The typical owner-occupied home in Gray is worth about $53,300, 74% below the Iowa median of $208,000 and 84% below the national median of $332,700. Owners pay a median $460 a year in property taxes, about 0.86% of their home's value, lower than the Iowa rate of 1.39%. The median household earns $59,250 a year, so the median home costs 0.9 times the median income (2.8 times for Iowa). 78% of occupied homes here are lived in by their owners, and 33% of those owners still have a mortgage.
Gray at a glance
| Gray | Iowa | U.S. | |
|---|---|---|---|
| Median home value | $53,300 | $208,000 | $332,700 |
| Median property tax paid per year | $460 | $2,897 | $3,119 |
| Property tax as a share of value | 0.86% | 1.39% | 0.94% |
| Median household income | $59,250 | $75,059 | $80,734 |
| Homes lived in by their owners | 78% | 72% | 65% |
| Owner homes with a mortgage | 33% | 59% | 61% |
| Median monthly costs, owners with a mortgage | $950 | $1,533 | $1,963 |
| Those costs as a share of the owners' income | 17.5% | 18.7% | 21.0% |
| Median rent | – | $972 | $1,413 |
| Median year homes were built | 1938 | 1972 | 1980 |
| Vacant homes | 42.5% | 8.5% | 10.1% |
| Population | 70 | 3,210,507 | 334,922,499 |
What a typical home costs per month in Gray
At this week's average 30-year rate of 7.11%, buying the median Gray home of $53,300 with 20% down costs about $347 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $436, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $14,882 for the 20%-down payment. That payment is 7% of the median Gray household income of $59,250; at that income and 20% down, the 28% guideline points to a home of about $212,000.
| Down payment | $10,660 |
|---|---|
| Loan amount | $42,640 |
| Principal and interest | $287 |
| Property taxes (0.86% a year) | $38 |
| Homeowners insurance (our estimate, 0.5% a year) | $22 |
| PMI | $0 |
| Total per month | $347 |
Change the numbers in the calculator
| Down payment | $1,866 |
|---|---|
| Loan amount | $52,335 |
| Principal and interest | $352 |
| Property taxes (0.86% a year) | $38 |
| Homeowners insurance (our estimate, 0.5% a year) | $22 |
| FHA mortgage insurance | $24 |
| Total per month | $436 |
Change the numbers in the calculator
Questions about home buying in Gray
What is the median home value in Gray?
About $53,300 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Gray?
Homeowners pay a median $460 a year, which is about 0.86% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Gray?
For the median home with 20% down at 7.11%, the payment is about $347 a month. Keeping that under 28% of gross income takes about $14,882 a year.
More about Gray
- Mortgage Refinance in Gray
- Debt Relief in Gray
- Home Equity Loans in Gray
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data