Total monthly cost of ownership
Cost to Own a Home in Oelwein, Iowa
A $97,000 home here costs
$945per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $499. The real number is $446 higher every month — 89% 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.
Oelwein against Fayette County and Iowa
| Measure | Oelwein | Fayette County |
|---|---|---|
| Median home value | $96,800 | $130,800 |
| Median property tax | $1,533 | $1,721 |
| Effective tax rate | 1.584% | 1.316% |
| Median gross rent | $762 | $813 |
| Population | 5,878 | 19,393 |
The weather behind that power bill
Oelwein sits in Fayette County, which averages a high of 81.6°F in its hottest month and a low of 6.2°F in its coldest, with 39.51" of precipitation a year and 41% of it in a single three-month stretch. That climate drives 523 cooling and 7,767 heating degree days, which is what sets the $127 electricity line above.
See the full climate breakdown for Fayette County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Fayette County
Common questions
How much does it cost to own a home in Oelwein?
A $97,000 home in Oelwein, Iowa costs approximately $945 per month with 20% down at 6.66%. That is $499 principal and interest, $128 property tax, $42 homeowners insurance, $195 utilities and $81 set aside for maintenance.
What is the property tax rate in Oelwein?
Oelwein has an effective property tax rate of 1.584%, based on a median home value of $96,800 and median real estate taxes of $1,533. That is higher than the Fayette County average of 1.316%.
What is the average home price in Oelwein?
The median owner-occupied home value in Oelwein, Iowa is $96,800, against $130,800 across Fayette County.
Is it cheaper to rent or buy in Oelwein?
Median gross rent in Oelwein is $762 a month, against $945 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 Oelwein — 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.