The typical owner-occupied home in Clear Lake is worth about $259,500, 25% above the Iowa median of $208,000 and 22% below the national median of $332,700. Owners pay a median $3,307 a year in property taxes, about 1.27% of their home's value, lower than the Iowa rate of 1.39%. The median household earns $79,415 a year, so the median home costs 3.3 times the median income (2.8 times for Iowa). 76% of occupied homes here are lived in by their owners, and 54% of those owners still have a mortgage.
Clear Lake at a glance
| Clear Lake | Iowa | U.S. | |
|---|---|---|---|
| Median home value | $259,500 | $208,000 | $332,700 |
| Median property tax paid per year | $3,307 | $2,897 | $3,119 |
| Property tax as a share of value | 1.27% | 1.39% | 0.94% |
| Median household income | $79,415 | $75,059 | $80,734 |
| Homes lived in by their owners | 76% | 72% | 65% |
| Owner homes with a mortgage | 54% | 59% | 61% |
| Median monthly costs, owners with a mortgage | $1,598 | $1,533 | $1,963 |
| Those costs as a share of the owners' income | 17.4% | 18.7% | 21.0% |
| Median rent | $808 | $972 | $1,413 |
| Rent as a share of renters' income | 23.8% | 27.4% | 30.6% |
| Median year homes were built | 1974 | 1972 | 1980 |
| Vacant homes | 21.3% | 8.5% | 10.1% |
| Population | 7,607 | 3,210,507 | 334,922,499 |
What a typical home costs per month in Clear Lake
At this week's average 30-year rate of 7.11%, buying the median Clear Lake home of $259,500 with 20% down costs about $1,779 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,212, 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 $76,256 for the 20%-down payment. That payment is 27% of the median Clear Lake household income of $79,415; at that income and 20% down, the 28% guideline points to a home of about $270,000.
The median rent here is $808 a month, so owning the median home costs about $971 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $51,900 |
|---|---|
| Loan amount | $207,600 |
| Principal and interest | $1,397 |
| Property taxes (1.27% a year) | $275 |
| Homeowners insurance (our estimate, 0.5% a year) | $108 |
| PMI | $0 |
| Total per month | $1,779 |
Change the numbers in the calculator
| Down payment | $9,082 |
|---|---|
| Loan amount | $254,800 |
| Principal and interest | $1,714 |
| Property taxes (1.27% a year) | $275 |
| Homeowners insurance (our estimate, 0.5% a year) | $108 |
| FHA mortgage insurance | $115 |
| Total per month | $2,212 |
Change the numbers in the calculator
Questions about home buying in Clear Lake
What is the median home value in Clear Lake?
About $259,500 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Clear Lake?
Homeowners pay a median $3,307 a year, which is about 1.27% 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 Clear Lake?
For the median home with 20% down at 7.11%, the payment is about $1,779 a month. Keeping that under 28% of gross income takes about $76,256 a year.
More about Clear Lake
- Mortgage Refinance in Clear Lake
- Debt Relief in Clear Lake
- Home Equity Loans in Clear Lake
- 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