The typical owner-occupied home in Cromwell is worth about $101,600, 51% below the Iowa median of $208,000 and 69% below the national median of $332,700. Owners pay a median $1,219 a year in property taxes, about 1.20% of their home's value, lower than the Iowa rate of 1.39%. The median household earns $58,750 a year, so the median home costs 1.7 times the median income (2.8 times for Iowa). 96% of occupied homes here are lived in by their owners, and 36% of those owners still have a mortgage.
Cromwell at a glance
| Cromwell | Iowa | U.S. | |
|---|---|---|---|
| Median home value | $101,600 | $208,000 | $332,700 |
| Median property tax paid per year | $1,219 | $2,897 | $3,119 |
| Property tax as a share of value | 1.20% | 1.39% | 0.94% |
| Median household income | $58,750 | $75,059 | $80,734 |
| Homes lived in by their owners | 96% | 72% | 65% |
| Owner homes with a mortgage | 36% | 59% | 61% |
| Median monthly costs, owners with a mortgage | $1,453 | $1,533 | $1,963 |
| Those costs as a share of the owners' income | 18.8% | 18.7% | 21.0% |
| Median rent | – | $972 | $1,413 |
| Median year homes were built | 1950 | 1972 | 1980 |
| Vacant homes | 5.8% | 8.5% | 10.1% |
| Population | 103 | 3,210,507 | 334,922,499 |
What a typical home costs per month in Cromwell
At this week's average 30-year rate of 7.11%, buying the median Cromwell home of $101,600 with 20% down costs about $691 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $860, 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 $29,602 for the 20%-down payment. That payment is 14% of the median Cromwell household income of $58,750; at that income and 20% down, the 28% guideline points to a home of about $202,000.
| Down payment | $20,320 |
|---|---|
| Loan amount | $81,280 |
| Principal and interest | $547 |
| Property taxes (1.20% a year) | $102 |
| Homeowners insurance (our estimate, 0.5% a year) | $42 |
| PMI | $0 |
| Total per month | $691 |
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| Down payment | $3,556 |
|---|---|
| Loan amount | $99,760 |
| Principal and interest | $671 |
| Property taxes (1.20% a year) | $102 |
| Homeowners insurance (our estimate, 0.5% a year) | $42 |
| FHA mortgage insurance | $45 |
| Total per month | $860 |
Change the numbers in the calculator
Questions about home buying in Cromwell
What is the median home value in Cromwell?
About $101,600 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Cromwell?
Homeowners pay a median $1,219 a year, which is about 1.20% 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 Cromwell?
For the median home with 20% down at 7.11%, the payment is about $691 a month. Keeping that under 28% of gross income takes about $29,602 a year.
More about Cromwell
- Mortgage Refinance in Cromwell
- Debt Relief in Cromwell
- Home Equity Loans in Cromwell
- 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