Total monthly cost of ownership
Cost to Own a Home in Lenox, Iowa
A $106,000 home here costs
$1,043per 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 $44,500 a year.
A standard mortgage calculator would have told you $578. The real number is $465 higher every month, 80% more than the payment most buyers budget for.
Compare Taylor County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Lenox from a five-year rolling sample, and with about 1,474 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Taylor County figures are drawn from a far larger sample if you want a steadier number.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Lenox against Taylor County and Iowa
| Measure | Lenox | Taylor County |
|---|---|---|
| Median home value | $106,000 | $109,700 |
| Median property tax | $1,448 | $1,329 |
| Effective tax rate | 1.366% | 1.211% |
| Median gross rent | $759 | $707 |
| Population | 1,474 | 5,901 |
Lenox extends across 2 counties. Figures here use Taylor County, where most of its housing sits.
The weather behind that power bill
Lenox sits in Taylor County, which averages a high of 85.6°F in its hottest month and a low of 12.4°F in its coldest, with 38.43" of precipitation a year and 40% of it in a single three-month stretch. That climate drives 990 cooling and 6,294 heating degree days, which is what sets the $142 electricity line above.
See the full climate breakdown for Taylor County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Taylor County
Talk to someone who works this market
These are Lenox 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 Lenox 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 Lenox?
A $106,000 home in Lenox, Iowa costs approximately $1,043 per month with 20% down at 7.24%. That is $578 principal and interest, $121 property tax, $46 homeowners insurance, $210 utilities and $88 set aside for maintenance.
What is the property tax rate in Lenox?
Lenox has an effective property tax rate of 1.366%, based on a median home value of $106,000 and median real estate taxes of $1,448. That is higher than the Taylor County average of 1.211%.
What is the average home price in Lenox?
The median owner-occupied home value in Lenox, Iowa is $106,000, against $109,700 across Taylor County.
Is it cheaper to rent or buy in Lenox?
Median gross rent in Lenox is $759 a month, against $1,043 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 Lenox?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Lenox, Iowa at today's rate takes a household income of roughly $44,500 a year. That covers the full $1,043 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Lenox, 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.