Either 2x4 option has a whole-wall R (with the thermal bridging of the framing factored in) of about R10. The open-cell foam will usually be slightly more air-tight, but air-sealing can be achieved easily & cheaply (and more effectively than just o.c. foam cavity fill) by other means.
Either 2x6 option will have a whole-wall R of ~R13 with 16" o.c. studs, or ~R14+ if the studs are 24" o.c. (which may not make for the flattest interior wall unless you have very fussy framers, but it's structurally sound & code-legal).
A 4 inch SIP with an EPS core comes in at ~R12-13, and is easy to air seal.
jonr's very good recommendation for 2x4 cellulose + 2" of exterior EPS insulation outside the sheathing (same wall thickness as a 2x6 studwall, an easy thickness to handle with standard windows & doors) delivers a whole-wall R of about R18. That's 50% uptick in R value from a 4" SIP, and closing in on 2x the R value of the 2x4 no-exterior insulation options.
If instead of EPS you used foil-faced polyiso (seams taped with FSK tape) you'd be at ~R22 whole wall.
If you build-in a 3/4" rainscreen gap between the siding & iso it would have an average performance close to ~R24 due to the radiant-barrier effect of the foil facer. It's probably still cheaper than the SIP option, but has twice the R-value, and is probably the best bang for buck, even though it's slightly more expensive than the 2" EPS approach.
For an idea of what it takes to mount exterior foam, see:
http://www.greenbuildingadvisor.com...-sheathingAir sealing is the cheapest energy efficiency upgrade you can do to any new construction. It's not rocket science, but you have to pay attention every step of the way or you'll lose the opportunity to get the tightest seal at the lowest cost.
Air sealing a wood framed building is much easier if done as you go. A bead of 1-part low expansion foam under the foundation-sill, acoustic sealant caulk between the foundation sill & band joist, and between the band joist & subfloor all count. Another bead between the subfloor & studwall plate as you tip the wall frames up, and between top plates when double-plated all counts. A bead of caulk (or construction-adhesive or lo-expansion foam) between the framing and structural sheathing as the sheathing goes up is also good practice. Use a thin shot of low-expansion foam to seal around windows & doors, don't go all old-school with the crummy stuffed- fiberglass approach (some contractors still do that, or so I've heard.) It's cheap stuff, adds modestly to the labor cost, but makes for a much tighter wall than any cavity-only treatment of o.c. foam could achieve, and it can be made as tight as a SIP structure if you make the effort every step of the way.
It's important to foam-seal all plumbing & electrical penetrations of the exterior wall too.
There are lots of details to get right on the ceiling/attic interface too, but I'll spare that for now.
At R22-R24 whole-wall you're in the range but still below what's typically cost-effective in the long term. See table 2, p10 of
this document- refer to the recommended whole-assembly R values for zone 4. If you're heating with propane or oil you might even bump those a bit, but if gas or heat pump don't knock yourself out getting it to R25 rather than R22- concentrate on air sealing instead. In a ranch your roof to wall area ratio is higher than a multi-story, and making up the performance difference on wall-R in deeper blown cellulose (say, R75 rather than the recommended R60) in the attic is pretty cheap compared to adding another half inch of foam on the walls.
Pay attention to window performance & placement too- it matters. eg: a lot of west facing glass could nearly double the peak cooling load.
Any mechanical equipment or ducts planned for the attic? If yes, banish that thought NOW! Build taller walls with a mechanical chase between the finish ceiling and attic floor, or utilize crawlspace/basement under the first floor to accommodate the ducts & air handlers. If you keep it all inside the air-sealed & insulated space there will be but a fraction of the air-handler driven air infiltration, no direct conducted duct losses/gains, no condensation on air-conditioning ducts, and duct sealing & insulation become less critical.
If by going to an R20+ wall and R50+ attic the heating & cooling loads are under 3 tons/36,000BTU/hr (as is likely the case), it may be cheaper and more efficient to go with a ductless solution to the heating & cooling (mini-split/multi-split) than separate heating & cooling systems or a ducted heat pump (and ductless is usually more comfortable & efficient than ducted air-source heat pumps too.)
Slab on grade, crawlspace, or full basement?
OK I quit, you were only asking about walls, eh?
