Total monthly cost of ownership
Cost to Own a Home in Buffalo, Iowa
A $120,000 home here costs
$1,131per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $617. The real number is $514 higher every month — 83% 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.
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 $127 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
Common questions
How much does it cost to own a home in Buffalo?
A $120,000 home in Buffalo, Iowa costs approximately $1,131 per month with 20% down at 6.66%. That is $617 principal and interest, $167 property tax, $52 homeowners insurance, $195 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 $1,131 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 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.