Total monthly cost of ownership
Cost to Own a Home in Milford, Iowa
A $211,000 home here costs
$1,744per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,085. The real number is $659 higher every month — 61% 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.
Milford against Dickinson County and Iowa
| Measure | Milford | Dickinson County |
|---|---|---|
| Median home value | $211,000 | $251,600 |
| Median property tax | $2,361 | $2,458 |
| Effective tax rate | 1.119% | 0.977% |
| Median gross rent | $806 | $930 |
| Population | 3,315 | 17,844 |
The weather behind that power bill
Milford 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 Milford?
A $211,000 home in Milford, Iowa costs approximately $1,744 per month with 20% down at 6.66%. That is $1,085 principal and interest, $197 property tax, $92 homeowners insurance, $195 utilities and $176 set aside for maintenance.
What is the property tax rate in Milford?
Milford has an effective property tax rate of 1.119%, based on a median home value of $211,000 and median real estate taxes of $2,361. That is higher than the Dickinson County average of 0.977%.
What is the average home price in Milford?
The median owner-occupied home value in Milford, Iowa is $211,000, against $251,600 across Dickinson County.
Is it cheaper to rent or buy in Milford?
Median gross rent in Milford is $806 a month, against $1,744 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 Milford — 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.