Total monthly cost of ownership
Cost to Own a Home in Lake City, Arkansas
A $126,000 home here costs
$1,173per 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 $50,500 a year.
A standard mortgage calculator would have told you $698. The real number is $475 higher every month, 68% more than the payment most buyers budget for.
Compare Craighead County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Lake City from a five-year rolling sample, and with about 2,452 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 Craighead 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.
Lake City against Craighead County and Arkansas
| Measure | Lake City | Craighead County |
|---|---|---|
| Median home value | $125,500 | $198,700 |
| Median property tax | $688 | $1,084 |
| Effective tax rate | 0.548% | 0.546% |
| Median gross rent | $827 | $930 |
| Population | 2,452 | 112,097 |
The weather behind that power bill
Lake City sits in Craighead County, which averages a high of 91.2°F in its hottest month and a low of 30.5°F in its coldest, with 48.51" of precipitation a year and 31% of it in a single three-month stretch. That climate drives 1,994 cooling and 3,451 heating degree days, which is what sets the $150 electricity line above.
See the full climate breakdown for Craighead County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Craighead County
Full Craighead County cost breakdown · Every county in Arkansas
Talk to someone who works this market
These are Lake City 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 Lake City every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Lake City I already own here and may sell
Common questions
How much does it cost to own a home in Lake City?
A $126,000 home in Lake City, Arkansas costs approximately $1,173 per month with 20% down at 7.4%. That is $698 principal and interest, $58 property tax, $94 homeowners insurance, $218 utilities and $105 set aside for maintenance.
What is the property tax rate in Lake City?
Lake City has an effective property tax rate of 0.548%, based on a median home value of $125,500 and median real estate taxes of $688. That is in line with the Craighead County average of 0.546%.
What is the average home price in Lake City?
The median owner-occupied home value in Lake City, Arkansas is $125,500, against $198,700 across Craighead County.
Is it cheaper to rent or buy in Lake City?
Median gross rent in Lake City is $827 a month, against $1,173 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 Lake City?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Lake City, Arkansas at today's rate takes a household income of roughly $50,500 a year. That covers the full $1,173 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Lake City, 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.