Total monthly cost of ownership
Cost to Own a Home in Gilbert, Iowa
A $267,000 home here costs
$2,238per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,373. The real number is $865 higher every month — 63% 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.
Gilbert against Story County and Iowa
| Measure | Gilbert | Story County |
|---|---|---|
| Median home value | $267,200 | $243,600 |
| Median property tax | $3,980 | $3,586 |
| Effective tax rate | 1.490% | 1.472% |
| Median gross rent | $887 | $1,019 |
| Population | 1,300 | 98,592 |
The weather behind that power bill
Gilbert sits in Story County, which averages a high of 83.9°F in its hottest month and a low of 10.9°F in its coldest, with 35.91" of precipitation a year and 41% of it in a single three-month stretch. That climate drives 786 cooling and 6,748 heating degree days, which is what sets the $127 electricity line above.
See the full climate breakdown for Story County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Story County
Common questions
How much does it cost to own a home in Gilbert?
A $267,000 home in Gilbert, Iowa costs approximately $2,238 per month with 20% down at 6.66%. That is $1,373 principal and interest, $332 property tax, $116 homeowners insurance, $195 utilities and $223 set aside for maintenance.
What is the property tax rate in Gilbert?
Gilbert has an effective property tax rate of 1.490%, based on a median home value of $267,200 and median real estate taxes of $3,980. That is higher than the Story County average of 1.472%.
What is the average home price in Gilbert?
The median owner-occupied home value in Gilbert, Iowa is $267,200, against $243,600 across Story County.
Is it cheaper to rent or buy in Gilbert?
Median gross rent in Gilbert is $887 a month, against $2,238 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 Gilbert — 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.