Mortgage payment estimates, closing cost breakdowns, and homebuying data for Conway, Arkansas.
Median Home Price
$225K
Population
67K
Avg Monthly Rent
$1,020
Property Tax Rate
0.62% *
* Property tax shown is the Arkansas state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Conway.
Conway vs Arkansas Median
The median home price in Conway is $225,000, which is 15% above the Arkansas state median of $195,000.
Mortgage Calculator — Conway, AR
Pre-filled with Conway median home price and Arkansas tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $225K home using Arkansas's 0.62% tax rate and $2,500/yr insurance.
5% Down
$1,800/mo
Down: $11,250
Loan: $214K
P&I: $1,351
Tax: $116
Insurance: $208
PMI: $125
10% Down
$1,723/mo
Down: $22,500
Loan: $203K
P&I: $1,280
Tax: $116
Insurance: $208
PMI: $118
20% Down (No PMI)
$1,462/mo
Down: $45,000
Loan: $180K
P&I: $1,138
Tax: $116
Insurance: $208
Income needed (28% rule): $63K/year with 20% down, $74K/year with 10% down.
Rent vs Buy in Conway
Rent
$1,020/mo
vs
Buy (10% down)
$1,723/mo
Price-to-rent ratio: 18.4 — A ratio between 15-20 means the rent vs buy decision in Conway depends heavily on your timeline. If you plan to stay 5+ years, buying likely wins. For shorter stays, renting preserves flexibility.
The median home price in Conway is $225,000, 15% above the Arkansas state median of $195,000. With a population of 67,336, Conway is a smaller market where home prices reflect strong demand and local economic factors.
Property taxes in Arkansas average 0.62% annually. This low property tax rate is a significant advantage for Conway buyers, keeping your monthly costs well below what you'd pay in higher-tax states. Homeowners insurance in Arkansas runs approximately $2,500 per year. This is within the normal range nationally.
Average rent in Conway is $1,020/month. The price-to-rent ratio in Conway is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Conway offers strong affordability. With median prices under $250K, first-time buyers have realistic paths to homeownership, especially combined with Arkansas's ADFA Down Payment Assistance program.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Conway.