Total monthly cost of ownership
Cost to Own a Home in Colfax, Iowa
A $161,000 home here costs
$1,494per 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 $64,000 a year.
A standard mortgage calculator would have told you $878. The real number is $616 higher every month, 70% more than the payment most buyers budget for.
Compare Jasper County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Colfax from a five-year rolling sample, and with about 2,089 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 Jasper 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.
Colfax against Jasper County and Iowa
| Measure | Colfax | Jasper County |
|---|---|---|
| Median home value | $160,500 | $176,800 |
| Median property tax | $2,413 | $2,518 |
| Effective tax rate | 1.503% | 1.424% |
| Median gross rent | $830 | $822 |
| Population | 2,089 | 37,864 |
The weather behind that power bill
Colfax sits in Jasper County, which averages a high of 84.6°F in its hottest month and a low of 10.4°F in its coldest, with 35.14" of precipitation a year and 39% of it in a single three-month stretch. That climate drives 862 cooling and 6,803 heating degree days, which is what sets the $142 electricity line above.
See the full climate breakdown for Jasper County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Jasper County
Talk to someone who works this market
These are Colfax 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 Colfax every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Colfax I already own here and may sell
Common questions
How much does it cost to own a home in Colfax?
A $161,000 home in Colfax, Iowa costs approximately $1,494 per month with 20% down at 7.24%. That is $878 principal and interest, $202 property tax, $70 homeowners insurance, $210 utilities and $134 set aside for maintenance.
What is the property tax rate in Colfax?
Colfax has an effective property tax rate of 1.503%, based on a median home value of $160,500 and median real estate taxes of $2,413. That is higher than the Jasper County average of 1.424%.
What is the average home price in Colfax?
The median owner-occupied home value in Colfax, Iowa is $160,500, against $176,800 across Jasper County.
Is it cheaper to rent or buy in Colfax?
Median gross rent in Colfax is $830 a month, against $1,494 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 Colfax?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Colfax, Iowa at today's rate takes a household income of roughly $64,000 a year. That covers the full $1,494 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Colfax, 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.