Total monthly cost of ownership
Cost to Own a Home in Caraway, Arkansas
A $74,000 home here costs
$733per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $380. The real number is $352 higher every month — 93% 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.
Caraway against Craighead County and Arkansas
| Measure | Caraway | Craighead County |
|---|---|---|
| Median home value | $73,800 | $198,700 |
| Median property tax | $456 | $1,084 |
| Effective tax rate | 0.618% | 0.546% |
| Median gross rent | $481 | $930 |
| Population | 1,078 | 112,097 |
The weather behind that power bill
Caraway 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 Caraway?
A $74,000 home in Caraway, Arkansas costs approximately $733 per month with 20% down at 6.66%. That is $380 principal and interest, $38 property tax, $55 homeowners insurance, $197 utilities and $62 set aside for maintenance.
What is the property tax rate in Caraway?
Caraway has an effective property tax rate of 0.618%, based on a median home value of $73,800 and median real estate taxes of $456. That is higher than the Craighead County average of 0.546%.
What is the average home price in Caraway?
The median owner-occupied home value in Caraway, Arkansas is $73,800, against $198,700 across Craighead County.
Is it cheaper to rent or buy in Caraway?
Median gross rent in Caraway is $481 a month, against $733 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Caraway — 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.