The typical owner-occupied home in Silver City is worth about $156,800, 25% below the Iowa median of $208,000 and 53% below the national median of $332,700. Owners pay a median $2,452 a year in property taxes, about 1.56% of their home's value, higher than the Iowa rate of 1.39%. The median household earns $67,250 a year, so the median home costs 2.3 times the median income (2.8 times for Iowa). 83% of occupied homes here are lived in by their owners, and 65% of those owners still have a mortgage.
Silver City at a glance
| Silver City | Iowa | U.S. | |
|---|---|---|---|
| Median home value | $156,800 | $208,000 | $332,700 |
| Median property tax paid per year | $2,452 | $2,897 | $3,119 |
| Property tax as a share of value | 1.56% | 1.39% | 0.94% |
| Median household income | $67,250 | $75,059 | $80,734 |
| Homes lived in by their owners | 83% | 72% | 65% |
| Owner homes with a mortgage | 65% | 59% | 61% |
| Median monthly costs, owners with a mortgage | $1,331 | $1,533 | $1,963 |
| Those costs as a share of the owners' income | 24.6% | 18.7% | 21.0% |
| Median rent | $1,188 | $972 | $1,413 |
| Rent as a share of renters' income | 18.8% | 27.4% | 30.6% |
| Median year homes were built | 1938 | 1972 | 1980 |
| Vacant homes | 13.3% | 8.5% | 10.1% |
| Population | 504 | 3,210,507 | 334,922,499 |
What a typical home costs per month in Silver City
At this week's average 30-year rate of 7.11%, buying the median Silver City home of $156,800 with 20% down costs about $1,113 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,374, 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 $47,700 for the 20%-down payment. That payment is 20% of the median Silver City household income of $67,250; at that income and 20% down, the 28% guideline points to a home of about $221,000.
The median rent here is $1,188 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $31,360 |
|---|---|
| Loan amount | $125,440 |
| Principal and interest | $844 |
| Property taxes (1.56% a year) | $204 |
| Homeowners insurance (our estimate, 0.5% a year) | $65 |
| PMI | $0 |
| Total per month | $1,113 |
Change the numbers in the calculator
| Down payment | $5,488 |
|---|---|
| Loan amount | $153,960 |
| Principal and interest | $1,036 |
| Property taxes (1.56% a year) | $204 |
| Homeowners insurance (our estimate, 0.5% a year) | $65 |
| FHA mortgage insurance | $69 |
| Total per month | $1,374 |
Change the numbers in the calculator
Questions about home buying in Silver City
What is the median home value in Silver City?
About $156,800 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Silver City?
Homeowners pay a median $2,452 a year, which is about 1.56% 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 Silver City?
For the median home with 20% down at 7.11%, the payment is about $1,113 a month. Keeping that under 28% of gross income takes about $47,700 a year.
More about Silver City
- Mortgage Refinance in Silver City
- Debt Relief in Silver City
- Home Equity Loans in Silver 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