Total monthly cost of ownership
Cost to Own a Home in Red Oak, Iowa
A $92,000 home here costs
$987per 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 $42,500 a year.
A standard mortgage calculator would have told you $502. The real number is $485 higher every month, 97% more than the payment most buyers budget for.
Compare Montgomery 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.
Red Oak against Montgomery County and Iowa
| Measure | Red Oak | Montgomery County |
|---|---|---|
| Median home value | $91,600 | $109,900 |
| Median property tax | $1,898 | $1,968 |
| Effective tax rate | 2.072% | 1.791% |
| Median gross rent | $768 | $782 |
| Population | 5,542 | 10,254 |
The weather behind that power bill
Red Oak sits in Montgomery County, which averages a high of 86.3°F in its hottest month and a low of 12.5°F in its coldest, with 37.24" of precipitation a year and 41% of it in a single three-month stretch. That climate drives 1,057 cooling and 6,205 heating degree days, which is what sets the $142 electricity line above.
See the full climate breakdown for Montgomery County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Montgomery County
Full Montgomery County cost breakdown · Every county in Iowa
Talk to someone who works this market
These are Red Oak 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 Red Oak every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Red Oak I already own here and may sell
Common questions
How much does it cost to own a home in Red Oak?
A $92,000 home in Red Oak, Iowa costs approximately $987 per month with 20% down at 7.24%. That is $502 principal and interest, $159 property tax, $40 homeowners insurance, $210 utilities and $77 set aside for maintenance.
What is the property tax rate in Red Oak?
Red Oak has an effective property tax rate of 2.072%, based on a median home value of $91,600 and median real estate taxes of $1,898. That is higher than the Montgomery County average of 1.791%.
What is the average home price in Red Oak?
The median owner-occupied home value in Red Oak, Iowa is $91,600, against $109,900 across Montgomery County.
Is it cheaper to rent or buy in Red Oak?
Median gross rent in Red Oak is $768 a month, against $987 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 Red Oak?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Red Oak, Iowa at today's rate takes a household income of roughly $42,500 a year. That covers the full $987 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Red Oak, 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.