Total monthly cost of ownership
Cost to Own a Home in Morrilton, Arkansas
A $151,000 home here costs
$1,354per 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 $58,000 a year.
A standard mortgage calculator would have told you $823. The real number is $530 higher every month, 64% more than the payment most buyers budget for.
Compare Conway County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Morrilton against Conway County and Arkansas
| Measure | Morrilton | Conway County |
|---|---|---|
| Median home value | $150,900 | $137,000 |
| Median property tax | $876 | $718 |
| Effective tax rate | 0.581% | 0.524% |
| Median gross rent | $623 | $721 |
| Population | 7,022 | 20,872 |
The weather behind that power bill
Morrilton sits in Conway County, which averages a high of 92.6°F in its hottest month and a low of 29.1°F in its coldest, with 51.2" of precipitation a year and 31% of it in a single three-month stretch. That climate drives 1,955 cooling and 3,359 heating degree days, which is what sets the $151 electricity line above.
See the full climate breakdown for Conway County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Conway County
Full Conway County cost breakdown · Every county in Arkansas
Talk to someone who works this market
These are Morrilton 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 Morrilton every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Morrilton I already own here and may sell
Common questions
How much does it cost to own a home in Morrilton?
A $151,000 home in Morrilton, Arkansas costs approximately $1,354 per month with 20% down at 7.24%. That is $823 principal and interest, $73 property tax, $113 homeowners insurance, $219 utilities and $126 set aside for maintenance.
What is the property tax rate in Morrilton?
Morrilton has an effective property tax rate of 0.581%, based on a median home value of $150,900 and median real estate taxes of $876. That is higher than the Conway County average of 0.524%.
What is the average home price in Morrilton?
The median owner-occupied home value in Morrilton, Arkansas is $150,900, against $137,000 across Conway County.
Is it cheaper to rent or buy in Morrilton?
Median gross rent in Morrilton is $623 a month, against $1,354 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 Morrilton?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Morrilton, Arkansas at today's rate takes a household income of roughly $58,000 a year. That covers the full $1,354 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Morrilton, 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.