The real estate market is booming right now thanks to low interest rates, a flood of millennial buyers, and shrinking inventory. The median cost of a home has increased 20% year over year, hitting $347,500, according to a report released in April 2020 by real estate listing website Redfin. These high asking costs—while good for sellers—are pricing many buyers out of the market entirely.
But all things are not equal when it comes to real estate in the United States.
Credible used 2021 data calculated by the National Association of REALTORS to compile a list of counties with the lowest median home values and monthly mortgage payments in Arkansas. Counties were ranked by the monthly mortgage payment for a typical home in 2020, from lowest to highest. Ties were broken by median home values in 2020.
The National Association of REALTORS calculated the fourth quarter 2020 median home values by applying the Federal Housing Finance Agency's House Price Index growth to 2019 housing and population data from the American Community Survey and determining an estimate of 2020 median home values for all counties where data is available. The monthly mortgage payments for fourth quarter 2019 and fourth quarter 2020 were calculated for a 30-year fixed-rate mortgage with a 10% down payment.
Keep reading to discover which county in Arkansas has the lowest home prices.
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#30. Cross County
- Monthly mortgage payment in 2020: $334 (8.2% less than 2019)
- Monthly mortgage payment in 2019: $364
- Median home value in 2020: $90,200
- Ranked #457 out of 3,120 counties nationwide
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#29. Pike County
- Monthly mortgage payment in 2020: $330 (7.8% less than 2019)
- Monthly mortgage payment in 2019: $358
- Median home value in 2020: $89,000
- Ranked #435 out of 3,120 counties nationwide
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#28. Mississippi County
- Monthly mortgage payment in 2020: $328 (8.9% less than 2019)
- Monthly mortgage payment in 2019: $360
- Median home value in 2020: $88,600
- Ranked #414 out of 3,120 counties nationwide
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#27. Sevier County
- Monthly mortgage payment in 2020: $327 (5.2% less than 2019)
- Monthly mortgage payment in 2019: $345
- Median home value in 2020: $88,400
- Ranked #408 out of 3,120 counties nationwide
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#26. Izard County
- Monthly mortgage payment in 2020: $321 (9.6% less than 2019)
- Monthly mortgage payment in 2019: $355
- Median home value in 2020: $86,700
- Ranked #375 out of 3,120 counties nationwide
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#25. Columbia County
- Monthly mortgage payment in 2020: $318 (11.9% less than 2019)
- Monthly mortgage payment in 2019: $361
- Median home value in 2020: $85,800
- Ranked #347 out of 3,120 counties nationwide
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#24. Hempstead County
- Monthly mortgage payment in 2020: $315 (9.0% less than 2019)
- Monthly mortgage payment in 2019: $346
- Median home value in 2020: $85,000
- Ranked #321 out of 3,120 counties nationwide
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#23. Sharp County
- Monthly mortgage payment in 2020: $313 (11.3% less than 2019)
- Monthly mortgage payment in 2019: $353
- Median home value in 2020: $84,600
- Ranked #309 out of 3,120 counties nationwide
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#22. Jefferson County
- Monthly mortgage payment in 2020: $310 (13.6% less than 2019)
- Monthly mortgage payment in 2019: $359
- Median home value in 2020: $83,800
- Ranked #296 out of 3,120 counties nationwide
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#21. Poinsett County
- Monthly mortgage payment in 2020: $304 (7.3% less than 2019)
- Monthly mortgage payment in 2019: $328
- Median home value in 2020: $82,100
- Ranked #264 out of 3,120 counties nationwide
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#20. Little River County
- Monthly mortgage payment in 2020: $302 (3.8% less than 2019)
- Monthly mortgage payment in 2019: $314
- Median home value in 2020: $81,700
- Ranked #255 out of 3,120 counties nationwide
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#19. Clay County
- Monthly mortgage payment in 2020: $300 (4.8% less than 2019)
- Monthly mortgage payment in 2019: $315
- Median home value in 2020: $81,100
- Ranked #248 out of 3,120 counties nationwide
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#18. Lawrence County
