Total monthly cost of ownership
Cost to Own a Home in Ames, Iowa
A $264,000 home here costs
$2,207per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,357. The real number is $850 higher every month — 63% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Ames against Story County and Iowa
| Measure | Ames | Story County |
|---|---|---|
| Median home value | $263,800 | $243,600 |
| Median property tax | $3,838 | $3,586 |
| Effective tax rate | 1.455% | 1.472% |
| Median gross rent | $1,040 | $1,019 |
| Population | 66,112 | 98,592 |
The weather behind that power bill
Ames sits in Story County, which averages a high of 83.9°F in its hottest month and a low of 10.9°F in its coldest, with 35.91" of precipitation a year and 41% of it in a single three-month stretch. That climate drives 786 cooling and 6,748 heating degree days, which is what sets the $127 electricity line above.
See the full climate breakdown for Story County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Story County
Common questions
How much does it cost to own a home in Ames?
A $264,000 home in Ames, Iowa costs approximately $2,207 per month with 20% down at 6.66%. That is $1,357 principal and interest, $320 property tax, $115 homeowners insurance, $195 utilities and $220 set aside for maintenance.
What is the property tax rate in Ames?
Ames has an effective property tax rate of 1.455%, based on a median home value of $263,800 and median real estate taxes of $3,838. That is lower than the Story County average of 1.472%.
What is the average home price in Ames?
The median owner-occupied home value in Ames, Iowa is $263,800, against $243,600 across Story County.
Is it cheaper to rent or buy in Ames?
Median gross rent in Ames is $1,040 a month, against $2,207 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Ames — 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.