Des Moines vs Lima for First-Time Homebuyers (2026)
Scroll down for down payment requirements, savings timelines, and FAQ.
Full first-time buyer cost breakdown
| Metric | Des Moines Iowa | Lima Lima Province |
|---|---|---|
| Median home price | $255K | — |
| Price-to-income ratio | 4.1× | — |
| Down payment (20%) | $51,000 | — |
| Months to save down payment | 10 mo | — |
| Est. monthly mortgage (7%, 30yr) | $1,357 | — |
| Monthly utilities | $155 | $55Better |
| State income tax | 5.7% | NoneBetter |
| Sales tax (combined) | 6.9%Better | 18% |
| Overall COL index (100 = US avg) | 87 | 40Better |
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Frequently asked questions
Is Des Moines or Lima better for first-time homebuyers?
Based on home prices, price-to-income ratios, taxes, and overall affordability, Lima scores better for first-time homebuyers. Lima is approximately 54% cheaper overall. The best choice depends on your career, savings timeline, and long-term plans.
What is the down payment needed to buy in Des Moines vs Lima?
Down payment data is not available for one or both cities.
What would my mortgage be in Des Moines vs Lima?
Mortgage estimate data is not available for one or both cities.
How long would it take to save for a down payment in Des Moines?
Down payment savings timeline data is not available for one or both cities.
Which city has lower property and income taxes for homeowners?
Des Moines has a 5.7% state income tax rate vs Lima has no state income tax. Property taxes vary significantly by neighborhood and assessed value — check local county rates when evaluating specific homes.
$75K in Des Moines has the same purchasing power as $34K in Lima
Mortgage estimate assumes 20% down payment at 7% fixed rate, 30-year term. Actual rates vary. Down payment savings timeline assumes 15% of gross income saved monthly. Data: Zillow, BLS, Tax Foundation · Q1 2026