Total monthly cost of ownership
Cost to Own a Home in Boone, Iowa
A $156,000 home here costs
$1,470per 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 $63,000 a year.
A standard mortgage calculator would have told you $851. The real number is $620 higher every month, 73% more than the payment most buyers budget for.
Compare Boone County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Boone against Boone County and Iowa
| Measure | Boone | Boone County |
|---|---|---|
| Median home value | $156,400 | $191,200 |
| Median property tax | $2,551 | $2,741 |
| Effective tax rate | 1.631% | 1.434% |
| Median gross rent | $791 | $826 |
| Population | 12,445 | 26,669 |
The weather behind that power bill
Boone sits in Boone County, which averages a high of 84.2°F in its hottest month and a low of 9.1°F in its coldest, with 39.14" of precipitation a year and 39% of it in a single three-month stretch. That climate drives 799 cooling and 6,921 heating degree days, which is what sets the $142 electricity line above.
See the full climate breakdown for Boone County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Boone County
Talk to someone who works this market
These are Boone 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 Boone 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 Boone?
A $156,000 home in Boone, Iowa costs approximately $1,470 per month with 20% down at 7.24%. That is $851 principal and interest, $212 property tax, $68 homeowners insurance, $210 utilities and $130 set aside for maintenance.
What is the property tax rate in Boone?
Boone has an effective property tax rate of 1.631%, based on a median home value of $156,400 and median real estate taxes of $2,551. That is higher than the Boone County average of 1.434%.
What is the average home price in Boone?
The median owner-occupied home value in Boone, Iowa is $156,400, against $191,200 across Boone County.
Is it cheaper to rent or buy in Boone?
Median gross rent in Boone is $791 a month, against $1,470 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 Boone?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Boone, Iowa at today's rate takes a household income of roughly $63,000 a year. That covers the full $1,470 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Boone, 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.