The typical owner-occupied home in Iowa Park is worth about $132,800, 53% below the Texas median of $283,800 and 60% below the national median of $332,700. Owners pay a median $2,153 a year in property taxes, about 1.62% of their home's value, higher than the Texas rate of 1.49%. The median household earns $66,622 a year, so the median home costs 2.0 times the median income (3.6 times for Texas). 85% of occupied homes here are lived in by their owners, and 50% of those owners still have a mortgage.
Iowa Park at a glance
| Iowa Park | Texas | U.S. | |
|---|---|---|---|
| Median home value | $132,800 | $283,800 | $332,700 |
| Median property tax paid per year | $2,153 | $4,232 | $3,119 |
| Property tax as a share of value | 1.62% | 1.49% | 0.94% |
| Median household income | $66,622 | $78,476 | $80,734 |
| Homes lived in by their owners | 85% | 63% | 65% |
| Owner homes with a mortgage | 50% | 56% | 61% |
| Median monthly costs, owners with a mortgage | $1,336 | $2,106 | $1,963 |
| Those costs as a share of the owners' income | 20.7% | 21.7% | 21.0% |
| Median rent | $938 | $1,403 | $1,413 |
| Rent as a share of renters' income | 31.0% | 30.9% | 30.6% |
| Median year homes were built | 1977 | 1992 | 1980 |
| Vacant homes | 6.6% | 9.4% | 10.1% |
| Population | 6,578 | 30,188,424 | 334,922,499 |
What a typical home costs per month in Iowa Park
At this week's average 30-year rate of 7.11%, buying the median Iowa Park home of $132,800 with 20% down costs about $949 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,171, 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 $40,684 for the 20%-down payment. That payment is 17% of the median Iowa Park household income of $66,622; at that income and 20% down, the 28% guideline points to a home of about $217,000.
The median rent here is $938 a month, so owning the median home costs about $11 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $26,560 |
|---|---|
| Loan amount | $106,240 |
| Principal and interest | $715 |
| Property taxes (1.62% a year) | $179 |
| Homeowners insurance (our estimate, 0.5% a year) | $55 |
| PMI | $0 |
| Total per month | $949 |
Change the numbers in the calculator
| Down payment | $4,648 |
|---|---|
| Loan amount | $130,395 |
| Principal and interest | $877 |
| Property taxes (1.62% a year) | $179 |
| Homeowners insurance (our estimate, 0.5% a year) | $55 |
| FHA mortgage insurance | $59 |
| Total per month | $1,171 |
Change the numbers in the calculator
Questions about home buying in Iowa Park
What is the median home value in Iowa Park?
About $132,800 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Iowa Park?
Homeowners pay a median $2,153 a year, which is about 1.62% 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 Iowa Park?
For the median home with 20% down at 7.11%, the payment is about $949 a month. Keeping that under 28% of gross income takes about $40,684 a year.
More about Iowa Park
- Mortgage Refinance in Iowa Park
- Debt Relief in Iowa Park
- Home Equity Loans in Iowa Park
- 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