The typical owner-occupied home in Banks is worth about $60,000, 68% below the Arkansas median of $188,000 and 82% below the national median of $332,700. The median household earns $56,250 a year, so the median home costs 1.1 times the median income (3.1 times for Arkansas). 85% of occupied homes here are lived in by their owners, and 25% of those owners still have a mortgage.
Banks at a glance
| Banks | Arkansas | U.S. | |
|---|---|---|---|
| Median home value | $60,000 | $188,000 | $332,700 |
| Median property tax paid per year | – | $1,040 | $3,119 |
| Median household income | $56,250 | $60,773 | $80,734 |
| Homes lived in by their owners | 85% | 66% | 65% |
| Owner homes with a mortgage | 25% | 53% | 61% |
| Median monthly costs, owners with a mortgage | – | $1,345 | $1,963 |
| Median rent | – | $947 | $1,413 |
| Median year homes were built | 1975 | 1987 | 1980 |
| Vacant homes | 21.4% | 13.5% | 10.1% |
| Population | 126 | 3,049,391 | 334,922,499 |
What a typical home costs per month in Banks
At this week's average 30-year rate of 7.11%, buying the median Banks home of $60,000 with 20% down costs about $403 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $503, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $17,267 for the 20%-down payment. That payment is 9% of the median Banks household income of $56,250; at that income and 20% down, the 28% guideline points to a home of about $195,000.
| Down payment | $12,000 |
|---|---|
| Loan amount | $48,000 |
| Principal and interest | $323 |
| Property taxes (1.10% a year) | $55 |
| Homeowners insurance (our estimate, 0.5% a year) | $25 |
| PMI | $0 |
| Total per month | $403 |
Change the numbers in the calculator
| Down payment | $2,100 |
|---|---|
| Loan amount | $58,913 |
| Principal and interest | $396 |
| Property taxes (1.10% a year) | $55 |
| Homeowners insurance (our estimate, 0.5% a year) | $25 |
| FHA mortgage insurance | $27 |
| Total per month | $503 |
Change the numbers in the calculator
Questions about home buying in Banks
What is the median home value in Banks?
About $60,000 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
What income do you need to buy a home in Banks?
For the median home with 20% down at 7.11%, the payment is about $403 a month. Keeping that under 28% of gross income takes about $17,267 a year.
More about Banks
- Mortgage Refinance in Banks
- Debt Relief in Banks
- Home Equity Loans in Banks
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data