The typical owner-occupied home in Grimes is worth about $304,700, 46% above the Iowa median of $208,000 and 8% below the national median of $332,700. Owners pay a median $5,377 a year in property taxes, about 1.76% of their home's value, higher than the Iowa rate of 1.39%. The median household earns $120,037 a year, so the median home costs 2.5 times the median income (2.8 times for Iowa). 71% of occupied homes here are lived in by their owners, and 81% of those owners still have a mortgage.
Grimes at a glance
| Grimes | Iowa | U.S. | |
|---|---|---|---|
| Median home value | $304,700 | $208,000 | $332,700 |
| Median property tax paid per year | $5,377 | $2,897 | $3,119 |
| Property tax as a share of value | 1.76% | 1.39% | 0.94% |
| Median household income | $120,037 | $75,059 | $80,734 |
| Homes lived in by their owners | 71% | 72% | 65% |
| Owner homes with a mortgage | 81% | 59% | 61% |
| Median monthly costs, owners with a mortgage | $1,937 | $1,533 | $1,963 |
| Those costs as a share of the owners' income | 18.9% | 18.7% | 21.0% |
| Median rent | $1,251 | $972 | $1,413 |
| Rent as a share of renters' income | 21.9% | 27.4% | 30.6% |
| Median year homes were built | 2009 | 1972 | 1980 |
| Vacant homes | 1.7% | 8.5% | 10.1% |
| Population | 16,366 | 3,210,507 | 334,922,499 |
What a typical home costs per month in Grimes
At this week's average 30-year rate of 7.11%, buying the median Grimes home of $304,700 with 20% down costs about $2,214 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,721, 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 $94,870 for the 20%-down payment. That payment is 22% of the median Grimes household income of $120,037; at that income and 20% down, the 28% guideline points to a home of about $386,000.
The median rent here is $1,251 a month, so owning the median home costs about $963 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $60,940 |
|---|---|
| Loan amount | $243,760 |
| Principal and interest | $1,640 |
| Property taxes (1.76% a year) | $447 |
| Homeowners insurance (our estimate, 0.5% a year) | $127 |
| PMI | $0 |
| Total per month | $2,214 |
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| Down payment | $10,664 |
|---|---|
| Loan amount | $299,181 |
| Principal and interest | $2,013 |
| Property taxes (1.76% a year) | $447 |
| Homeowners insurance (our estimate, 0.5% a year) | $127 |
| FHA mortgage insurance | $135 |
| Total per month | $2,721 |
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Questions about home buying in Grimes
What is the median home value in Grimes?
About $304,700 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Grimes?
Homeowners pay a median $5,377 a year, which is about 1.76% 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 Grimes?
For the median home with 20% down at 7.11%, the payment is about $2,214 a month. Keeping that under 28% of gross income takes about $94,870 a year.
More about Grimes
- Mortgage Refinance in Grimes
- Debt Relief in Grimes
- Home Equity Loans in Grimes
- 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