Total monthly cost of ownership
Cost to Own a Home in Monticello, Iowa
A $161,000 home here costs
$1,494per 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 $64,000 a year.
A standard mortgage calculator would have told you $878. The real number is $617 higher every month, 70% more than the payment most buyers budget for.
Compare Jones County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Monticello from a five-year rolling sample, and with about 4,055 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 Jones 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.
Monticello against Jones County and Iowa
| Measure | Monticello | Jones County |
|---|---|---|
| Median home value | $160,500 | $183,400 |
| Median property tax | $2,422 | $2,381 |
| Effective tax rate | 1.509% | 1.298% |
| Median gross rent | $659 | $759 |
| Population | 4,055 | 20,799 |
The weather behind that power bill
Monticello sits in Jones County, which averages a high of 82.8°F in its hottest month and a low of 8.8°F in its coldest, with 40.15" of precipitation a year and 39% of it in a single three-month stretch. That climate drives 672 cooling and 7,182 heating degree days, which is what sets the $142 electricity line above.
See the full climate breakdown for Jones County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Jones County
Talk to someone who works this market
These are Monticello 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 Monticello every week. Free, no obligation, and we never sell your details to a list.
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Common questions
How much does it cost to own a home in Monticello?
A $161,000 home in Monticello, Iowa costs approximately $1,494 per month with 20% down at 7.24%. That is $878 principal and interest, $202 property tax, $70 homeowners insurance, $210 utilities and $134 set aside for maintenance.
What is the property tax rate in Monticello?
Monticello has an effective property tax rate of 1.509%, based on a median home value of $160,500 and median real estate taxes of $2,422. That is higher than the Jones County average of 1.298%.
What is the average home price in Monticello?
The median owner-occupied home value in Monticello, Iowa is $160,500, against $183,400 across Jones County.
Is it cheaper to rent or buy in Monticello?
Median gross rent in Monticello is $659 a month, against $1,494 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 Monticello?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Monticello, Iowa at today's rate takes a household income of roughly $64,000 a year. That covers the full $1,494 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Monticello, 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.