The typical owner-occupied home in Houghton is worth about $252,800, 22% above the Iowa median of $208,000 and 24% below the national median of $332,700. Owners pay a median $1,975 a year in property taxes, about 0.78% of their home's value, lower than the Iowa rate of 1.39%. The median household earns $106,042 a year, so the median home costs 2.4 times the median income (2.8 times for Iowa). 87% of occupied homes here are lived in by their owners, and 52% of those owners still have a mortgage.
Houghton at a glance
| Houghton | Iowa | U.S. | |
|---|---|---|---|
| Median home value | $252,800 | $208,000 | $332,700 |
| Median property tax paid per year | $1,975 | $2,897 | $3,119 |
| Property tax as a share of value | 0.78% | 1.39% | 0.94% |
| Median household income | $106,042 | $75,059 | $80,734 |
| Homes lived in by their owners | 87% | 72% | 65% |
| Owner homes with a mortgage | 52% | 59% | 61% |
| Median monthly costs, owners with a mortgage | $800 | $1,533 | $1,963 |
| Those costs as a share of the owners' income | 12.5% | 18.7% | 21.0% |
| Median rent | $900 | $972 | $1,413 |
| Rent as a share of renters' income | 32.5% | 27.4% | 30.6% |
| Median year homes were built | 1974 | 1972 | 1980 |
| Vacant homes | 6.1% | 8.5% | 10.1% |
| Population | 72 | 3,210,507 | 334,922,499 |
What a typical home costs per month in Houghton
At this week's average 30-year rate of 7.11%, buying the median Houghton home of $252,800 with 20% down costs about $1,630 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,051, 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 $69,863 for the 20%-down payment. That payment is 18% of the median Houghton household income of $106,042; at that income and 20% down, the 28% guideline points to a home of about $384,000.
The median rent here is $900 a month, so owning the median home costs about $730 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $50,560 |
|---|---|
| Loan amount | $202,240 |
| Principal and interest | $1,360 |
| Property taxes (0.78% a year) | $164 |
| Homeowners insurance (our estimate, 0.5% a year) | $105 |
| PMI | $0 |
| Total per month | $1,630 |
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| Down payment | $8,848 |
|---|---|
| Loan amount | $248,221 |
| Principal and interest | $1,670 |
| Property taxes (0.78% a year) | $164 |
| Homeowners insurance (our estimate, 0.5% a year) | $105 |
| FHA mortgage insurance | $112 |
| Total per month | $2,051 |
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Questions about home buying in Houghton
What is the median home value in Houghton?
About $252,800 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Houghton?
Homeowners pay a median $1,975 a year, which is about 0.78% 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 Houghton?
For the median home with 20% down at 7.11%, the payment is about $1,630 a month. Keeping that under 28% of gross income takes about $69,863 a year.
More about Houghton
- Mortgage Refinance in Houghton
- Debt Relief in Houghton
- Home Equity Loans in Houghton
- 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