Total monthly cost of ownership
Cost to Own a Home in Marengo, Iowa
A $114,000 home here costs
$1,069per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $586. The real number is $483 higher every month — 82% 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.
Marengo against Iowa County and Iowa
| Measure | Marengo | Iowa County |
|---|---|---|
| Median home value | $114,100 | $189,800 |
| Median property tax | $1,717 | $2,560 |
| Effective tax rate | 1.505% | 1.349% |
| Median gross rent | $722 | $722 |
| Population | 2,823 | 16,547 |
The weather behind that power bill
Marengo sits in Iowa County, which averages a high of 84.0°F in its hottest month and a low of 10.4°F in its coldest, with 37.69" of precipitation a year and 37% of it in a single three-month stretch. That climate drives 785 cooling and 6,866 heating degree days, which is what sets the $127 electricity line above.
See the full climate breakdown for Iowa County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Iowa County
Common questions
How much does it cost to own a home in Marengo?
A $114,000 home in Marengo, Iowa costs approximately $1,069 per month with 20% down at 6.66%. That is $586 principal and interest, $143 property tax, $50 homeowners insurance, $195 utilities and $95 set aside for maintenance.
What is the property tax rate in Marengo?
Marengo has an effective property tax rate of 1.505%, based on a median home value of $114,100 and median real estate taxes of $1,717. That is higher than the Iowa County average of 1.349%.
What is the average home price in Marengo?
The median owner-occupied home value in Marengo, Iowa is $114,100, against $189,800 across Iowa County.
Is it cheaper to rent or buy in Marengo?
Median gross rent in Marengo is $722 a month, against $1,069 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 Marengo — 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.