Home Affordability in Des Moines, IA
The median home price in Des Moines is $210,000 with a median household income of $52,241. Housing is moderately affordable relative to local incomes.
Median Home Price
$210,000
Median Income
$52,241
Price-to-Income Ratio
4.0x
Est. Affordable Home
$203,000
Property Tax Rate
1.64%
Annual Property Tax
$3,444
Sales Tax Rate
7.00%
Cost of Living Index
87
Buying a Home in Des Moines
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $52,241 in Des Moines can afford a monthly housing payment of approximately $1,219. This translates to a home price of roughly $203,000, which is below the median home price of $210,000 — many households may need a higher income, larger down payment, or should consider more affordable neighborhoods.
Property taxes on a median-priced home in Des Moines would be approximately $3,444 per year ($287/month) at the effective rate of 1.64%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $6,300 | $203,700 | Yes |
| 5% | $10,500 | $199,500 | Yes |
| 10% | $21,000 | $189,000 | Yes |
| 20% | $42,000 | $168,000 | No |
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