The typical owner-occupied home in Elm Springs is worth about $460,100, 2.4 times the Arkansas median of $188,000 and 38% above the national median of $332,700. Owners pay a median $2,148 a year in property taxes, about 0.47% of their home's value, lower than the Arkansas rate of 0.55%. The median household earns $131,739 a year, so the median home costs 3.5 times the median income (3.1 times for Arkansas). 93% of occupied homes here are lived in by their owners, and 69% of those owners still have a mortgage.
Elm Springs at a glance
| Elm Springs | Arkansas | U.S. | |
|---|---|---|---|
| Median home value | $460,100 | $188,000 | $332,700 |
| Median property tax paid per year | $2,148 | $1,040 | $3,119 |
| Property tax as a share of value | 0.47% | 0.55% | 0.94% |
| Median household income | $131,739 | $60,773 | $80,734 |
| Homes lived in by their owners | 93% | 66% | 65% |
| Owner homes with a mortgage | 69% | 53% | 61% |
| Median monthly costs, owners with a mortgage | $2,205 | $1,345 | $1,963 |
| Those costs as a share of the owners' income | 17.4% | 18.5% | 21.0% |
| Median rent | $1,321 | $947 | $1,413 |
| Rent as a share of renters' income | 17.8% | 27.6% | 30.6% |
| Median year homes were built | 2004 | 1987 | 1980 |
| Vacant homes | 2.9% | 13.5% | 10.1% |
| Population | 3,069 | 3,049,391 | 334,922,499 |
What a typical home costs per month in Elm Springs
At this week's average 30-year rate of 7.11%, buying the median Elm Springs home of $460,100 with 20% down costs about $2,848 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $3,614, 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 $122,058 for the 20%-down payment. That payment is 26% of the median Elm Springs household income of $131,739; at that income and 20% down, the 28% guideline points to a home of about $497,000.
The median rent here is $1,321 a month, so owning the median home costs about $1,527 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $92,020 |
|---|---|
| Loan amount | $368,080 |
| Principal and interest | $2,476 |
| Property taxes (0.47% a year) | $180 |
| Homeowners insurance (our estimate, 0.5% a year) | $192 |
| PMI | $0 |
| Total per month | $2,848 |
Change the numbers in the calculator
| Down payment | $16,104 |
|---|---|
| Loan amount | $451,766 |
| Principal and interest | $3,039 |
| Property taxes (0.47% a year) | $180 |
| Homeowners insurance (our estimate, 0.5% a year) | $192 |
| FHA mortgage insurance | $204 |
| Total per month | $3,614 |
Change the numbers in the calculator
Questions about home buying in Elm Springs
What is the median home value in Elm Springs?
About $460,100 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Elm Springs?
Homeowners pay a median $2,148 a year, which is about 0.47% 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 Elm Springs?
For the median home with 20% down at 7.11%, the payment is about $2,848 a month. Keeping that under 28% of gross income takes about $122,058 a year.
More about Elm Springs
- Mortgage Refinance in Elm Springs
- Debt Relief in Elm Springs
- Home Equity Loans in Elm Springs
- 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