Total monthly cost of ownership
Cost to Own a Home in Waterloo, Iowa
A $150,000 home here costs
$1,430per month, all in, with 20% down at today's 7.40% 30-year fixed rate. By the 28% rule that takes a household income of about $61,500 a year.
A standard mortgage calculator would have told you $831. The real number is $599 higher every month, 72% more than the payment most buyers budget for.
Compare Black Hawk 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.
Waterloo against Black Hawk County and Iowa
| Measure | Waterloo | Black Hawk County |
|---|---|---|
| Median home value | $150,200 | $182,400 |
| Median property tax | $2,498 | $2,790 |
| Effective tax rate | 1.663% | 1.530% |
| Median gross rent | $896 | $962 |
| Population | 66,947 | 130,693 |
The weather behind that power bill
Waterloo sits in Black Hawk County, which averages a high of 85.0°F in its hottest month and a low of 10.7°F in its coldest, with 36.29" of precipitation a year and 40% of it in a single three-month stretch. That climate drives 917 cooling and 6,714 heating degree days, which is what sets the $133 electricity line above.
See the full climate breakdown for Black Hawk County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Black Hawk County
Full Black Hawk County cost breakdown · Every county in Iowa
Talk to someone who works this market
These are Waterloo 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 Waterloo every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Waterloo I already own here and may sell
Common questions
How much does it cost to own a home in Waterloo?
A $150,000 home in Waterloo, Iowa costs approximately $1,430 per month with 20% down at 7.4%. That is $831 principal and interest, $208 property tax, $65 homeowners insurance, $201 utilities and $125 set aside for maintenance.
What is the property tax rate in Waterloo?
Waterloo has an effective property tax rate of 1.663%, based on a median home value of $150,200 and median real estate taxes of $2,498. That is higher than the Black Hawk County average of 1.530%.
What is the average home price in Waterloo?
The median owner-occupied home value in Waterloo, Iowa is $150,200, against $182,400 across Black Hawk County.
Is it cheaper to rent or buy in Waterloo?
Median gross rent in Waterloo is $896 a month, against $1,430 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 Waterloo?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Waterloo, Iowa at today's rate takes a household income of roughly $61,500 a year. That covers the full $1,430 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Waterloo, 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.