The typical owner-occupied home in Promise City is worth about $53,900, 74% below the Iowa median of $208,000 and 84% below the national median of $332,700. Owners pay a median $450 a year in property taxes, about 0.83% of their home's value, lower than the Iowa rate of 1.39%. The median household earns $41,563 a year, so the median home costs 1.3 times the median income (2.8 times for Iowa). 74% of occupied homes here are lived in by their owners, and 21% of those owners still have a mortgage.
Promise City at a glance
| Promise City | Iowa | U.S. | |
|---|---|---|---|
| Median home value | $53,900 | $208,000 | $332,700 |
| Median property tax paid per year | $450 | $2,897 | $3,119 |
| Property tax as a share of value | 0.83% | 1.39% | 0.94% |
| Median household income | $41,563 | $75,059 | $80,734 |
| Homes lived in by their owners | 74% | 72% | 65% |
| Owner homes with a mortgage | 21% | 59% | 61% |
| Median monthly costs, owners with a mortgage | $760 | $1,533 | $1,963 |
| Those costs as a share of the owners' income | 15.0% | 18.7% | 21.0% |
| Median rent | $625 | $972 | $1,413 |
| Rent as a share of renters' income | 15.6% | 27.4% | 30.6% |
| Median year homes were built | 1938 | 1972 | 1980 |
| Vacant homes | 9.3% | 8.5% | 10.1% |
| Population | 105 | 3,210,507 | 334,922,499 |
What a typical home costs per month in Promise City
At this week's average 30-year rate of 7.11%, buying the median Promise City home of $53,900 with 20% down costs about $350 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $440, 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 $14,992 for the 20%-down payment. That payment is 10% of the median Promise City household income of $41,563; at that income and 20% down, the 28% guideline points to a home of about $149,000.
The median rent here is $625 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $10,780 |
|---|---|
| Loan amount | $43,120 |
| Principal and interest | $290 |
| Property taxes (0.83% a year) | $37 |
| Homeowners insurance (our estimate, 0.5% a year) | $22 |
| PMI | $0 |
| Total per month | $350 |
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| Down payment | $1,886 |
|---|---|
| Loan amount | $52,924 |
| Principal and interest | $356 |
| Property taxes (0.83% a year) | $37 |
| Homeowners insurance (our estimate, 0.5% a year) | $22 |
| FHA mortgage insurance | $24 |
| Total per month | $440 |
Change the numbers in the calculator
Questions about home buying in Promise City
What is the median home value in Promise City?
About $53,900 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Promise City?
Homeowners pay a median $450 a year, which is about 0.83% 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 Promise City?
For the median home with 20% down at 7.11%, the payment is about $350 a month. Keeping that under 28% of gross income takes about $14,992 a year.
More about Promise City
- Mortgage Refinance in Promise City
- Debt Relief in Promise City
- Home Equity Loans in Promise 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