Total monthly cost of ownership
Cost to Own a Home in Slater, Iowa
A $222,000 home here costs
$1,942per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,141. The real number is $800 higher every month — 70% 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.
Slater against Story County and Iowa
| Measure | Slater | Story County |
|---|---|---|
| Median home value | $222,000 | $243,600 |
| Median property tax | $3,886 | $3,586 |
| Effective tax rate | 1.750% | 1.472% |
| Median gross rent | $877 | $1,019 |
| Population | 1,498 | 98,592 |
Slater extends across 2 counties. Figures here use Story County, where most of its housing sits.
The weather behind that power bill
Slater sits in Story County, which averages a high of 83.9°F in its hottest month and a low of 10.9°F in its coldest, with 35.91" of precipitation a year and 41% of it in a single three-month stretch. That climate drives 786 cooling and 6,748 heating degree days, which is what sets the $127 electricity line above.
See the full climate breakdown for Story County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Story County
Common questions
How much does it cost to own a home in Slater?
A $222,000 home in Slater, Iowa costs approximately $1,942 per month with 20% down at 6.66%. That is $1,141 principal and interest, $324 property tax, $97 homeowners insurance, $195 utilities and $185 set aside for maintenance.
What is the property tax rate in Slater?
Slater has an effective property tax rate of 1.750%, based on a median home value of $222,000 and median real estate taxes of $3,886. That is higher than the Story County average of 1.472%.
What is the average home price in Slater?
The median owner-occupied home value in Slater, Iowa is $222,000, against $243,600 across Story County.
Is it cheaper to rent or buy in Slater?
Median gross rent in Slater is $877 a month, against $1,942 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 Slater — 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.