The typical owner-occupied home in Packwood is worth about $80,000, 62% below the Iowa median of $208,000 and 76% below the national median of $332,700. Owners pay a median $1,297 a year in property taxes, about 1.62% of their home's value, higher than the Iowa rate of 1.39%. The median household earns $51,500 a year, so the median home costs 1.6 times the median income (2.8 times for Iowa). 86% of occupied homes here are lived in by their owners, and 72% of those owners still have a mortgage.
Packwood at a glance
| Packwood | Iowa | U.S. | |
|---|---|---|---|
| Median home value | $80,000 | $208,000 | $332,700 |
| Median property tax paid per year | $1,297 | $2,897 | $3,119 |
| Property tax as a share of value | 1.62% | 1.39% | 0.94% |
| Median household income | $51,500 | $75,059 | $80,734 |
| Homes lived in by their owners | 86% | 72% | 65% |
| Owner homes with a mortgage | 72% | 59% | 61% |
| Median monthly costs, owners with a mortgage | $1,135 | $1,533 | $1,963 |
| Those costs as a share of the owners' income | 23.2% | 18.7% | 21.0% |
| Median rent | $722 | $972 | $1,413 |
| Rent as a share of renters' income | 25.0% | 27.4% | 30.6% |
| Median year homes were built | 1953 | 1972 | 1980 |
| Vacant homes | 5.6% | 8.5% | 10.1% |
| Population | 539 | 3,210,507 | 334,922,499 |
What a typical home costs per month in Packwood
At this week's average 30-year rate of 7.11%, buying the median Packwood home of $80,000 with 20% down costs about $572 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $705, 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 $24,508 for the 20%-down payment. That payment is 13% of the median Packwood household income of $51,500; at that income and 20% down, the 28% guideline points to a home of about $168,000.
The median rent here is $722 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $16,000 |
|---|---|
| Loan amount | $64,000 |
| Principal and interest | $431 |
| Property taxes (1.62% a year) | $108 |
| Homeowners insurance (our estimate, 0.5% a year) | $33 |
| PMI | $0 |
| Total per month | $572 |
Change the numbers in the calculator
| Down payment | $2,800 |
|---|---|
| Loan amount | $78,551 |
| Principal and interest | $528 |
| Property taxes (1.62% a year) | $108 |
| Homeowners insurance (our estimate, 0.5% a year) | $33 |
| FHA mortgage insurance | $35 |
| Total per month | $705 |
Change the numbers in the calculator
Questions about home buying in Packwood
What is the median home value in Packwood?
About $80,000 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Packwood?
Homeowners pay a median $1,297 a year, which is about 1.62% 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 Packwood?
For the median home with 20% down at 7.11%, the payment is about $572 a month. Keeping that under 28% of gross income takes about $24,508 a year.
More about Packwood
- Mortgage Refinance in Packwood
- Debt Relief in Packwood
- Home Equity Loans in Packwood
- 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