Total monthly cost of ownership
Cost to Own a Home in Elm Springs, Arkansas
A $362,000 home here costs
$2,934per 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 $125,500 a year.
A standard mortgage calculator would have told you $1,974. The real number is $960 higher every month, 49% more than the payment most buyers budget for.
Compare Benton County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Elm Springs from a five-year rolling sample, and with about 3,000 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 Benton 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.
Elm Springs against Benton County and Arkansas
| Measure | Elm Springs | Benton County |
|---|---|---|
| Median home value | $362,400 | $285,100 |
| Median property tax | $2,040 | $1,731 |
| Effective tax rate | 0.563% | 0.607% |
| Median gross rent | $908 | $1,193 |
| Population | 3,000 | 294,541 |
Elm Springs extends across 2 counties. Figures here use Benton County, where most of its housing sits.
The weather behind that power bill
Elm Springs sits in Benton County, which averages a high of 90.3°F in its hottest month and a low of 26.7°F in its coldest, with 45.43" of precipitation a year and 33% of it in a single three-month stretch. That climate drives 1,561 cooling and 3,858 heating degree days, which is what sets the $151 electricity line above.
See the full climate breakdown for Benton County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Benton County
Full Benton County cost breakdown · Every county in Arkansas
Talk to someone who works this market
These are Elm Springs 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 Elm Springs every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Elm Springs I already own here and may sell
Common questions
How much does it cost to own a home in Elm Springs?
A $362,000 home in Elm Springs, Arkansas costs approximately $2,934 per month with 20% down at 7.24%. That is $1,974 principal and interest, $170 property tax, $270 homeowners insurance, $219 utilities and $302 set aside for maintenance.
What is the property tax rate in Elm Springs?
Elm Springs has an effective property tax rate of 0.563%, based on a median home value of $362,400 and median real estate taxes of $2,040. That is lower than the Benton County average of 0.607%.
What is the average home price in Elm Springs?
The median owner-occupied home value in Elm Springs, Arkansas is $362,400, against $285,100 across Benton County.
Is it cheaper to rent or buy in Elm Springs?
Median gross rent in Elm Springs is $908 a month, against $2,934 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 Elm Springs?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Elm Springs, Arkansas at today's rate takes a household income of roughly $125,500 a year. That covers the full $2,934 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Elm Springs, 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.