Total monthly cost of ownership
Cost to Own a Home in Cedar Rapids, Iowa
A $177,000 home here costs
$1,658per 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 $71,000 a year.
A standard mortgage calculator would have told you $980. The real number is $677 higher every month, 69% more than the payment most buyers budget for.
Compare Linn 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.
Cedar Rapids against Linn County and Iowa
| Measure | Cedar Rapids | Linn County |
|---|---|---|
| Median home value | $177,100 | $204,400 |
| Median property tax | $3,024 | $3,396 |
| Effective tax rate | 1.708% | 1.661% |
| Median gross rent | $925 | $915 |
| Population | 136,859 | 229,463 |
The weather behind that power bill
Cedar Rapids sits in Linn County, which averages a high of 85.5°F in its hottest month and a low of 12.5°F in its coldest, with 38.75" of precipitation a year and 38% of it in a single three-month stretch. That climate drives 918 cooling and 6,384 heating degree days, which is what sets the $133 electricity line above.
See the full climate breakdown for Linn County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Linn County
Talk to someone who works this market
These are Cedar Rapids 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 Cedar Rapids 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 Cedar Rapids?
A $177,000 home in Cedar Rapids, Iowa costs approximately $1,658 per month with 20% down at 7.4%. That is $980 principal and interest, $252 property tax, $77 homeowners insurance, $201 utilities and $148 set aside for maintenance.
What is the property tax rate in Cedar Rapids?
Cedar Rapids has an effective property tax rate of 1.708%, based on a median home value of $177,100 and median real estate taxes of $3,024. That is higher than the Linn County average of 1.661%.
What is the average home price in Cedar Rapids?
The median owner-occupied home value in Cedar Rapids, Iowa is $177,100, against $204,400 across Linn County.
Is it cheaper to rent or buy in Cedar Rapids?
Median gross rent in Cedar Rapids is $925 a month, against $1,658 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 Cedar Rapids?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Cedar Rapids, Iowa at today's rate takes a household income of roughly $71,000 a year. That covers the full $1,658 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Cedar Rapids, 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.