Home Affordability in Cedar Rapids, IA
The median home price in Cedar Rapids is $185,000 with a median household income of $57,613. Housing is relatively affordable compared to local incomes.
Median Home Price
$185,000
Median Income
$57,613
Price-to-Income Ratio
3.2x
Est. Affordable Home
$224,000
Property Tax Rate
1.57%
Annual Property Tax
$2,904
Sales Tax Rate
7.00%
Cost of Living Index
85
Buying a Home in Cedar Rapids
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $57,613 in Cedar Rapids can afford a monthly housing payment of approximately $1,344. This translates to a home price of roughly $224,000, which is at or above the median home price — the typical home is within reach for a median-income household.
Property taxes on a median-priced home in Cedar Rapids would be approximately $2,904 per year ($242/month) at the effective rate of 1.57%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $5,550 | $179,450 | Yes |
| 5% | $9,250 | $175,750 | Yes |
| 10% | $18,500 | $166,500 | Yes |
| 20% | $37,000 | $148,000 | No |
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