The typical owner-occupied home in Arcola is worth about $87,000, 49% below the Mississippi median of $169,800 and 74% below the national median of $332,700. Owners pay a median $199 a year in property taxes, about 0.23% of their home's value, lower than the Mississippi rate of 0.72%. The median household earns $27,875 a year, so the median home costs 3.1 times the median income (3.0 times for Mississippi). 68% of occupied homes here are lived in by their owners, and 16% of those owners still have a mortgage.
Arcola at a glance
| Arcola | Mississippi | U.S. | |
|---|---|---|---|
| Median home value | $87,000 | $169,800 | $332,700 |
| Median property tax paid per year | $199 | $1,215 | $3,119 |
| Property tax as a share of value | 0.23% | 0.72% | 0.94% |
| Median household income | $27,875 | $56,447 | $80,734 |
| Homes lived in by their owners | 68% | 70% | 65% |
| Owner homes with a mortgage | 16% | 49% | 61% |
| Median monthly costs, owners with a mortgage | – | $1,394 | $1,963 |
| Median rent | $483 | $954 | $1,413 |
| Rent as a share of renters' income | 28.3% | 30.7% | 30.6% |
| Median year homes were built | 1974 | 1986 | 1980 |
| Vacant homes | 25.4% | 14.6% | 10.1% |
| Population | 204 | 2,946,779 | 334,922,499 |
What a typical home costs per month in Arcola
At this week's average 30-year rate of 7.11%, buying the median Arcola home of $87,000 with 20% down costs about $521 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $666, 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 $22,334 for the 20%-down payment. That payment is 22% of the median Arcola household income of $27,875; at that income and 20% down, the 28% guideline points to a home of about $109,000.
The median rent here is $483 a month, so owning the median home costs about $38 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $17,400 |
|---|---|
| Loan amount | $69,600 |
| Principal and interest | $468 |
| Property taxes (0.23% a year) | $17 |
| Homeowners insurance (our estimate, 0.5% a year) | $36 |
| PMI | $0 |
| Total per month | $521 |
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| Down payment | $3,045 |
|---|---|
| Loan amount | $85,424 |
| Principal and interest | $575 |
| Property taxes (0.23% a year) | $17 |
| Homeowners insurance (our estimate, 0.5% a year) | $36 |
| FHA mortgage insurance | $38 |
| Total per month | $666 |
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Questions about home buying in Arcola
What is the median home value in Arcola?
About $87,000 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Arcola?
Homeowners pay a median $199 a year, which is about 0.23% 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 Arcola?
For the median home with 20% down at 7.11%, the payment is about $521 a month. Keeping that under 28% of gross income takes about $22,334 a year.
More about Arcola
- Mortgage Refinance in Arcola
- Debt Relief in Arcola
- Home Equity Loans in Arcola
- 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