Total monthly cost of ownership
Cost to Own a Home in Lake City, Iowa
A $103,000 home here costs
$982per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $530. The real number is $453 higher every month — 85% 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.
Lake City against Calhoun County and Iowa
| Measure | Lake City | Calhoun County |
|---|---|---|
| Median home value | $103,300 | $114,400 |
| Median property tax | $1,528 | $1,506 |
| Effective tax rate | 1.479% | 1.316% |
| Median gross rent | $761 | $690 |
| Population | 1,652 | 9,858 |
The weather behind that power bill
Lake City sits in Calhoun County, which averages a high of 82.9°F in its hottest month and a low of 8.4°F in its coldest, with 33.75" of precipitation a year and 41% of it in a single three-month stretch. That climate drives 733 cooling and 7,187 heating degree days, which is what sets the $127 electricity line above.
See the full climate breakdown for Calhoun County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Calhoun County
Common questions
How much does it cost to own a home in Lake City?
A $103,000 home in Lake City, Iowa costs approximately $982 per month with 20% down at 6.66%. That is $530 principal and interest, $127 property tax, $45 homeowners insurance, $195 utilities and $86 set aside for maintenance.
What is the property tax rate in Lake City?
Lake City has an effective property tax rate of 1.479%, based on a median home value of $103,300 and median real estate taxes of $1,528. That is higher than the Calhoun County average of 1.316%.
What is the average home price in Lake City?
The median owner-occupied home value in Lake City, Iowa is $103,300, against $114,400 across Calhoun County.
Is it cheaper to rent or buy in Lake City?
Median gross rent in Lake City is $761 a month, against $982 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 Lake City — 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.