Buy vs Rent in Des Moines, IA (2026)
Median home price $255K · 1BR rent $1,200/mo · Price-to-rent ratio 17.7x.
Median home price
$255K
1BR rent
$1,200/mo
Price-to-rent ratio
17.7x
Verdict
Neutral
Monthly cost of buying — 3 scenarios
30-year mortgage at 7% · Includes property tax, insurance, and maintenance estimates
| 3.5% down (FHA) | 10% down | 20% down (conventional) | |
|---|---|---|---|
| Down payment | $8,925 | $25,500 | $51,000 |
| Mortgage (P&I) | $1,637/mo | $1,527/mo | $1,357/mo |
| Property tax (est.) | $234/mo | $234/mo | $234/mo |
| Insurance (est.) | $106/mo | $106/mo | $106/mo |
| Maintenance (est.) | $213/mo | $213/mo | $213/mo |
| Total monthly cost | $2,190vs rent: +$990/mo | $2,080vs rent: +$880/mo | $1,910vs rent: +$710/mo |
| Income to qualify | $70,157/yr | $65,443/yr | $58,157/yr |
| Break-even (approx.) | ~1 yrs | ~2 yrs | ~6 yrs |
Des Moines housing context
$62K
Median HH income
per year
$58,157
Income needed (20% down)
per year
Qualified
Affordability gap
vs median income
Frequently asked questions
Is it better to buy or rent in Des Moines?
Des Moines's price-to-rent ratio of 17.7x is in the neutral zone (15-20x). Whether to buy or rent depends on how long you plan to stay, your down payment, and your personal finances.
How much do I need to earn to buy a home in Des Moines?
With a median home price of $255K in Des Moines, you'd need an annual income of roughly $58,157 to qualify with 20% down (at 7% rate, 28% housing ratio). With 10% down, you'd need about $65,443/year.
Des Moines full cost of living breakdownCheaper cities near Des MoinesHow much to retire in Des MoinesCompare mortgage rates
Mortgage at 7% 30-yr fixed · Property tax 1.1% est. · Maintenance 1% est. · Zillow, BLS · Q1 2026 · For general guidance only