The typical owner-occupied home in Morley is worth about $83,800, 60% below the Iowa median of $208,000 and 75% below the national median of $332,700. Owners pay a median $900 a year in property taxes, about 1.07% of their home's value, lower than the Iowa rate of 1.39%. The median household earns $37,188 a year, so the median home costs 2.3 times the median income (2.8 times for Iowa). 95% of occupied homes here are lived in by their owners, and 60% of those owners still have a mortgage.
Morley at a glance
| Morley | Iowa | U.S. | |
|---|---|---|---|
| Median home value | $83,800 | $208,000 | $332,700 |
| Median property tax paid per year | $900 | $2,897 | $3,119 |
| Property tax as a share of value | 1.07% | 1.39% | 0.94% |
| Median household income | $37,188 | $75,059 | $80,734 |
| Homes lived in by their owners | 95% | 72% | 65% |
| Owner homes with a mortgage | 60% | 59% | 61% |
| Median monthly costs, owners with a mortgage | $967 | $1,533 | $1,963 |
| Those costs as a share of the owners' income | 17.5% | 18.7% | 21.0% |
| Median rent | – | $972 | $1,413 |
| Median year homes were built | 1938 | 1972 | 1980 |
| Vacant homes | 36.4% | 8.5% | 10.1% |
| Population | 46 | 3,210,507 | 334,922,499 |
What a typical home costs per month in Morley
At this week's average 30-year rate of 7.11%, buying the median Morley home of $83,800 with 20% down costs about $561 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $700, 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 $24,027 for the 20%-down payment. That payment is 18% of the median Morley household income of $37,188; at that income and 20% down, the 28% guideline points to a home of about $130,000.
| Down payment | $16,760 |
|---|---|
| Loan amount | $67,040 |
| Principal and interest | $451 |
| Property taxes (1.07% a year) | $75 |
| Homeowners insurance (our estimate, 0.5% a year) | $35 |
| PMI | $0 |
| Total per month | $561 |
Change the numbers in the calculator
| Down payment | $2,933 |
|---|---|
| Loan amount | $82,282 |
| Principal and interest | $554 |
| Property taxes (1.07% a year) | $75 |
| Homeowners insurance (our estimate, 0.5% a year) | $35 |
| FHA mortgage insurance | $37 |
| Total per month | $700 |
Change the numbers in the calculator
Questions about home buying in Morley
What is the median home value in Morley?
About $83,800 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Morley?
Homeowners pay a median $900 a year, which is about 1.07% 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 Morley?
For the median home with 20% down at 7.11%, the payment is about $561 a month. Keeping that under 28% of gross income takes about $24,027 a year.
More about Morley
- Mortgage Refinance in Morley
- Debt Relief in Morley
- Home Equity Loans in Morley
- 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