How Much House Can I Afford on a 90k Income in Iowa?
With a 90k income, you're well-positioned to purchase a home in Iowa. Financial advisors recommend spending about 3 to 4 times your annual income on a home, suggesting a budget between $270,000 and $360,000, depending on factors like your down payment and existing debts.
In Des Moines, the median home price is approximately $240,000, which is below your minimum affordability range. This situation opens up a broad selection of homes, potentially allowing you to consider higher-end properties or homes in better neighborhoods.
Other areas such as Cedar Rapids and Davenport offer competitive pricing at around $210,000. Iowa's property tax rate averages 1.25%, adding roughly $3,000 annually on an average home. Coupled with a cost of living below the national average, your income provides ample opportunities for homeownership.