Total monthly cost of ownership
Cost to Own a Home in Hot Springs, Arkansas
A $157,000 home here costs
$1,322per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $807. The real number is $515 higher every month — 64% 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.
Hot Springs against Garland County and Arkansas
| Measure | Hot Springs | Garland County |
|---|---|---|
| Median home value | $156,900 | $176,400 |
| Median property tax | $834 | $915 |
| Effective tax rate | 0.532% | 0.519% |
| Median gross rent | $902 | $942 |
| Population | 38,023 | 100,062 |
The weather behind that power bill
Hot Springs sits in Garland County, which averages a high of 90.9°F in its hottest month and a low of 29.1°F in its coldest, with 57.86" of precipitation a year and 30% of it in a single three-month stretch. That climate drives 1,544 cooling and 3,477 heating degree days, which is what sets the $129 electricity line above.
See the full climate breakdown for Garland County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Garland County
Full Garland County cost breakdown · Every county in Arkansas
Common questions
How much does it cost to own a home in Hot Springs?
A $157,000 home in Hot Springs, Arkansas costs approximately $1,322 per month with 20% down at 6.66%. That is $807 principal and interest, $70 property tax, $117 homeowners insurance, $197 utilities and $131 set aside for maintenance.
What is the property tax rate in Hot Springs?
Hot Springs has an effective property tax rate of 0.532%, based on a median home value of $156,900 and median real estate taxes of $834. That is higher than the Garland County average of 0.519%.
What is the average home price in Hot Springs?
The median owner-occupied home value in Hot Springs, Arkansas is $156,900, against $176,400 across Garland County.
Is it cheaper to rent or buy in Hot Springs?
Median gross rent in Hot Springs is $902 a month, against $1,322 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 Hot 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.