The typical owner-occupied home in Correctionville is worth about $84,700, 59% below the Iowa median of $208,000 and 75% below the national median of $332,700. Owners pay a median $1,208 a year in property taxes, about 1.43% of their home's value, close to the Iowa rate of 1.39%. The median household earns $50,192 a year, so the median home costs 1.7 times the median income (2.8 times for Iowa). 88% of occupied homes here are lived in by their owners, and 48% of those owners still have a mortgage.
Correctionville at a glance
| Correctionville | Iowa | U.S. | |
|---|---|---|---|
| Median home value | $84,700 | $208,000 | $332,700 |
| Median property tax paid per year | $1,208 | $2,897 | $3,119 |
| Property tax as a share of value | 1.43% | 1.39% | 0.94% |
| Median household income | $50,192 | $75,059 | $80,734 |
| Homes lived in by their owners | 88% | 72% | 65% |
| Owner homes with a mortgage | 48% | 59% | 61% |
| Median monthly costs, owners with a mortgage | $880 | $1,533 | $1,963 |
| Those costs as a share of the owners' income | 18.3% | 18.7% | 21.0% |
| Median rent | $850 | $972 | $1,413 |
| Rent as a share of renters' income | 20.0% | 27.4% | 30.6% |
| Median year homes were built | 1940 | 1972 | 1980 |
| Vacant homes | 13.2% | 8.5% | 10.1% |
| Population | 761 | 3,210,507 | 334,922,499 |
What a typical home costs per month in Correctionville
At this week's average 30-year rate of 7.11%, buying the median Correctionville home of $84,700 with 20% down costs about $592 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $733, 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 $25,374 for the 20%-down payment. That payment is 14% of the median Correctionville household income of $50,192; at that income and 20% down, the 28% guideline points to a home of about $168,000.
The median rent here is $850 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $16,940 |
|---|---|
| Loan amount | $67,760 |
| Principal and interest | $456 |
| Property taxes (1.43% a year) | $101 |
| Homeowners insurance (our estimate, 0.5% a year) | $35 |
| PMI | $0 |
| Total per month | $592 |
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| Down payment | $2,964 |
|---|---|
| Loan amount | $83,166 |
| Principal and interest | $559 |
| Property taxes (1.43% a year) | $101 |
| Homeowners insurance (our estimate, 0.5% a year) | $35 |
| FHA mortgage insurance | $37 |
| Total per month | $733 |
Change the numbers in the calculator
Questions about home buying in Correctionville
What is the median home value in Correctionville?
About $84,700 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Correctionville?
Homeowners pay a median $1,208 a year, which is about 1.43% 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 Correctionville?
For the median home with 20% down at 7.11%, the payment is about $592 a month. Keeping that under 28% of gross income takes about $25,374 a year.
More about Correctionville
- Mortgage Refinance in Correctionville
- Debt Relief in Correctionville
- Home Equity Loans in Correctionville
- 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