The typical owner-occupied home in Elaine is worth about $64,800, 66% below the Arkansas median of $188,000 and 81% below the national median of $332,700. Owners pay a median $625 a year in property taxes, about 0.96% of their home's value, higher than the Arkansas rate of 0.55%. The median household earns $29,792 a year, so the median home costs 2.2 times the median income (3.1 times for Arkansas). 55% of occupied homes here are lived in by their owners, and 28% of those owners still have a mortgage.
Elaine at a glance
| Elaine | Arkansas | U.S. | |
|---|---|---|---|
| Median home value | $64,800 | $188,000 | $332,700 |
| Median property tax paid per year | $625 | $1,040 | $3,119 |
| Property tax as a share of value | 0.96% | 0.55% | 0.94% |
| Median household income | $29,792 | $60,773 | $80,734 |
| Homes lived in by their owners | 55% | 66% | 65% |
| Owner homes with a mortgage | 28% | 53% | 61% |
| Median monthly costs, owners with a mortgage | $1,205 | $1,345 | $1,963 |
| Those costs as a share of the owners' income | 18.5% | 18.5% | 21.0% |
| Median rent | $326 | $947 | $1,413 |
| Rent as a share of renters' income | 17.7% | 27.6% | 30.6% |
| Median year homes were built | 1979 | 1987 | 1980 |
| Vacant homes | 8.5% | 13.5% | 10.1% |
| Population | 487 | 3,049,391 | 334,922,499 |
What a typical home costs per month in Elaine
At this week's average 30-year rate of 7.11%, buying the median Elaine home of $64,800 with 20% down costs about $428 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $536, 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 $18,324 for the 20%-down payment. That payment is 17% of the median Elaine household income of $29,792; at that income and 20% down, the 28% guideline points to a home of about $105,000.
The median rent here is $326 a month, so owning the median home costs about $102 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $12,960 |
|---|---|
| Loan amount | $51,840 |
| Principal and interest | $349 |
| Property taxes (0.96% a year) | $52 |
| Homeowners insurance (our estimate, 0.5% a year) | $27 |
| PMI | $0 |
| Total per month | $428 |
Change the numbers in the calculator
| Down payment | $2,268 |
|---|---|
| Loan amount | $63,626 |
| Principal and interest | $428 |
| Property taxes (0.96% a year) | $52 |
| Homeowners insurance (our estimate, 0.5% a year) | $27 |
| FHA mortgage insurance | $29 |
| Total per month | $536 |
Change the numbers in the calculator
Questions about home buying in Elaine
What is the median home value in Elaine?
About $64,800 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Elaine?
Homeowners pay a median $625 a year, which is about 0.96% 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 Elaine?
For the median home with 20% down at 7.11%, the payment is about $428 a month. Keeping that under 28% of gross income takes about $18,324 a year.
More about Elaine
- Mortgage Refinance in Elaine
- Debt Relief in Elaine
- Home Equity Loans in Elaine
- 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