Mortgage payment estimates, closing cost breakdowns, and homebuying data for Ames, Iowa.
Median Home Price
$265K
Population
66K
Avg Monthly Rent
$1,080
Property Tax Rate
1.52% *
* Property tax shown is the Iowa state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Ames.
Ames vs Iowa Median
The median home price in Ames is $265,000, which is 26% above the Iowa state median of $210,000.
Mortgage Calculator — Ames, IA
Pre-filled with Ames median home price and Iowa tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $265K home using Iowa's 1.52% tax rate and $1,800/yr insurance.
5% Down
$2,224/mo
Down: $13,250
Loan: $252K
P&I: $1,591
Tax: $336
Insurance: $150
PMI: $147
10% Down
$2,132/mo
Down: $26,500
Loan: $239K
P&I: $1,507
Tax: $336
Insurance: $150
PMI: $139
20% Down (No PMI)
$1,826/mo
Down: $53,000
Loan: $212K
P&I: $1,340
Tax: $336
Insurance: $150
Income needed (28% rule): $78K/year with 20% down, $91K/year with 10% down.
Rent vs Buy in Ames
Rent
$1,080/mo
vs
Buy (10% down)
$2,132/mo
Price-to-rent ratio: 20.4 — At a ratio above 20, renting may be more economical in Ames for shorter stays. Buying costs $1,052 more per month than renting, and it typically takes 5-7 years to break even on the transaction costs of buying.
The median home price in Ames is $265,000, 26% above the Iowa state median of $210,000. With a population of 66,427, Ames is a smaller market where home prices reflect strong demand and local economic factors.
Property taxes in Iowa average 1.52% annually. This higher-than-average tax rate means a $265,000 home in Ames would carry roughly $336/month in property taxes alone — plan accordingly. Homeowners insurance in Iowa runs approximately $1,800 per year. This is within the normal range nationally.
Average rent in Ames is $1,080/month. With a price-to-rent ratio above 20, renting could be more economical in the short term — use our Rent vs Buy calculator to model your specific timeline.
Ames presents moderate affordability. The $265K median puts homeownership within reach for median-income households, though down payment savings and closing costs require planning.