The typical owner-occupied home in Andover is worth about $118,800, 43% below the Iowa median of $208,000 and 64% below the national median of $332,700. Owners pay a median $1,083 a year in property taxes, about 0.91% of their home's value, lower than the Iowa rate of 1.39%. 61% of occupied homes here are lived in by their owners, and 52% of those owners still have a mortgage.
Andover at a glance
| Andover | Iowa | U.S. | |
|---|---|---|---|
| Median home value | $118,800 | $208,000 | $332,700 |
| Median property tax paid per year | $1,083 | $2,897 | $3,119 |
| Property tax as a share of value | 0.91% | 1.39% | 0.94% |
| Median household income | – | $75,059 | $80,734 |
| Homes lived in by their owners | 61% | 72% | 65% |
| Owner homes with a mortgage | 52% | 59% | 61% |
| Median monthly costs, owners with a mortgage | $1,425 | $1,533 | $1,963 |
| Those costs as a share of the owners' income | 13.5% | 18.7% | 21.0% |
| Median rent | – | $972 | $1,413 |
| Median year homes were built | 1965 | 1972 | 1980 |
| Vacant homes | 12.9% | 8.5% | 10.1% |
| Population | 124 | 3,210,507 | 334,922,499 |
What a typical home costs per month in Andover
At this week's average 30-year rate of 7.11%, buying the median Andover home of $118,800 with 20% down costs about $779 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $977, 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 $33,383 for the 20%-down payment.
| Down payment | $23,760 |
|---|---|
| Loan amount | $95,040 |
| Principal and interest | $639 |
| Property taxes (0.91% a year) | $90 |
| Homeowners insurance (our estimate, 0.5% a year) | $50 |
| PMI | $0 |
| Total per month | $779 |
Change the numbers in the calculator
| Down payment | $4,158 |
|---|---|
| Loan amount | $116,648 |
| Principal and interest | $785 |
| Property taxes (0.91% a year) | $90 |
| Homeowners insurance (our estimate, 0.5% a year) | $50 |
| FHA mortgage insurance | $53 |
| Total per month | $977 |
Change the numbers in the calculator
Questions about home buying in Andover
What is the median home value in Andover?
About $118,800 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Andover?
Homeowners pay a median $1,083 a year, which is about 0.91% 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 Andover?
For the median home with 20% down at 7.11%, the payment is about $779 a month. Keeping that under 28% of gross income takes about $33,383 a year.
More about Andover
- Mortgage Refinance in Andover
- Debt Relief in Andover
- Home Equity Loans in Andover
- 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