Total monthly cost of ownership
Cost to Own a Home in Iola, Kansas
A $78,000 home here costs
$859per 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 $37,000 a year.
A standard mortgage calculator would have told you $425. The real number is $434 higher every month, 102% more than the payment most buyers budget for.
Compare Allen 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.
Iola against Allen County and Kansas
| Measure | Iola | Allen County |
|---|---|---|
| Median home value | $78,100 | $100,400 |
| Median property tax | $1,441 | $1,659 |
| Effective tax rate | 1.845% | 1.652% |
| Median gross rent | $689 | $685 |
| Population | 5,368 | 12,491 |
The weather behind that power bill
Iola sits in Allen County, which averages a high of 88.5°F in its hottest month and a low of 20.3°F in its coldest, with 42.04" of precipitation a year and 38% of it in a single three-month stretch. That climate drives 1,440 cooling and 4,734 heating degree days, which is what sets the $136 electricity line above.
See the full climate breakdown for Allen County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Allen County
Talk to someone who works this market
These are Iola 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 Iola every week. Free, no obligation, and we never sell your details to a list.
Common questions
How much does it cost to own a home in Iola?
A $78,000 home in Iola, Kansas costs approximately $859 per month with 20% down at 7.24%. That is $425 principal and interest, $120 property tax, $46 homeowners insurance, $204 utilities and $65 set aside for maintenance.
What is the property tax rate in Iola?
Iola has an effective property tax rate of 1.845%, based on a median home value of $78,100 and median real estate taxes of $1,441. That is higher than the Allen County average of 1.652%.
What is the average home price in Iola?
The median owner-occupied home value in Iola, Kansas is $78,100, against $100,400 across Allen County.
Is it cheaper to rent or buy in Iola?
Median gross rent in Iola is $689 a month, against $859 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 Iola?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Iola, Kansas at today's rate takes a household income of roughly $37,000 a year. That covers the full $859 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Iola, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Kansas.
- 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.