The typical owner-occupied home in Monticello is worth about $137,500, 27% below the Arkansas median of $188,000 and 59% below the national median of $332,700. Owners pay a median $627 a year in property taxes, about 0.46% of their home's value, lower than the Arkansas rate of 0.55%. The median household earns $27,238 a year, so the median home costs 5.0 times the median income (3.1 times for Arkansas). 46% of occupied homes here are lived in by their owners, and 53% of those owners still have a mortgage.
Monticello at a glance
| Monticello | Arkansas | U.S. | |
|---|---|---|---|
| Median home value | $137,500 | $188,000 | $332,700 |
| Median property tax paid per year | $627 | $1,040 | $3,119 |
| Property tax as a share of value | 0.46% | 0.55% | 0.94% |
| Median household income | $27,238 | $60,773 | $80,734 |
| Homes lived in by their owners | 46% | 66% | 65% |
| Owner homes with a mortgage | 53% | 53% | 61% |
| Median monthly costs, owners with a mortgage | $1,098 | $1,345 | $1,963 |
| Those costs as a share of the owners' income | 24.1% | 18.5% | 21.0% |
| Median rent | $707 | $947 | $1,413 |
| Rent as a share of renters' income | 29.3% | 27.6% | 30.6% |
| Median year homes were built | 1981 | 1987 | 1980 |
| Vacant homes | 11.0% | 13.5% | 10.1% |
| Population | 8,257 | 3,049,391 | 334,922,499 |
What a typical home costs per month in Monticello
At this week's average 30-year rate of 7.11%, buying the median Monticello home of $137,500 with 20% down costs about $850 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,079, 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 $36,428 for the 20%-down payment. That payment is 37% of the median Monticello household income of $27,238; at that income and 20% down, the 28% guideline points to a home of about $103,000.
The median rent here is $707 a month, so owning the median home costs about $143 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $27,500 |
|---|---|
| Loan amount | $110,000 |
| Principal and interest | $740 |
| Property taxes (0.46% a year) | $53 |
| Homeowners insurance (our estimate, 0.5% a year) | $57 |
| PMI | $0 |
| Total per month | $850 |
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| Down payment | $4,812 |
|---|---|
| Loan amount | $135,010 |
| Principal and interest | $908 |
| Property taxes (0.46% a year) | $53 |
| Homeowners insurance (our estimate, 0.5% a year) | $57 |
| FHA mortgage insurance | $61 |
| Total per month | $1,079 |
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Questions about home buying in Monticello
What is the median home value in Monticello?
About $137,500 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Monticello?
Homeowners pay a median $627 a year, which is about 0.46% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Monticello?
For the median home with 20% down at 7.11%, the payment is about $850 a month. Keeping that under 28% of gross income takes about $36,428 a year.
More about Monticello
- Mortgage Refinance in Monticello
- Debt Relief in Monticello
- Home Equity Loans in Monticello
- 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