Quick facts: Monticello, AR

Quick Facts

92.7
Cost of Living
below US average
8,176
Population
40.73
Crime Rate per 1000
above US average
$34,176
Median Income
below US average
$198,000
Median House Price
above US average
$914.29
Average Rent
below US average
22%
Poverty Rate
above US average
4.3%
Unemployment Rate
above US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $34,176.

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Income Needed to Buy

βœ— Stretch
$62k/year
Based on $198,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $62k vs median $34,176
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Income Needed to Rent

⚠ Stretch
$39k/year
Based on $914.29/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $39k vs median $34,176
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Monticello, AR

Monticello, Arkansas, is a charming city located in Drew County, in the southeastern region of the state. Known as the "City of the Pines," it is surrounded by beautiful natural landscapes, including forests and rivers, making it an ideal location for outdoor enthusiasts. The city's population is approximately 9,000 residents, contributing to a close-knit community atmosphere. Monticello is home to the University of Arkansas at Monticello, which offers various degree programs and contributes to the city's educational and cultural life. The city hosts several annual events, such as the Monticello Country Christmas and the Drew County Fair, fostering local traditions and community spirit. Historically, Monticello has deep roots, dating back to its founding in the early 19th century. The downtown area showcases unique shops, eateries, and historic buildings, adding to its small-town charm. Parks and recreational facilities provide residents with opportunities for leisure activities, while the nearby Ouachita National Forest offers hiking, camping, and fishing. Overall, Monticello is a perfect blend of education, community, and nature, making it a delightful place to live or visit.

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