Cedar Rapids, Iowa Housing Market Prices
Cedar Rapids Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 35% above the Iowa median$207,540
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Median rent 1% below the Iowa median$960
Housing Market Overview
| Metric | Cedar Rapids | Iowa Avg | US Average |
|---|---|---|---|
| Median Home Price | $207,540 | $153,425 | $248,835 |
| Price Trend (Annual %) | 13.2% | 7.5% | 7.5% |
| Median Gross Rent | $960 | $971 | $1,407 |
| Rent Trend (Annual %) | 3.9% | 3.9% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Cedar Rapids is about 35% higher than in Iowa. Rent is about 1% lower than the Iowa average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Cedar Rapids, up about 13.2% and 3.9% a year respectively. Home prices are changing faster.
Median rent in Cedar Rapids rose about 38.6% between 2015 and 2024, from $692 to $960. Over the same span, rent in Iowa rose about 39.6%.
Affordability
On average, housing unit costs 3.0 yearly household incomes in Cedar Rapids.
Buying the median-priced home in Cedar Rapids costs roughly 18.0 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Cedar Rapids. The price-to-rent ratio in Iowa is about 13.2.
| Metric | Cedar Rapids | Iowa Avg | US Average |
|---|---|---|---|
| Median Home Price | $207,540 | $153,425 | $248,835 |
| Median Household Income | $68,523 | $75,133 | $80,455 |
| Price-to-Income Ratio | 3.0 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Cedar Rapids rose about 119.0%, while median household income rose about 43.5% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Cedar Rapids | Iowa Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 61.4% | 65.6% | 58.5% |
| Rental Rate | 30.3% | 25.9% | 31.2% |
| Vacancy Rate | 8.2% | 8.5% | 10.2% |
| Median Tenure (years) | 12.0 | 15.0 | 15.0 |
| Median Year Moved In | 2014 | 2011 | 2011 |
Cedar Rapids has a homeownership rate of 61.4%, lower than the Iowa average of 65.6%. Its housing vacancy rate is 8.2%, compared with 8.5% in Iowa.
Housing Stock
| Metric | Cedar Rapids | Iowa Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.24 people | 2.37 people | 2.53 people |
| Median Structure Built Year | 1973 | 1971 | 1978 |
| Median Number of Rooms | 5.5 | 5.9 | 5.5 |
The typical housing unit in Cedar Rapids was built around 1973. On average, 2.2 people live in a home with about 5.5 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Cedar Rapids, Iowa.
What is the median home price in Cedar Rapids, Iowa?
The median home price in Cedar Rapids, Iowa is $207,540, higher than the Iowa average of $153,425.
What is the average home price in Cedar Rapids, Iowa?
The typical home price in Cedar Rapids, Iowa, reported as the median sale price, is $207,540. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Cedar Rapids, Iowa?
The median gross rent in Cedar Rapids, Iowa is $960 per month, lower than the Iowa average of $971.
What was the median gross rent in Cedar Rapids in 2020?
In 2020, the median gross rent in Cedar Rapids, Iowa was $787 per month.
What is the price-to-rent ratio in Cedar Rapids, Iowa?
The price-to-rent ratio in Cedar Rapids, Iowa is about 18.0, meaning it would take roughly 18.0 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Cedar Rapids.
Are home prices or rent rising faster in Cedar Rapids, Iowa?
Both home prices and rent are rising in Cedar Rapids, up about 13.2% and 3.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Cedar Rapids, Iowa?
61.4% of households in Cedar Rapids, Iowa own their home, lower than the Iowa average of 65.6%.
What is the vacancy rate in Cedar Rapids, Iowa?
The housing vacancy rate in Cedar Rapids, Iowa is 8.2%, lower than the Iowa average of 8.5%.
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