Total monthly cost of ownership
Cost to Own a Home in Lake Village, Arkansas
A $120,000 home here costs
$1,123per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $48,000 a year.
A standard mortgage calculator would have told you $654. The real number is $469 higher every month, 72% more than the payment most buyers budget for.
Compare Chicot County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Lake Village from a five-year rolling sample, and with about 2,280 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 Chicot 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 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 $151 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
Talk to someone who works this market
These are Lake Village 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 Village every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Lake Village I already own here and may sell
Common questions
How much does it cost to own a home in Lake Village?
A $120,000 home in Lake Village, Arkansas costs approximately $1,123 per month with 20% down at 7.24%. That is $654 principal and interest, $61 property tax, $90 homeowners insurance, $219 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 $1,123 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 Village?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Lake Village, Arkansas at today's rate takes a household income of roughly $48,000 a year. That covers the full $1,123 monthly cost, not just the mortgage payment.
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.