Home robot arms require a payload of 2 kg to perform various household tasks; at the same time, they should be operated by low-capacity motors and low-cost speed reducers to ensure reasonable product cost. Furthermore, as robot arms on mobile platforms are battery-driven, their energy efficiency should be very high. To satisfy these requirements, we designed a lightweight counterbalance mechanism (CBM) based on a spring and a wire and developed a home robot arm with five degrees of freedom (DOF) based on this CBM. The CBM compensates for gravitational torques applied to the two pitch joints that are most affected by the robot’s weight. The developed counterbalance robot adopts a belt-pulley based parallelogram mechanism for 2-DOF gravity compensation. Experiments using this robot demonstrate that the CBM allows the robot to meet the above-mentioned requirements, even with low-capacity motors and speed reducers.