Total monthly cost of ownership
Cost to Own a Home in Conway, Arkansas
A $235,000 home here costs
$1,894per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,208. The real number is $686 higher every month — 57% 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.
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 $129 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
Common questions
How much does it cost to own a home in Conway?
A $235,000 home in Conway, Arkansas costs approximately $1,894 per month with 20% down at 6.66%. That is $1,208 principal and interest, $117 property tax, $175 homeowners insurance, $197 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 $1,894 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 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.