The typical owner-occupied home in Monmouth is worth about $66,700, 68% below the Iowa median of $208,000 and 80% below the national median of $332,700. Owners pay a median $780 a year in property taxes, about 1.17% of their home's value, lower than the Iowa rate of 1.39%. The median household earns $51,875 a year, so the median home costs 1.3 times the median income (2.8 times for Iowa). 91% of occupied homes here are lived in by their owners, and 56% of those owners still have a mortgage.
Monmouth at a glance
| Monmouth | Iowa | U.S. | |
|---|---|---|---|
| Median home value | $66,700 | $208,000 | $332,700 |
| Median property tax paid per year | $780 | $2,897 | $3,119 |
| Property tax as a share of value | 1.17% | 1.39% | 0.94% |
| Median household income | $51,875 | $75,059 | $80,734 |
| Homes lived in by their owners | 91% | 72% | 65% |
| Owner homes with a mortgage | 56% | 59% | 61% |
| Median monthly costs, owners with a mortgage | $863 | $1,533 | $1,963 |
| Those costs as a share of the owners' income | 16.9% | 18.7% | 21.0% |
| Median rent | – | $972 | $1,413 |
| Median year homes were built | 1938 | 1972 | 1980 |
| Vacant homes | 0.0% | 8.5% | 10.1% |
| Population | 121 | 3,210,507 | 334,922,499 |
What a typical home costs per month in Monmouth
At this week's average 30-year rate of 7.11%, buying the median Monmouth home of $66,700 with 20% down costs about $452 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $563, 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 $19,362 for the 20%-down payment. That payment is 10% of the median Monmouth household income of $51,875; at that income and 20% down, the 28% guideline points to a home of about $179,000.
| Down payment | $13,340 |
|---|---|
| Loan amount | $53,360 |
| Principal and interest | $359 |
| Property taxes (1.17% a year) | $65 |
| Homeowners insurance (our estimate, 0.5% a year) | $28 |
| PMI | $0 |
| Total per month | $452 |
Change the numbers in the calculator
| Down payment | $2,334 |
|---|---|
| Loan amount | $65,492 |
| Principal and interest | $441 |
| Property taxes (1.17% a year) | $65 |
| Homeowners insurance (our estimate, 0.5% a year) | $28 |
| FHA mortgage insurance | $30 |
| Total per month | $563 |
Change the numbers in the calculator
Questions about home buying in Monmouth
What is the median home value in Monmouth?
About $66,700 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Monmouth?
Homeowners pay a median $780 a year, which is about 1.17% 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 Monmouth?
For the median home with 20% down at 7.11%, the payment is about $452 a month. Keeping that under 28% of gross income takes about $19,362 a year.
More about Monmouth
- Mortgage Refinance in Monmouth
- Debt Relief in Monmouth
- Home Equity Loans in Monmouth
- 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