Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Monona County | Iowa Avg | US Average |
|---|---|---|---|
| Median Home Price | $341,379 | $143,535 | $242,182 |
| Price Trend (Annual %) | 34.0% | 7.5% | 8.2% |
| Median Gross Rent | $794 | $948 | $1,342 |
| Rent Trend (Annual %) | 5.2% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Monona County is about 138% higher than in Iowa. Rent is about 16% lower than the Iowa average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Monona County, up about 34.0% and 5.2% a year respectively. Home prices are changing faster.
Median rent in Monona County rose about 44.7% between 2015 and 2023, from $549 to $794. Over the same span, rent in Iowa rose about 36.3%.
Affordability
On average, housing unit costs 5.4 yearly household incomes in Monona County.
Buying the median-priced home in Monona County costs roughly 35.8 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Monona County. The price-to-rent ratio in Iowa is about 12.6.
| Metric | Monona County | Iowa Avg | US Average |
|---|---|---|---|
| Median Home Price | $341,379 | $143,535 | $242,182 |
| Median Household Income | $62,969 | $73,286 | $78,145 |
| Price-to-Income Ratio | 5.4 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Monona County rose about 545.1%, while median household income rose about 62.0% between 2009 and 2023 — 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 | Monona County | Iowa Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 67.7% | 65.3% | 58.2% |
| Rental Rate | 20.9% | 26.0% | 31.3% |
| Vacancy Rate | 11.4% | 8.6% | 10.6% |
| Median Tenure (years) | 18.0 | 15.0 | 15.0 |
| Median Year Moved In | 2008 | 2011 | 2011 |
Monona County has a homeownership rate of 67.7%, higher than the Iowa average of 65.3%. Its housing vacancy rate is 11.4%, compared with 8.6% in Iowa.
Housing Stock
| Metric | Monona County | Iowa Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.17 people | 2.37 people | 2.54 people |
| Median Structure Built Year | 1952 | 1970 | 1978 |
| Median Number of Rooms | 6.0 | 5.9 | 5.5 |
The typical housing unit in Monona County was built around 1952. On average, 2.2 people live in a home with about 6.0 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Monona County, Iowa.
What is the median home price in Monona County, Iowa?
The median home price in Monona County, Iowa is $341,379, higher than the Iowa average of $143,535.
What is the average home price in Monona County, Iowa?
The typical home price in %s, reported as the median sale price, is %s. 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 Monona County, Iowa?
The median gross rent in Monona County, Iowa is $794 per month, lower than the Iowa average of $948.
What was the median gross rent in Monona County in 2020?
In 2020, the median gross rent in Monona County, Iowa was $634 per month.
What is the price-to-rent ratio in Monona County, Iowa?
The price-to-rent ratio in Monona County, Iowa is about 35.8, meaning it would take roughly 35.8 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Monona County.
Are home prices or rent rising faster in Monona County, Iowa?
Both home prices and rent are rising in Monona County, up about 34.0% and 5.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Monona County, Iowa?
67.7% of households in Monona County, Iowa own their home, higher than the Iowa average of 65.3%.
What is the vacancy rate in Monona County, Iowa?
The housing vacancy rate in Monona County, Iowa is 11.4%, higher than the Iowa average of 8.6%.