Total monthly cost of ownership
Cost to Own a Home in Bay, Arkansas
A $109,000 home here costs
$978per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $560. The real number is $418 higher every month — 75% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Bay against Craighead County and Arkansas
| Measure | Bay | Craighead County |
|---|---|---|
| Median home value | $109,000 | $198,700 |
| Median property tax | $584 | $1,084 |
| Effective tax rate | 0.536% | 0.546% |
| Median gross rent | $1,013 | $930 |
| Population | 2,369 | 112,097 |
The weather behind that power bill
Bay sits in Craighead County, which averages a high of 91.2°F in its hottest month and a low of 30.5°F in its coldest, with 48.51" of precipitation a year and 31% of it in a single three-month stretch. That climate drives 1,994 cooling and 3,451 heating degree days, which is what sets the $129 electricity line above.
See the full climate breakdown for Craighead County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Craighead County
Full Craighead County cost breakdown · Every county in Arkansas
Common questions
How much does it cost to own a home in Bay?
A $109,000 home in Bay, Arkansas costs approximately $978 per month with 20% down at 6.66%. That is $560 principal and interest, $49 property tax, $81 homeowners insurance, $197 utilities and $91 set aside for maintenance.
What is the property tax rate in Bay?
Bay has an effective property tax rate of 0.536%, based on a median home value of $109,000 and median real estate taxes of $584. That is lower than the Craighead County average of 0.546%.
What is the average home price in Bay?
The median owner-occupied home value in Bay, Arkansas is $109,000, against $198,700 across Craighead County.
Is it cheaper to rent or buy in Bay?
Median gross rent in Bay is $1,013 a month, against $978 to own the median home all in. Owning costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Bay — US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance — NAIC average premium for Arkansas.
- Electricity price — EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate — Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.