Total monthly cost of ownership
Cost to Own a Home in Conway, Arkansas
A $235,000 home here costs
$2,008per month, all in, with 20% down at today's 7.40% 30-year fixed rate. By the 28% rule that takes a household income of about $86,000 a year.
A standard mortgage calculator would have told you $1,302. The real number is $707 higher every month, 54% more than the payment most buyers budget for.
Compare Faulkner County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Conway against Faulkner County and Arkansas
| Measure | Conway | Faulkner County |
|---|---|---|
| Median home value | $234,600 | $211,300 |
| Median property tax | $1,405 | $1,201 |
| Effective tax rate | 0.599% | 0.568% |
| Median gross rent | $986 | $980 |
| Population | 66,288 | 126,001 |
The weather behind that power bill
Conway sits in Faulkner County, which averages a high of 91.7°F in its hottest month and a low of 28.3°F in its coldest, with 50.54" of precipitation a year and 32% of it in a single three-month stretch. That climate drives 1,697 cooling and 3,575 heating degree days, which is what sets the $150 electricity line above.
See the full climate breakdown for Faulkner County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Faulkner County
Full Faulkner County cost breakdown · Every county in Arkansas
Talk to someone who works this market
These are Conway 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 Conway every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Conway I already own here and may sell
Common questions
How much does it cost to own a home in Conway?
A $235,000 home in Conway, Arkansas costs approximately $2,008 per month with 20% down at 7.4%. That is $1,302 principal and interest, $117 property tax, $175 homeowners insurance, $218 utilities and $196 set aside for maintenance.
What is the property tax rate in Conway?
Conway has an effective property tax rate of 0.599%, based on a median home value of $234,600 and median real estate taxes of $1,405. That is higher than the Faulkner County average of 0.568%.
What is the average home price in Conway?
The median owner-occupied home value in Conway, Arkansas is $234,600, against $211,300 across Faulkner County.
Is it cheaper to rent or buy in Conway?
Median gross rent in Conway is $986 a month, against $2,008 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 Conway?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Conway, Arkansas at today's rate takes a household income of roughly $86,000 a year. That covers the full $2,008 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Conway, 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.