Total monthly cost of ownership
Cost to Own a Home in Storm Lake, Iowa
A $164,000 home here costs
$1,506per 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 $64,500 a year.
A standard mortgage calculator would have told you $894. The real number is $612 higher every month, 68% more than the payment most buyers budget for.
Compare Buena Vista 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.
Storm Lake against Buena Vista County and Iowa
| Measure | Storm Lake | Buena Vista County |
|---|---|---|
| Median home value | $163,600 | $146,900 |
| Median property tax | $2,318 | $1,822 |
| Effective tax rate | 1.417% | 1.240% |
| Median gross rent | $830 | $835 |
| Population | 11,275 | 20,684 |
The weather behind that power bill
Storm Lake sits in Buena Vista County, which averages a high of 82.3°F in its hottest month and a low of 8.8°F in its coldest, with 33.75" of precipitation a year and 42% of it in a single three-month stretch. That climate drives 754 cooling and 7,230 heating degree days, which is what sets the $142 electricity line above.
See the full climate breakdown for Buena Vista County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Buena Vista County
Full Buena Vista County cost breakdown · Every county in Iowa
Talk to someone who works this market
These are Storm 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 Storm Lake every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Storm Lake I already own here and may sell
Common questions
How much does it cost to own a home in Storm Lake?
A $164,000 home in Storm Lake, Iowa costs approximately $1,506 per month with 20% down at 7.24%. That is $894 principal and interest, $194 property tax, $71 homeowners insurance, $210 utilities and $137 set aside for maintenance.
What is the property tax rate in Storm Lake?
Storm Lake has an effective property tax rate of 1.417%, based on a median home value of $163,600 and median real estate taxes of $2,318. That is higher than the Buena Vista County average of 1.240%.
What is the average home price in Storm Lake?
The median owner-occupied home value in Storm Lake, Iowa is $163,600, against $146,900 across Buena Vista County.
Is it cheaper to rent or buy in Storm Lake?
Median gross rent in Storm Lake is $830 a month, against $1,506 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 Storm Lake?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Storm Lake, Iowa at today's rate takes a household income of roughly $64,500 a year. That covers the full $1,506 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Storm 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.