Total monthly cost of ownership
Cost to Own a Home in Salem, Arkansas
A $88,000 home here costs
$815per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $452. The real number is $363 higher every month — 80% 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.
Salem against Fulton County and Arkansas
| Measure | Salem | Fulton County |
|---|---|---|
| Median home value | $88,200 | $107,200 |
| Median property tax | $319 | $494 |
| Effective tax rate | 0.362% | 0.461% |
| Median gross rent | $619 | $596 |
| Population | 1,471 | 12,239 |
The weather behind that power bill
Salem sits in Fulton County, which averages a high of 89.6°F in its hottest month and a low of 24.8°F in its coldest, with 49.55" of precipitation a year and 31% of it in a single three-month stretch. That climate drives 1,480 cooling and 4,182 heating degree days, which is what sets the $129 electricity line above.
See the full climate breakdown for Fulton County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Fulton County
No other places of this size are published in Fulton County.
Full Fulton County cost breakdown · Every county in Arkansas
Common questions
How much does it cost to own a home in Salem?
A $88,000 home in Salem, Arkansas costs approximately $815 per month with 20% down at 6.66%. That is $452 principal and interest, $27 property tax, $66 homeowners insurance, $197 utilities and $73 set aside for maintenance.
What is the property tax rate in Salem?
Salem has an effective property tax rate of 0.362%, based on a median home value of $88,200 and median real estate taxes of $319. That is lower than the Fulton County average of 0.461%.
What is the average home price in Salem?
The median owner-occupied home value in Salem, Arkansas is $88,200, against $107,200 across Fulton County.
Is it cheaper to rent or buy in Salem?
Median gross rent in Salem is $619 a month, against $815 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 Salem — 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.