The typical owner-occupied home in Palestine is worth about $67,900, 64% below the Arkansas median of $188,000 and 80% below the national median of $332,700. Owners pay a median $434 a year in property taxes, about 0.64% of their home's value, higher than the Arkansas rate of 0.55%. The median household earns $36,090 a year, so the median home costs 1.9 times the median income (3.1 times for Arkansas). 65% of occupied homes here are lived in by their owners, and 39% of those owners still have a mortgage.
Palestine at a glance
| Palestine | Arkansas | U.S. | |
|---|---|---|---|
| Median home value | $67,900 | $188,000 | $332,700 |
| Median property tax paid per year | $434 | $1,040 | $3,119 |
| Property tax as a share of value | 0.64% | 0.55% | 0.94% |
| Median household income | $36,090 | $60,773 | $80,734 |
| Homes lived in by their owners | 65% | 66% | 65% |
| Owner homes with a mortgage | 39% | 53% | 61% |
| Median monthly costs, owners with a mortgage | $976 | $1,345 | $1,963 |
| Those costs as a share of the owners' income | 14.4% | 18.5% | 21.0% |
| Median rent | $758 | $947 | $1,413 |
| Rent as a share of renters' income | 33.5% | 27.6% | 30.6% |
| Median year homes were built | 1982 | 1987 | 1980 |
| Vacant homes | 4.2% | 13.5% | 10.1% |
| Population | 800 | 3,049,391 | 334,922,499 |
What a typical home costs per month in Palestine
At this week's average 30-year rate of 7.11%, buying the median Palestine home of $67,900 with 20% down costs about $430 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $543, 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 $18,425 for the 20%-down payment. That payment is 14% of the median Palestine household income of $36,090; at that income and 20% down, the 28% guideline points to a home of about $133,000.
The median rent here is $758 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $13,580 |
|---|---|
| Loan amount | $54,320 |
| Principal and interest | $365 |
| Property taxes (0.64% a year) | $36 |
| Homeowners insurance (our estimate, 0.5% a year) | $28 |
| PMI | $0 |
| Total per month | $430 |
Change the numbers in the calculator
| Down payment | $2,376 |
|---|---|
| Loan amount | $66,670 |
| Principal and interest | $448 |
| Property taxes (0.64% a year) | $36 |
| Homeowners insurance (our estimate, 0.5% a year) | $28 |
| FHA mortgage insurance | $30 |
| Total per month | $543 |
Change the numbers in the calculator
Questions about home buying in Palestine
What is the median home value in Palestine?
About $67,900 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Palestine?
Homeowners pay a median $434 a year, which is about 0.64% 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 Palestine?
For the median home with 20% down at 7.11%, the payment is about $430 a month. Keeping that under 28% of gross income takes about $18,425 a year.
More about Palestine
- Mortgage Refinance in Palestine
- Debt Relief in Palestine
- Home Equity Loans in Palestine
- 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