Home Affordability in Little Rock, AR
The median home price in Little Rock is $200,000 with a median household income of $50,447. Housing is moderately affordable relative to local incomes.
Median Home Price
$200,000
Median Income
$50,447
Price-to-Income Ratio
4.0x
Est. Affordable Home
$196,000
Property Tax Rate
0.62%
Annual Property Tax
$1,240
Sales Tax Rate
9.13%
Cost of Living Index
86
Buying a Home in Little Rock
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $50,447 in Little Rock can afford a monthly housing payment of approximately $1,177. This translates to a home price of roughly $196,000, which is below the median home price of $200,000 — many households may need a higher income, larger down payment, or should consider more affordable neighborhoods.
Property taxes on a median-priced home in Little Rock would be approximately $1,240 per year ($103/month) at the effective rate of 0.62%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $6,000 | $194,000 | Yes |
| 5% | $10,000 | $190,000 | Yes |
| 10% | $20,000 | $180,000 | Yes |
| 20% | $40,000 | $160,000 | No |
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