Total monthly cost of ownership
Cost to Own a Home in Lake Park, Iowa
A $154,000 home here costs
$1,324per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $792. The real number is $532 higher every month — 67% 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 Park against Dickinson County and Iowa
| Measure | Lake Park | Dickinson County |
|---|---|---|
| Median home value | $153,500 | $251,600 |
| Median property tax | $1,691 | $2,458 |
| Effective tax rate | 1.102% | 0.977% |
| Median gross rent | $1,013 | $930 |
| Population | 1,191 | 17,844 |
The weather behind that power bill
Lake Park sits in Dickinson County, which averages a high of 82.6°F in its hottest month and a low of 7.5°F in its coldest, with 29.5" of precipitation a year and 41% of it in a single three-month stretch. That climate drives 684 cooling and 7,569 heating degree days, which is what sets the $127 electricity line above.
See the full climate breakdown for Dickinson County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Dickinson County
Common questions
How much does it cost to own a home in Lake Park?
A $154,000 home in Lake Park, Iowa costs approximately $1,324 per month with 20% down at 6.66%. That is $792 principal and interest, $141 property tax, $67 homeowners insurance, $195 utilities and $128 set aside for maintenance.
What is the property tax rate in Lake Park?
Lake Park has an effective property tax rate of 1.102%, based on a median home value of $153,500 and median real estate taxes of $1,691. That is higher than the Dickinson County average of 0.977%.
What is the average home price in Lake Park?
The median owner-occupied home value in Lake Park, Iowa is $153,500, against $251,600 across Dickinson County.
Is it cheaper to rent or buy in Lake Park?
Median gross rent in Lake Park is $1,013 a month, against $1,324 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 Park — 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.