The typical owner-occupied home in Rock Rapids is worth about $206,700, about the same as the Iowa median of $208,000 and 38% below the national median of $332,700. Owners pay a median $2,367 a year in property taxes, about 1.15% of their home's value, lower than the Iowa rate of 1.39%. The median household earns $63,942 a year, so the median home costs 3.2 times the median income (2.8 times for Iowa). 71% of occupied homes here are lived in by their owners, and 62% of those owners still have a mortgage.
Rock Rapids at a glance
| Rock Rapids | Iowa | U.S. | |
|---|---|---|---|
| Median home value | $206,700 | $208,000 | $332,700 |
| Median property tax paid per year | $2,367 | $2,897 | $3,119 |
| Property tax as a share of value | 1.15% | 1.39% | 0.94% |
| Median household income | $63,942 | $75,059 | $80,734 |
| Homes lived in by their owners | 71% | 72% | 65% |
| Owner homes with a mortgage | 62% | 59% | 61% |
| Median monthly costs, owners with a mortgage | $1,207 | $1,533 | $1,963 |
| Those costs as a share of the owners' income | 16.7% | 18.7% | 21.0% |
| Median rent | $812 | $972 | $1,413 |
| Rent as a share of renters' income | 23.3% | 27.4% | 30.6% |
| Median year homes were built | 1971 | 1972 | 1980 |
| Vacant homes | 14.2% | 8.5% | 10.1% |
| Population | 2,661 | 3,210,507 | 334,922,499 |
What a typical home costs per month in Rock Rapids
At this week's average 30-year rate of 7.11%, buying the median Rock Rapids home of $206,700 with 20% down costs about $1,397 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,741, 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 $59,854 for the 20%-down payment. That payment is 26% of the median Rock Rapids household income of $63,942; at that income and 20% down, the 28% guideline points to a home of about $221,000.
The median rent here is $812 a month, so owning the median home costs about $585 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $41,340 |
|---|---|
| Loan amount | $165,360 |
| Principal and interest | $1,112 |
| Property taxes (1.15% a year) | $198 |
| Homeowners insurance (our estimate, 0.5% a year) | $86 |
| PMI | $0 |
| Total per month | $1,397 |
Change the numbers in the calculator
| Down payment | $7,234 |
|---|---|
| Loan amount | $202,956 |
| Principal and interest | $1,365 |
| Property taxes (1.15% a year) | $198 |
| Homeowners insurance (our estimate, 0.5% a year) | $86 |
| FHA mortgage insurance | $91 |
| Total per month | $1,741 |
Change the numbers in the calculator
Questions about home buying in Rock Rapids
What is the median home value in Rock Rapids?
About $206,700 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Rock Rapids?
Homeowners pay a median $2,367 a year, which is about 1.15% 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 Rock Rapids?
For the median home with 20% down at 7.11%, the payment is about $1,397 a month. Keeping that under 28% of gross income takes about $59,854 a year.
More about Rock Rapids
- Mortgage Refinance in Rock Rapids
- Debt Relief in Rock Rapids
- Home Equity Loans in Rock Rapids
- 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