Total monthly cost of ownership
Cost to Own a Home in Carter Lake, Iowa
A $161,000 home here costs
$1,520per 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 $65,000 a year.
A standard mortgage calculator would have told you $892. The real number is $628 higher every month, 70% more than the payment most buyers budget for.
Compare Pottawattamie County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Carter Lake from a five-year rolling sample, and with about 3,773 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 Pottawattamie 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.
Carter Lake against Pottawattamie County and Iowa
| Measure | Carter Lake | Pottawattamie County |
|---|---|---|
| Median home value | $161,200 | $183,600 |
| Median property tax | $2,679 | $2,961 |
| Effective tax rate | 1.662% | 1.613% |
| Median gross rent | $1,115 | $970 |
| Population | 3,773 | 93,407 |
The weather behind that power bill
Carter Lake sits in Pottawattamie County, which averages a high of 84.7°F in its hottest month and a low of 11.8°F in its coldest, with 36.43" of precipitation a year and 40% of it in a single three-month stretch. That climate drives 914 cooling and 6,555 heating degree days, which is what sets the $133 electricity line above.
See the full climate breakdown for Pottawattamie County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Pottawattamie County
Full Pottawattamie County cost breakdown · Every county in Iowa
Talk to someone who works this market
These are Carter Lake 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 Carter Lake every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Carter Lake I already own here and may sell
Common questions
How much does it cost to own a home in Carter Lake?
A $161,000 home in Carter Lake, Iowa costs approximately $1,520 per month with 20% down at 7.4%. That is $892 principal and interest, $223 property tax, $70 homeowners insurance, $201 utilities and $134 set aside for maintenance.
What is the property tax rate in Carter Lake?
Carter Lake has an effective property tax rate of 1.662%, based on a median home value of $161,200 and median real estate taxes of $2,679. That is higher than the Pottawattamie County average of 1.613%.
What is the average home price in Carter Lake?
The median owner-occupied home value in Carter Lake, Iowa is $161,200, against $183,600 across Pottawattamie County.
Is it cheaper to rent or buy in Carter Lake?
Median gross rent in Carter Lake is $1,115 a month, against $1,520 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 Carter Lake?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Carter Lake, Iowa at today's rate takes a household income of roughly $65,000 a year. That covers the full $1,520 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Carter Lake, 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.