Total monthly cost of ownership
Cost to Own a Home in Hope, Arkansas
A $88,000 home here costs
$828per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $452. The real number is $376 higher every month — 83% 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.
Hope against Hempstead County and Arkansas
| Measure | Hope | Hempstead County |
|---|---|---|
| Median home value | $87,800 | $100,200 |
| Median property tax | $476 | $503 |
| Effective tax rate | 0.542% | 0.502% |
| Median gross rent | $777 | $781 |
| Population | 8,787 | 19,778 |
The weather behind that power bill
Hope sits in Hempstead County, which averages a high of 92.5°F in its hottest month and a low of 31.5°F in its coldest, with 55.69" of precipitation a year and 30% of it in a single three-month stretch. That climate drives 2,040 cooling and 2,952 heating degree days, which is what sets the $129 electricity line above.
See the full climate breakdown for Hempstead County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Hempstead County
No other places of this size are published in Hempstead County.
Full Hempstead County cost breakdown · Every county in Arkansas
Common questions
How much does it cost to own a home in Hope?
A $88,000 home in Hope, Arkansas costs approximately $828 per month with 20% down at 6.66%. That is $452 principal and interest, $40 property tax, $66 homeowners insurance, $197 utilities and $73 set aside for maintenance.
What is the property tax rate in Hope?
Hope has an effective property tax rate of 0.542%, based on a median home value of $87,800 and median real estate taxes of $476. That is higher than the Hempstead County average of 0.502%.
What is the average home price in Hope?
The median owner-occupied home value in Hope, Arkansas is $87,800, against $100,200 across Hempstead County.
Is it cheaper to rent or buy in Hope?
Median gross rent in Hope is $777 a month, against $828 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 Hope — 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.