- Monthly mortgage payment in 2020: $298 (9.7% less than 2019)
- Monthly mortgage payment in 2019: $330
- Median home value in 2020: $80,500
- Ranked #232 out of 3,120 counties nationwide
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#17. Ashley County
- Monthly mortgage payment in 2020: $297 (4.5% less than 2019)
- Monthly mortgage payment in 2019: $311
- Median home value in 2020: $80,100
- Ranked #229 out of 3,120 counties nationwide
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#16. Scott County
- Monthly mortgage payment in 2020: $296 (6.6% less than 2019)
- Monthly mortgage payment in 2019: $317
- Median home value in 2020: $80,000
- Ranked #225 out of 3,120 counties nationwide
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#15. Ouachita County
- Monthly mortgage payment in 2020: $292 (7.0% less than 2019)
- Monthly mortgage payment in 2019: $314
- Median home value in 2020: $78,900
- Ranked #200 out of 3,120 counties nationwide
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#14. Lincoln County
- Monthly mortgage payment in 2020: $290 (8.5% less than 2019)
- Monthly mortgage payment in 2019: $317
- Median home value in 2020: $78,300
- Ranked #190 out of 3,120 counties nationwide
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#13. Lee County
- Monthly mortgage payment in 2020: $287 (9.5% less than 2019)
- Monthly mortgage payment in 2019: $317
- Median home value in 2020: $77,600
- Ranked #179 out of 3,120 counties nationwide
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#12. Phillips County
- Monthly mortgage payment in 2020: $274 (7.7% less than 2019)
- Monthly mortgage payment in 2019: $297
- Median home value in 2020: $74,100
- Ranked #141 out of 3,120 counties nationwide
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#11. Dallas County
- Monthly mortgage payment in 2020: $273 (5.9% less than 2019)
- Monthly mortgage payment in 2019: $290
- Median home value in 2020: $73,800
- Ranked #136 out of 3,120 counties nationwide
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#10. Desha County
- Monthly mortgage payment in 2020: $273 (0.0% greater than 2019)
- Monthly mortgage payment in 2019: $273
- Median home value in 2020: $73,700
- Ranked #134 out of 3,120 counties nationwide
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#9. Calhoun County
- Monthly mortgage payment in 2020: $272 (9.9% less than 2019)
- Monthly mortgage payment in 2019: $302
- Median home value in 2020: $73,400
- Ranked #129 out of 3,120 counties nationwide
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#8. Chicot County
- Monthly mortgage payment in 2020: $271 (1.1% less than 2019)
- Monthly mortgage payment in 2019: $274
- Median home value in 2020: $73,100
- Ranked #125 out of 3,120 counties nationwide
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#7. Prairie County
- Monthly mortgage payment in 2020: $262 (11.5% less than 2019)
- Monthly mortgage payment in 2019: $296
- Median home value in 2020: $70,600
- Ranked #102 out of 3,120 counties nationwide
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#6. Jackson County
- Monthly mortgage payment in 2020: $258 (11.3% less than 2019)
- Monthly mortgage payment in 2019: $291
- Median home value in 2020: $69,800
- Ranked #95 out of 3,120 counties nationwide
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#5. Woodruff County
- Monthly mortgage payment in 2020: $258 (10.4% less than 2019)
- Monthly mortgage payment in 2019: $288
- Median home value in 2020: $69,600
- Ranked #92 out of 3,120 counties nationwide
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#4. Nevada County
- Monthly mortgage payment in 2020: $257 (8.5% less than 2019)
- Monthly mortgage payment in 2019: $281
- Median home value in 2020: $69,500
- Ranked #91 out of 3,120 counties nationwide
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#3. Lafayette County
- Monthly mortgage payment in 2020: $251 (9.1% less than 2019)
- Monthly mortgage payment in 2019: $276
- Median home value in 2020: $67,700
- Ranked #69 out of 3,120 counties nationwide
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#2. St. Francis County
- Monthly mortgage payment in 2020: $251 (9.1% less than 2019)
- Monthly mortgage payment in 2019: $276
- Median home value in 2020: $67,700
- Ranked #70 out of 3,120 counties nationwide
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#1. Monroe County
- Monthly mortgage payment in 2020: $238 (15.0% less than 2019)
- Monthly mortgage payment in 2019: $280
- Median home value in 2020: $64,400
- Ranked #55 out of 3,120 counties nationwide
