Monticello, Arkansas Real Estate & Housing Market

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Monticello Housing Information

Index	Monticello	Arkansas	National
Median home price	$97,000	$114,700	$184,700
Median rent asked	$635	$689	$949
Avg. people per household	2.5	2.5	2.6
Owner occupied households	49.3%	65.7%	63.6%
Renter occupied households	50.7%	34.3%	36.4%

The above shows an overview of the real estate market in Monticello, AR. Note how the median home price for Monticello, AR runs $97,000, which is 15% lower than the average property price for Arkansas. So you’re going to get real estate in Monticello, AR that is on-average more affordable than what you’ll find in the rest of Arkansas. As for rent, the median for Monticello, AR runs $635, which is comparatively 8% lower than the average rent for Arkansas. For Monticello, AR, about 49.3% of the population consist of home owners with about 2.5 people living in each property on average. Whether you’re looking for condos or townhomes that are low-maintenance and affordable or sprawling mansions, Monticello, AR offers a wide variety of real estate. To find your perfect home in Monticello, AR, filter your choice by price, location, and number of beds and baths using the search area above.

Monticello Home Affordability

When deciding where to purchase Monticello, AR real estate, home affordability is one of the top deciding factors. One way that you can calculate the affordability of your next home is to use this formula: median home price to median household income ratio. In Monticello, AR the median home price is $97,000 and $28,615 is the median household income. As a result, the home price to income ratio in Monticello, AR is 3.4x, which is 25% higher than the Arkansas average. In order to determine the home affordability ratio, you would divide the median home price by the median home income. If you find that in Monticello, AR the home price to income ratio is lower than average, that means that in general, housing is more affordable. While there more than just one factor in deciding home affordability, you can use the home affordability calculator below as an additional tool when deciding how much you can and should pay for real estate in Monticello, AR.

Nearby cities with low home prices

City, State	Population	Home Price	National Avg.
Wilmar, AR	362	$90,800	51%
Rye, AR	156	$110,200	40%
Monticello, AR	9,752	$97,000	47%

Cities with similar population

City, State	Population	Home Price	National Avg.
Cedartown, GA	9,752	$81,800	56%
Baker City, OR	9,757	$120,100	35%
Inwood, NY	9,746	$361,600	96%
Dunn, NC	9,762	$112,600	39%
Tanaina, AK	9,736	$231,400	25%
Monticello, AR	9,752	$97,000	47%

Source: The Monticello, AR housing data displayed above is derived from the 2016 United States Census Bureau American Community Survey (ACS).