Mortgage payment estimates, closing cost breakdowns, and homebuying data for Waterloo, Iowa.
Median Home Price
$155K
Population
67K
Avg Monthly Rent
$820
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 Waterloo.
Waterloo vs Iowa Median
The median home price in Waterloo is $155,000, which is 26% below the Iowa state median of $210,000.
Mortgage Calculator — Waterloo, IA
Pre-filled with Waterloo median home price and Iowa tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $155K home using Iowa's 1.52% tax rate and $1,800/yr insurance.
5% Down
$1,363/mo
Down: $7,750
Loan: $147K
P&I: $931
Tax: $196
Insurance: $150
PMI: $86
10% Down
$1,309/mo
Down: $15,500
Loan: $140K
P&I: $882
Tax: $196
Insurance: $150
PMI: $81
20% Down (No PMI)
$1,130/mo
Down: $31,000
Loan: $124K
P&I: $784
Tax: $196
Insurance: $150
Income needed (28% rule): $48K/year with 20% down, $56K/year with 10% down.
Rent vs Buy in Waterloo
Rent
$820/mo
vs
Buy (10% down)
$1,309/mo
Price-to-rent ratio: 15.8 — A ratio between 15-20 means the rent vs buy decision in Waterloo depends heavily on your timeline. If you plan to stay 5+ years, buying likely wins. For shorter stays, renting preserves flexibility.
The median home price in Waterloo is $155,000, 26% below the Iowa state median of $210,000. With a population of 67,314, Waterloo is a smaller market where home prices tend to be more accessible than in many parts of Iowa.
Property taxes in Iowa average 1.52% annually. This higher-than-average tax rate means a $155,000 home in Waterloo would carry roughly $196/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 Waterloo is $820/month. The price-to-rent ratio in Waterloo is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Waterloo offers strong affordability. With median prices under $250K, first-time buyers have realistic paths to homeownership, especially combined with Iowa's IFA FirstHome program.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Waterloo.