Total monthly cost of ownership
Cost to Own a Home in Lake Village, Arkansas
A $120,000 home here costs
$1,064per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $617. The real number is $447 higher every month — 73% 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.
Lake Village against Chicot County and Arkansas
| Measure | Lake Village | Chicot County |
|---|---|---|
| Median home value | $120,200 | $90,500 |
| Median property tax | $728 | $494 |
| Effective tax rate | 0.606% | 0.546% |
| Median gross rent | $850 | $661 |
| Population | 2,280 | 9,997 |
The weather behind that power bill
Lake Village sits in Chicot County, which averages a high of 93.5°F in its hottest month and a low of 34.3°F in its coldest, with 60.36" of precipitation a year and 30% of it in a single three-month stretch. That climate drives 2,370 cooling and 2,528 heating degree days, which is what sets the $129 electricity line above.
See the full climate breakdown for Chicot County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Chicot County
Full Chicot County cost breakdown · Every county in Arkansas
Common questions
How much does it cost to own a home in Lake Village?
A $120,000 home in Lake Village, Arkansas costs approximately $1,064 per month with 20% down at 6.66%. That is $617 principal and interest, $61 property tax, $90 homeowners insurance, $197 utilities and $100 set aside for maintenance.
What is the property tax rate in Lake Village?
Lake Village has an effective property tax rate of 0.606%, based on a median home value of $120,200 and median real estate taxes of $728. That is higher than the Chicot County average of 0.546%.
What is the average home price in Lake Village?
The median owner-occupied home value in Lake Village, Arkansas is $120,200, against $90,500 across Chicot County.
Is it cheaper to rent or buy in Lake Village?
Median gross rent in Lake Village is $850 a month, against $1,064 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 Lake Village — 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.