Total monthly cost of ownership
Cost to Own a Home in Clear Lake, Iowa
A $235,000 home here costs
$2,053per 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 $88,000 a year.
A standard mortgage calculator would have told you $1,281. The real number is $772 higher every month, 60% more than the payment most buyers budget for.
Compare Cerro Gordo 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.
Clear Lake against Cerro Gordo County and Iowa
| Measure | Clear Lake | Cerro Gordo County |
|---|---|---|
| Median home value | $235,100 | $154,100 |
| Median property tax | $3,170 | $2,305 |
| Effective tax rate | 1.348% | 1.496% |
| Median gross rent | $755 | $840 |
| Population | 7,603 | 42,785 |
The weather behind that power bill
Clear Lake sits in Cerro Gordo County, which averages a high of 82.5°F in its hottest month and a low of 7.2°F in its coldest, with 36.25" of precipitation a year and 41% of it in a single three-month stretch. That climate drives 603 cooling and 7,647 heating degree days, which is what sets the $142 electricity line above.
See the full climate breakdown for Cerro Gordo County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Cerro Gordo County
Full Cerro Gordo County cost breakdown · Every county in Iowa
Talk to someone who works this market
These are Clear 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 Clear Lake every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Clear Lake I already own here and may sell
Common questions
How much does it cost to own a home in Clear Lake?
A $235,000 home in Clear Lake, Iowa costs approximately $2,053 per month with 20% down at 7.24%. That is $1,281 principal and interest, $264 property tax, $102 homeowners insurance, $210 utilities and $196 set aside for maintenance.
What is the property tax rate in Clear Lake?
Clear Lake has an effective property tax rate of 1.348%, based on a median home value of $235,100 and median real estate taxes of $3,170. That is lower than the Cerro Gordo County average of 1.496%.
What is the average home price in Clear Lake?
The median owner-occupied home value in Clear Lake, Iowa is $235,100, against $154,100 across Cerro Gordo County.
Is it cheaper to rent or buy in Clear Lake?
Median gross rent in Clear Lake is $755 a month, against $2,053 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 Clear Lake?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Clear Lake, Iowa at today's rate takes a household income of roughly $88,000 a year. That covers the full $2,053 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Clear 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.