Total monthly cost of ownership
Cost to Own a Home in Polk City, Iowa
A $385,000 home here costs
$3,330per 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 $142,500 a year.
A standard mortgage calculator would have told you $2,099. The real number is $1,231 higher every month, 59% more than the payment most buyers budget for.
Compare Polk County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Polk City against Polk County and Iowa
| Measure | Polk City | Polk County |
|---|---|---|
| Median home value | $385,000 | $248,400 |
| Median property tax | $6,390 | $4,364 |
| Effective tax rate | 1.660% | 1.757% |
| Median gross rent | $746 | $1,113 |
| Population | 5,833 | 497,441 |
The weather behind that power bill
Polk City sits in Polk County, which averages a high of 85.7°F in its hottest month and a low of 11.7°F in its coldest, with 37.05" of precipitation a year and 40% of it in a single three-month stretch. That climate drives 958 cooling and 6,547 heating degree days, which is what sets the $142 electricity line above.
See the full climate breakdown for Polk County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Polk County
Talk to someone who works this market
These are Polk City 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 Polk City every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Polk City I already own here and may sell
Common questions
How much does it cost to own a home in Polk City?
A $385,000 home in Polk City, Iowa costs approximately $3,330 per month with 20% down at 7.24%. That is $2,099 principal and interest, $533 property tax, $167 homeowners insurance, $210 utilities and $321 set aside for maintenance.
What is the property tax rate in Polk City?
Polk City has an effective property tax rate of 1.660%, based on a median home value of $385,000 and median real estate taxes of $6,390. That is lower than the Polk County average of 1.757%.
What is the average home price in Polk City?
The median owner-occupied home value in Polk City, Iowa is $385,000, against $248,400 across Polk County.
Is it cheaper to rent or buy in Polk City?
Median gross rent in Polk City is $746 a month, against $3,330 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 Polk City?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Polk City, Iowa at today's rate takes a household income of roughly $142,500 a year. That covers the full $3,330 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Polk City, 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.