Total monthly cost of ownership
Cost to Own a Home in Spirit Lake, Iowa
A $218,000 home here costs
$1,868per 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 $80,000 a year.
A standard mortgage calculator would have told you $1,189. The real number is $680 higher every month, 57% more than the payment most buyers budget for.
Compare Dickinson 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.
Spirit Lake against Dickinson County and Iowa
| Measure | Spirit Lake | Dickinson County |
|---|---|---|
| Median home value | $218,400 | $251,600 |
| Median property tax | $2,322 | $2,458 |
| Effective tax rate | 1.063% | 0.977% |
| Median gross rent | $885 | $930 |
| Population | 5,469 | 17,844 |
The weather behind that power bill
Spirit Lake sits in Dickinson County, which averages a high of 82.6°F in its hottest month and a low of 7.5°F in its coldest, with 29.5" of precipitation a year and 41% of it in a single three-month stretch. That climate drives 684 cooling and 7,569 heating degree days, which is what sets the $142 electricity line above.
See the full climate breakdown for Dickinson County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Dickinson County
Talk to someone who works this market
These are Spirit Lake 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 Spirit Lake every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Spirit Lake I already own here and may sell
Common questions
How much does it cost to own a home in Spirit Lake?
A $218,000 home in Spirit Lake, Iowa costs approximately $1,868 per month with 20% down at 7.24%. That is $1,189 principal and interest, $193 property tax, $95 homeowners insurance, $210 utilities and $182 set aside for maintenance.
What is the property tax rate in Spirit Lake?
Spirit Lake has an effective property tax rate of 1.063%, based on a median home value of $218,400 and median real estate taxes of $2,322. That is higher than the Dickinson County average of 0.977%.
What is the average home price in Spirit Lake?
The median owner-occupied home value in Spirit Lake, Iowa is $218,400, against $251,600 across Dickinson County.
Is it cheaper to rent or buy in Spirit Lake?
Median gross rent in Spirit Lake is $885 a month, against $1,868 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 Spirit Lake?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Spirit Lake, Iowa at today's rate takes a household income of roughly $80,000 a year. That covers the full $1,868 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Spirit Lake, 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.