Total monthly cost of ownership
Cost to Own a Home in Albia, Iowa
A $133,000 home here costs
$1,276per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $54,500 a year.
A standard mortgage calculator would have told you $725. The real number is $551 higher every month, 76% more than the payment most buyers budget for.
Compare Monroe County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Albia from a five-year rolling sample, and with about 3,688 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Monroe County figures are drawn from a far larger sample if you want a steadier number.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Albia against Monroe County and Iowa
| Measure | Albia | Monroe County |
|---|---|---|
| Median home value | $132,500 | $135,900 |
| Median property tax | $2,059 | $2,065 |
| Effective tax rate | 1.554% | 1.519% |
| Median gross rent | $803 | $787 |
| Population | 3,688 | 7,546 |
The weather behind that power bill
Albia sits in Monroe County, which averages a high of 84.4°F in its hottest month and a low of 13.2°F in its coldest, with 36.48" of precipitation a year and 39% of it in a single three-month stretch. That climate drives 899 cooling and 6,336 heating degree days, which is what sets the $142 electricity line above.
See the full climate breakdown for Monroe County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Monroe County
No other places of this size are published in Monroe County.
Talk to someone who works this market
These are Albia averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Albia every week. Free, no obligation, and we never sell your details to a list.
Common questions
How much does it cost to own a home in Albia?
A $133,000 home in Albia, Iowa costs approximately $1,276 per month with 20% down at 7.24%. That is $725 principal and interest, $172 property tax, $58 homeowners insurance, $210 utilities and $111 set aside for maintenance.
What is the property tax rate in Albia?
Albia has an effective property tax rate of 1.554%, based on a median home value of $132,500 and median real estate taxes of $2,059. That is higher than the Monroe County average of 1.519%.
What is the average home price in Albia?
The median owner-occupied home value in Albia, Iowa is $132,500, against $135,900 across Monroe County.
Is it cheaper to rent or buy in Albia?
Median gross rent in Albia is $803 a month, against $1,276 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Albia?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Albia, Iowa at today's rate takes a household income of roughly $54,500 a year. That covers the full $1,276 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Albia, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Iowa.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.