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 | Monroe County | Iowa Avg | US Average |
|---|---|---|---|
| Median Home Price | $34,498 | $143,535 | $242,182 |
| Price Trend (Annual %) | -2.9% | 7.5% | 8.2% |
| Median Gross Rent | $786 | $948 | $1,342 |
| Rent Trend (Annual %) | 4.2% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Monroe County is about 76% lower than in Iowa. Rent is about 17% lower than the Iowa average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Monroe County: home prices fell about 2.9% a year while rent rose about 4.2% a year. That is an unusual pattern worth watching.
Median rent in Monroe County rose about 33.4% between 2015 and 2023, from $589 to $786. Over the same span, rent in Iowa rose about 36.3%.
Affordability
On average, housing unit costs 0.5 yearly household incomes in Monroe County.
Buying the median-priced home in Monroe County costs roughly 3.7 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Monroe County. The price-to-rent ratio in Iowa is about 12.6.
| Metric | Monroe County | Iowa Avg | US Average |
|---|---|---|---|
| Median Home Price | $34,498 | $143,535 | $242,182 |
| Median Household Income | $71,943 | $73,286 | $78,145 |
| Price-to-Income Ratio | 0.5 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Monroe County fell about 63.0%, while median household income rose about 82.0% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Monroe County | Iowa Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 68.7% | 65.3% | 58.2% |
| Rental Rate | 13.3% | 26.0% | 31.3% |
| Vacancy Rate | 18.0% | 8.6% | 10.6% |
| Median Tenure (years) | 18.0 | 15.0 | 15.0 |
| Median Year Moved In | 2008 | 2011 | 2011 |
Monroe County has a homeownership rate of 68.7%, higher than the Iowa average of 65.3%. Its housing vacancy rate is 18.0%, compared with 8.6% in Iowa.
Housing Stock
| Metric | Monroe County | Iowa Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.47 people | 2.37 people | 2.54 people |
| Median Structure Built Year | 1969 | 1970 | 1978 |
| Median Number of Rooms | 5.5 | 5.9 | 5.5 |
The typical housing unit in Monroe County was built around 1969. On average, 2.5 people live in a home with about 5.5 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Monroe County, Iowa.
What is the median home price in Monroe County, Iowa?
The median home price in Monroe County, Iowa is $34,498, lower than the Iowa average of $143,535.
What is the average home price in Monroe 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 Monroe County, Iowa?
The median gross rent in Monroe County, Iowa is $786 per month, lower than the Iowa average of $948.
What was the median gross rent in Monroe County in 2020?
In 2020, the median gross rent in Monroe County, Iowa was $597 per month.
What is the price-to-rent ratio in Monroe County, Iowa?
The price-to-rent ratio in Monroe County, Iowa is about 3.7, meaning it would take roughly 3.7 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Monroe County.
Are home prices or rent rising faster in Monroe County, Iowa?
Home prices and rent are moving in opposite directions in Monroe County: home prices fell about 2.9% a year while rent rose about 4.2% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Monroe County, Iowa?
68.7% of households in Monroe County, Iowa own their home, higher than the Iowa average of 65.3%.
What is the vacancy rate in Monroe County, Iowa?
The housing vacancy rate in Monroe County, Iowa is 18.0%, higher than the Iowa average of 8.6%.