Total monthly cost of ownership
Cost to Own a Home in Buffalo, Iowa
A $120,000 home here costs
$1,185per month, all in, with 20% down at today's 7.40% 30-year fixed rate. By the 28% rule that takes a household income of about $51,000 a year.
A standard mortgage calculator would have told you $665. The real number is $520 higher every month, 78% more than the payment most buyers budget for.
Compare Scott County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Buffalo from a five-year rolling sample, and with about 1,090 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 Scott 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.
Buffalo against Scott County and Iowa
| Measure | Buffalo | Scott County |
|---|---|---|
| Median home value | $120,400 | $212,500 |
| Median property tax | $2,010 | $3,221 |
| Effective tax rate | 1.669% | 1.516% |
| Median gross rent | $821 | $958 |
| Population | 1,090 | 174,302 |
The weather behind that power bill
Buffalo sits in Scott County, which averages a high of 83.8°F in its hottest month and a low of 14.0°F in its coldest, with 36.17" of precipitation a year and 38% of it in a single three-month stretch. That climate drives 879 cooling and 6,326 heating degree days, which is what sets the $133 electricity line above.
See the full climate breakdown for Scott County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Scott County
Talk to someone who works this market
These are Buffalo 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 Buffalo every week. Free, no obligation, and we never sell your details to a list.
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Common questions
How much does it cost to own a home in Buffalo?
A $120,000 home in Buffalo, Iowa costs approximately $1,185 per month with 20% down at 7.4%. That is $665 principal and interest, $167 property tax, $52 homeowners insurance, $201 utilities and $100 set aside for maintenance.
What is the property tax rate in Buffalo?
Buffalo has an effective property tax rate of 1.669%, based on a median home value of $120,400 and median real estate taxes of $2,010. That is higher than the Scott County average of 1.516%.
What is the average home price in Buffalo?
The median owner-occupied home value in Buffalo, Iowa is $120,400, against $212,500 across Scott County.
Is it cheaper to rent or buy in Buffalo?
Median gross rent in Buffalo is $821 a month, against $1,185 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 Buffalo?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Buffalo, Iowa at today's rate takes a household income of roughly $51,000 a year. That covers the full $1,185 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Buffalo, 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.