Total monthly cost of ownership
Cost to Own a Home in New Sharon, Iowa
A $125,000 home here costs
$1,211per 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 $52,000 a year.
A standard mortgage calculator would have told you $681. The real number is $529 higher every month, 78% more than the payment most buyers budget for.
Compare Mahaska County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for New Sharon from a five-year rolling sample, and with about 1,147 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 Mahaska 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.
New Sharon against Mahaska County and Iowa
| Measure | New Sharon | Mahaska County |
|---|---|---|
| Median home value | $125,000 | $140,900 |
| Median property tax | $1,927 | $1,956 |
| Effective tax rate | 1.542% | 1.388% |
| Median gross rent | $564 | $821 |
| Population | 1,147 | 22,045 |
The weather behind that power bill
New Sharon sits in Mahaska County, which averages a high of 85.5°F in its hottest month and a low of 12.2°F in its coldest, with 38.72" of precipitation a year and 38% of it in a single three-month stretch. That climate drives 958 cooling and 6,366 heating degree days, which is what sets the $142 electricity line above.
See the full climate breakdown for Mahaska County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Mahaska County
Talk to someone who works this market
These are New Sharon 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 New Sharon every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in New Sharon I already own here and may sell
Common questions
How much does it cost to own a home in New Sharon?
A $125,000 home in New Sharon, Iowa costs approximately $1,211 per month with 20% down at 7.24%. That is $681 principal and interest, $161 property tax, $54 homeowners insurance, $210 utilities and $104 set aside for maintenance.
What is the property tax rate in New Sharon?
New Sharon has an effective property tax rate of 1.542%, based on a median home value of $125,000 and median real estate taxes of $1,927. That is higher than the Mahaska County average of 1.388%.
What is the average home price in New Sharon?
The median owner-occupied home value in New Sharon, Iowa is $125,000, against $140,900 across Mahaska County.
Is it cheaper to rent or buy in New Sharon?
Median gross rent in New Sharon is $564 a month, against $1,211 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 New Sharon?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in New Sharon, Iowa at today's rate takes a household income of roughly $52,000 a year. That covers the full $1,211 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for New Sharon, 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.