Total monthly cost of ownership
Cost to Own a Home in Polk City, Iowa
A $385,000 home here costs
$3,195per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,979. The real number is $1,216 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.
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 $127 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
Common questions
How much does it cost to own a home in Polk City?
A $385,000 home in Polk City, Iowa costs approximately $3,195 per month with 20% down at 6.66%. That is $1,979 principal and interest, $533 property tax, $167 homeowners insurance, $195 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 $3,195 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 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.