Total monthly cost of ownership
Cost to Own a Home in Cave City, Arkansas
A $120,000 home here costs
$1,106per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $47,500 a year.
A standard mortgage calculator would have told you $654. The real number is $452 higher every month, 69% more than the payment most buyers budget for.
Compare Independence County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Cave City from a five-year rolling sample, and with about 1,930 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Independence County figures are drawn from a far larger sample if you want a steadier number.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Cave City against Independence County and Arkansas
| Measure | Cave City | Independence County |
|---|---|---|
| Median home value | $119,900 | $120,500 |
| Median property tax | $522 | $657 |
| Effective tax rate | 0.435% | 0.545% |
| Median gross rent | $636 | $814 |
| Population | 1,930 | 38,120 |
Cave City extends across 2 counties. Figures here use Independence County, where most of its housing sits.
The weather behind that power bill
Cave City sits in Independence County, which averages a high of 90.7°F in its hottest month and a low of 28.2°F in its coldest, with 50.84" of precipitation a year and 30% of it in a single three-month stretch. That climate drives 1,720 cooling and 3,674 heating degree days, which is what sets the $151 electricity line above.
See the full climate breakdown for Independence County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Independence County
Full Independence County cost breakdown · Every county in Arkansas
Talk to someone who works this market
These are Cave City averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Cave City every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Cave City I already own here and may sell
Common questions
How much does it cost to own a home in Cave City?
A $120,000 home in Cave City, Arkansas costs approximately $1,106 per month with 20% down at 7.24%. That is $654 principal and interest, $44 property tax, $90 homeowners insurance, $219 utilities and $100 set aside for maintenance.
What is the property tax rate in Cave City?
Cave City has an effective property tax rate of 0.435%, based on a median home value of $119,900 and median real estate taxes of $522. That is lower than the Independence County average of 0.545%.
What is the average home price in Cave City?
The median owner-occupied home value in Cave City, Arkansas is $119,900, against $120,500 across Independence County.
Is it cheaper to rent or buy in Cave City?
Median gross rent in Cave City is $636 a month, against $1,106 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Cave City?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Cave City, Arkansas at today's rate takes a household income of roughly $47,500 a year. That covers the full $1,106 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Cave City, 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.