Total monthly cost of ownership
Cost to Own a Home in Fairbank, Iowa
A $173,000 home here costs
$1,467per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $889. The real number is $578 higher every month — 65% 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.
Fairbank against Buchanan County and Iowa
| Measure | Fairbank | Buchanan County |
|---|---|---|
| Median home value | $173,200 | $171,400 |
| Median property tax | $1,961 | $2,286 |
| Effective tax rate | 1.132% | 1.334% |
| Median gross rent | $630 | $802 |
| Population | 1,509 | 20,645 |
Fairbank extends across 2 counties. Figures here use Buchanan County, where most of its housing sits.
The weather behind that power bill
Fairbank sits in Buchanan County, which averages a high of 83.0°F in its hottest month and a low of 8.0°F in its coldest, with 37.37" of precipitation a year and 40% of it in a single three-month stretch. That climate drives 723 cooling and 7,252 heating degree days, which is what sets the $127 electricity line above.
See the full climate breakdown for Buchanan County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Buchanan County
Common questions
How much does it cost to own a home in Fairbank?
A $173,000 home in Fairbank, Iowa costs approximately $1,467 per month with 20% down at 6.66%. That is $889 principal and interest, $163 property tax, $75 homeowners insurance, $195 utilities and $144 set aside for maintenance.
What is the property tax rate in Fairbank?
Fairbank has an effective property tax rate of 1.132%, based on a median home value of $173,200 and median real estate taxes of $1,961. That is lower than the Buchanan County average of 1.334%.
What is the average home price in Fairbank?
The median owner-occupied home value in Fairbank, Iowa is $173,200, against $171,400 across Buchanan County.
Is it cheaper to rent or buy in Fairbank?
Median gross rent in Fairbank is $630 a month, against $1,467 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 Fairbank — 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.