Total monthly cost of ownership
Cost to Own a Home in Fort Madison, Iowa
A $96,000 home here costs
$927per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $494. The real number is $434 higher every month — 88% 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.
Fort Madison against Lee County and Iowa
| Measure | Fort Madison | Lee County |
|---|---|---|
| Median home value | $95,900 | $123,600 |
| Median property tax | $1,400 | $1,855 |
| Effective tax rate | 1.460% | 1.501% |
| Median gross rent | $824 | $814 |
| Population | 10,221 | 33,175 |
The weather behind that power bill
Fort Madison sits in Lee County, which averages a high of 86.4°F in its hottest month and a low of 15.3°F in its coldest, with 39.23" of precipitation a year and 36% of it in a single three-month stretch. That climate drives 1,088 cooling and 5,910 heating degree days, which is what sets the $127 electricity line above.
See the full climate breakdown for Lee County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Lee County
Common questions
How much does it cost to own a home in Fort Madison?
A $96,000 home in Fort Madison, Iowa costs approximately $927 per month with 20% down at 6.66%. That is $494 principal and interest, $117 property tax, $42 homeowners insurance, $195 utilities and $80 set aside for maintenance.
What is the property tax rate in Fort Madison?
Fort Madison has an effective property tax rate of 1.460%, based on a median home value of $95,900 and median real estate taxes of $1,400. That is lower than the Lee County average of 1.501%.
What is the average home price in Fort Madison?
The median owner-occupied home value in Fort Madison, Iowa is $95,900, against $123,600 across Lee County.
Is it cheaper to rent or buy in Fort Madison?
Median gross rent in Fort Madison is $824 a month, against $927 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 Fort Madison — 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.