Buying a home in Iowa is still well within reach for most families. The typical home costs $208,000 — about 2.8× of the typical household income of $75,059 a year. That's one of the better ratios in the country. A family putting aside their entire income, with no other expenses, could cover the purchase price in around 2.8 years.
Renters face moderate pressure. The typical rent in Iowa is $972 a month, and 41% of renters spend more than 30% of their income on housing — the point at which most financial advisers say rent becomes unaffordable. That figure is 10% lower than the national average of 45%.
12.0% of Iowa homeowners with a mortgage spend more than 30% of their income on housing — close to the national average of 16.1%.