benton County has hit a record high of over 200,000 residents. The hometown of Sam Walton, and headquarters of Walmart, is projected by Bloomberg as a possible “Next Austin.” Fayetteville, AR, the largest city of the four in the region, is ranked fourth on a list of “The Best Places to Live in the United States,” an accomplishment sure to add to growing interest in the area.
Steve Cox, SVP of economic development at the Rogers-Lowell Chamber of Commerce, Cox says in an interview that it is no wonder why Bentonville, Fayetteville, Rogers-Lowell, and Springdale is becoming a magnet: “Northwest Arkansas…has record low unemployment, businesses are expanding, and is a jewel of a region.”
It is easy to see why Northwest Arkansas is drawing more people to the region. The average rent for a two bedroom apartment in the area is $857 per month, well below the nationwide average of $1,257. Unemployment is at 3.5% in the area, below the national average of 4.6%, and future job growth is projected to be very strong. Job salaries in specific industries like health care, wholesale trade, and transportation, closely match or outrun national salary averages, and the median household income in the area is nearly $50,000 annually. Public transit in the region has nearly 300 stops on local bus routes, as well as the nearby Northwest Arkansas Regional Airport, which allows for locals and tourists alike to experience all of what the beautiful region has to offer.
Citing the abundance of outdoor activities in the Ozarks and a tight-knit community, Cox details how, alongside other institutions, the Rogers-Lowell Chamber of Commerce “is working hard daily to create jobs, attract more people, and welcome new families to the area. Cost of living is lower in the region than in big cities,” a fact in direct contrast with how expensive San Francisco or Austin have become.
Finally, Cox stresses that local businesses in a wide range of industries, in addition to both the Tyson’s Foods and Walmart’s headquarters, are thriving. “Businesses from General Mills to Proctor & Gamble to J.B. Hunt have a significant presence here. The downtowns of the region are being revitalized.”
Even though most people have never heard of Bentonville, with flourishing businesses and a world-class outdoors scene, more people are likely to discover the true meaning of Benton County’s motto, “The Cornerstone of the State” of Arkansas.
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