Total monthly cost of ownership
Cost to Own a Home in Melbourne, Arkansas
A $203,000 home here costs
$1,650per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,044. The real number is $607 higher every month — 58% 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.
Melbourne against Izard County and Arkansas
| Measure | Melbourne | Izard County |
|---|---|---|
| Median home value | $203,000 | $122,100 |
| Median property tax | $1,067 | $714 |
| Effective tax rate | 0.526% | 0.585% |
| Median gross rent | $620 | $626 |
| Population | 2,227 | 13,866 |
The weather behind that power bill
Melbourne sits in Izard County, which averages a high of 90.5°F in its hottest month and a low of 25.6°F in its coldest, with 48.94" of precipitation a year and 30% of it in a single three-month stretch. That climate drives 1,501 cooling and 3,941 heating degree days, which is what sets the $129 electricity line above.
See the full climate breakdown for Izard County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Izard County
Common questions
How much does it cost to own a home in Melbourne?
A $203,000 home in Melbourne, Arkansas costs approximately $1,650 per month with 20% down at 6.66%. That is $1,044 principal and interest, $89 property tax, $152 homeowners insurance, $197 utilities and $169 set aside for maintenance.
What is the property tax rate in Melbourne?
Melbourne has an effective property tax rate of 0.526%, based on a median home value of $203,000 and median real estate taxes of $1,067. That is lower than the Izard County average of 0.585%.
What is the average home price in Melbourne?
The median owner-occupied home value in Melbourne, Arkansas is $203,000, against $122,100 across Izard County.
Is it cheaper to rent or buy in Melbourne?
Median gross rent in Melbourne is $620 a month, against $1,650 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 Melbourne — 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.