The typical owner-occupied home in Prairie City is worth about $190,600, 8% below the Iowa median of $208,000 and 43% below the national median of $332,700. Owners pay a median $2,605 a year in property taxes, about 1.37% of their home's value, close to the Iowa rate of 1.39%. The median household earns $78,295 a year, so the median home costs 2.4 times the median income (2.8 times for Iowa). 77% of occupied homes here are lived in by their owners, and 65% of those owners still have a mortgage.
Prairie City at a glance
| Prairie City | Iowa | U.S. | |
|---|---|---|---|
| Median home value | $190,600 | $208,000 | $332,700 |
| Median property tax paid per year | $2,605 | $2,897 | $3,119 |
| Property tax as a share of value | 1.37% | 1.39% | 0.94% |
| Median household income | $78,295 | $75,059 | $80,734 |
| Homes lived in by their owners | 77% | 72% | 65% |
| Owner homes with a mortgage | 65% | 59% | 61% |
| Median monthly costs, owners with a mortgage | $1,263 | $1,533 | $1,963 |
| Those costs as a share of the owners' income | 17.6% | 18.7% | 21.0% |
| Median rent | $800 | $972 | $1,413 |
| Rent as a share of renters' income | 19.3% | 27.4% | 30.6% |
| Median year homes were built | 1971 | 1972 | 1980 |
| Vacant homes | 5.6% | 8.5% | 10.1% |
| Population | 1,711 | 3,210,507 | 334,922,499 |
What a typical home costs per month in Prairie City
At this week's average 30-year rate of 7.11%, buying the median Prairie City home of $190,600 with 20% down costs about $1,323 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,640, 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 $56,690 for the 20%-down payment. That payment is 20% of the median Prairie City household income of $78,295; at that income and 20% down, the 28% guideline points to a home of about $263,000.
The median rent here is $800 a month, so owning the median home costs about $523 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $38,120 |
|---|---|
| Loan amount | $152,480 |
| Principal and interest | $1,026 |
| Property taxes (1.37% a year) | $218 |
| Homeowners insurance (our estimate, 0.5% a year) | $79 |
| PMI | $0 |
| Total per month | $1,323 |
Change the numbers in the calculator
| Down payment | $6,671 |
|---|---|
| Loan amount | $187,148 |
| Principal and interest | $1,259 |
| Property taxes (1.37% a year) | $218 |
| Homeowners insurance (our estimate, 0.5% a year) | $79 |
| FHA mortgage insurance | $84 |
| Total per month | $1,640 |
Change the numbers in the calculator
Questions about home buying in Prairie City
What is the median home value in Prairie City?
About $190,600 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Prairie City?
Homeowners pay a median $2,605 a year, which is about 1.37% 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 Prairie City?
For the median home with 20% down at 7.11%, the payment is about $1,323 a month. Keeping that under 28% of gross income takes about $56,690 a year.
More about Prairie City
- Mortgage Refinance in Prairie City
- Debt Relief in Prairie City
- Home Equity Loans in Prairie City
- 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