Total monthly cost of ownership
Cost to Own a Home in Fort Smith, Arkansas
A $168,000 home here costs
$1,507per 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 $64,500 a year.
A standard mortgage calculator would have told you $931. The real number is $577 higher every month, 62% more than the payment most buyers budget for.
Compare Sebastian 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.
Fort Smith against Sebastian County and Arkansas
| Measure | Fort Smith | Sebastian County |
|---|---|---|
| Median home value | $168,100 | $166,000 |
| Median property tax | $1,118 | $1,081 |
| Effective tax rate | 0.665% | 0.651% |
| Median gross rent | $852 | $854 |
| Population | 89,496 | 128,448 |
The weather behind that power bill
Fort Smith sits in Sebastian County, which averages a high of 94.1°F in its hottest month and a low of 29.6°F in its coldest, with 47.34" of precipitation a year and 32% of it in a single three-month stretch. That climate drives 2,177 cooling and 3,098 heating degree days, which is what sets the $150 electricity line above.
See the full climate breakdown for Sebastian County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Sebastian County
Full Sebastian County cost breakdown · Every county in Arkansas
Talk to someone who works this market
These are Fort Smith 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 Fort Smith every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Fort Smith I already own here and may sell
Common questions
How much does it cost to own a home in Fort Smith?
A $168,000 home in Fort Smith, Arkansas costs approximately $1,507 per month with 20% down at 7.4%. That is $931 principal and interest, $93 property tax, $125 homeowners insurance, $218 utilities and $140 set aside for maintenance.
What is the property tax rate in Fort Smith?
Fort Smith has an effective property tax rate of 0.665%, based on a median home value of $168,100 and median real estate taxes of $1,118. That is higher than the Sebastian County average of 0.651%.
What is the average home price in Fort Smith?
The median owner-occupied home value in Fort Smith, Arkansas is $168,100, against $166,000 across Sebastian County.
Is it cheaper to rent or buy in Fort Smith?
Median gross rent in Fort Smith is $852 a month, against $1,507 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 Fort Smith?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Fort Smith, Arkansas at today's rate takes a household income of roughly $64,500 a year. That covers the full $1,507 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Fort Smith, 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.