Estimated Monthly Payment — Median Iowa Home
$1,564
Based on $210,000 home · 20% down · 6.7% APR · 30-year fixed · taxes & insurance included
Median Price
$210,000
Property Tax
1.53%
Avg. HOA
$125/mo
Median Rent
$900/mo
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Estimate only. Not a loan offer, approval, pre-approval, or financial advice. Actual payments and terms may vary. Consult a licensed mortgage professional before making real estate decisions.
Market Insights
About the Iowa housing market
Iowa's housing market is among the most affordable in the country, with a median home price around $210,000. Des Moines is the largest metro, with Cedar Rapids a close second. Iowa offers some of the lowest home prices in the Midwest, though above-average property taxes partially offset the affordability advantage. Iowa's effective property tax rate of 1.53% is above the national average.
The median Iowa home costs $210,000. At today's average 30-year fixed rate (6.7%) with 20% down, principal & interest works out to roughly $1,084, and the total monthly payment including taxes, insurance, and average HOA comes to approximately $1,564. First-time buyers in Iowa can explore programs through Iowa HFA.
Photo by Niko Vassios on Unsplash
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FAQ
Iowa mortgage FAQs
What's the property tax rate in Iowa?
Iowa's effective property tax rate averages about 1.53% — above the national average. On a $210,000 home, that's roughly $268/month or $3,213/year.
How much do I need to earn to afford a typical Iowa home?
Using the 28/36 rule, a buyer would need roughly $59,000–$75,000 in gross annual income to comfortably afford Iowa's $210,000 median home with 20% down at current rates.
What first-time buyer programs are available in Iowa?
IFA offers the FirstHome Plus program for first-time buyers with up to $2,500 grant assistance and the Homes for Iowans program for repeat buyers. Eligibility typically requires being a first-time buyer with income within program limits and completing homebuyer education.
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