Total monthly cost of ownership
Cost to Own a Home in Iowa Falls, Iowa
A $106,000 home here costs
$1,077per 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 $46,000 a year.
A standard mortgage calculator would have told you $578. The real number is $500 higher every month, 86% more than the payment most buyers budget for.
Compare Hardin 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.
Iowa Falls against Hardin County and Iowa
| Measure | Iowa Falls | Hardin County |
|---|---|---|
| Median home value | $106,300 | $113,000 |
| Median property tax | $1,868 | $1,613 |
| Effective tax rate | 1.757% | 1.427% |
| Median gross rent | $898 | $814 |
| Population | 5,062 | 16,729 |
The weather behind that power bill
Iowa Falls sits in Hardin County, which averages a high of 83.5°F in its hottest month and a low of 8.4°F in its coldest, with 37.85" of precipitation a year and 40% of it in a single three-month stretch. That climate drives 727 cooling and 7,269 heating degree days, which is what sets the $142 electricity line above.
See the full climate breakdown for Hardin County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Hardin County
Talk to someone who works this market
These are Iowa Falls 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 Iowa Falls every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Iowa Falls I already own here and may sell
Common questions
How much does it cost to own a home in Iowa Falls?
A $106,000 home in Iowa Falls, Iowa costs approximately $1,077 per month with 20% down at 7.24%. That is $578 principal and interest, $155 property tax, $46 homeowners insurance, $210 utilities and $88 set aside for maintenance.
What is the property tax rate in Iowa Falls?
Iowa Falls has an effective property tax rate of 1.757%, based on a median home value of $106,300 and median real estate taxes of $1,868. That is higher than the Hardin County average of 1.427%.
What is the average home price in Iowa Falls?
The median owner-occupied home value in Iowa Falls, Iowa is $106,300, against $113,000 across Hardin County.
Is it cheaper to rent or buy in Iowa Falls?
Median gross rent in Iowa Falls is $898 a month, against $1,077 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 Iowa Falls?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Iowa Falls, Iowa at today's rate takes a household income of roughly $46,000 a year. That covers the full $1,077 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Iowa Falls, 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.