Rent vs Buy in Iowa City, IA
Monthly cost of renting vs owning a median-priced home · 30-yr fixed, 20% down
Renting looks favorable in Iowa City, IA
Price-to-rent ratio is 22.9 (under 15 favors buying, over 21 favors renting). Renting costs $1,105/mo; owning runs about $2,269/mo — $1,164/mo more to own.
| Monthly cost to own | Amount |
|---|---|
| Mortgage (P&I, 6.95% rate) | $1,610 |
| Property tax | $279 |
| Home insurance | $127 |
| Maintenance | $253 |
| Total to own | $2,269 |
| Average 2BR rent | $1,105 |
Based on a median home value of $304,054 with a $60,811 down payment. Owning also builds equity over time, which a monthly comparison doesn't capture. Estimates use national averages for taxes, insurance and maintenance — your actual costs will vary.