In Ames, a typical home is worth $277,400 and typical rent is $1,023 a month. Compared with all of Story County, typical household income is 12% lower, the typical home value is 7% higher, and the share of households that own their home is 13 points lower.
Typical home value from Zillow, September 2021 to September 2026: from $259,115 to $301,900.
Typical rent
$1,240a month
▲ 1.7% more than 12 months ago
Typical rent from Zillow, September 2021 to September 2026: from $1,011 to $1,240.
From Zillow (ZHVI/ZORI), September 2026. The Census figures above are 5-year averages (2020–2024).
Ames is in Story County. The FHA loan limit ($541,287 for a one-unit home), the fair market rents and the help on this page are those of all of Story County. See the county
What this place has that others do not, from public data, most unusual first.
1
Ames has the lowest homeownership rate of the 86 cities in Iowa with more than 5,000 people: 42%.
2
Nearby, in Boone, the typical home value is $173,000: 38% less than in Ames ($277,400).
3
Nearby, in Polk City, the typical rent is $782: 24% less than in Ames ($1,023).
Sources: U.S. Census Bureau (Average 2020–2024).
The homes here
Housing in Ames
What homes there are in Ames, what they cost, how that changed and how people live, from Census figures (2020–2024).
What homes there are
U.S. Census Bureau, ACS 5-year, 2020–2024
Kind of home
Detached houseAttached houseBuilding of 2 to 4Apartments (5 or more)Mobile homeBoat, RV and otherUnreliable estimate
Ames
Story County
Iowa
United States
Kind of home: Ames and its comparisons
Measure
Ames
Story County
Iowa
United States
Detached house
38%
52%
72%
61%
Attached house
7%
5%
5%
6%
Building of 2 to 4
8%
7%
6%
8%
Apartments (5 or more)
44%
32%
14%
19%
Mobile home
3%
4%
3%
6%
Boat, RV and other
Unreliable estimate
Unreliable estimate
0%
0%
Many people here live in apartments: 4 in 10 homes; in Story County, 3.
Year built
Before 19601960–19791980–19992000–20092010 or later
Ames
Story County
Iowa
United States
Year built: Ames and its comparisons
Measure
Ames
Story County
Iowa
United States
Before 1960
19%
23%
38%
26%
1960–1979
21%
24%
24%
24%
1980–1999
22%
21%
17%
25%
2000–2009
18%
16%
11%
14%
2010 or later
20%
17%
11%
11%
The typical home in Ames was built in 1992, 8 years after the typical one in Story County.
There are fewer big homes in Ames than in Story County: 49% have 3 bedrooms or more, against 56%.
What it costs here
U.S. Census Bureau, ACS 5-year, 2020–2024
Value of owner-occupied homes
Under the limitOver the limitUnreliable estimate
Under $100K8%
$100K–$200K15%
$200K–$300K34%
$300K–$500K33%
$500K–$750K8%
FHA limit: $541,287
$750K–$1MUnreliable
$1M or moreUnreliable
Value of owner-occupied homes: Ames and its comparisons
Measure
Ames
Under $100K
8%
$100K–$200K
15%
$200K–$300K
34%
$300K–$500K
33%
$500K–$750K
8%
$750K–$1M
Unreliable estimate
$1M or more
Unreliable estimate
The FHA loan limit for Story County is $541,287, and about 92% of owner-occupied homes in Ames are worth less than that.
Monthly rent with utilities
Under the limitOver the limitUnreliable estimate
Under $5004%
$500–$99944%
$1,000–$1,49937%
HUD fair market rent, 2 bedrooms: $1,061
$1,500–$1,99910%
$2,000–$2,4993%
$2,500–$2,999Unreliable
$3,000 or more2%
Monthly rent with utilities: Ames and its comparisons
Measure
Ames
Under $500
4%
$500–$999
44%
$1,000–$1,499
37%
$1,500–$1,999
10%
$2,000–$2,499
3%
$2,500–$2,999
Unreliable estimate
$3,000 or more
2%
Measured against HUD's 2-bedroom fair market rent ($1,061), about 52% of rented homes in Ames cost less.
With a mortgage
$1,747 a month
Story County: $1,710 a month
Without a mortgage
$680 a month
Story County: $689 a month
Owners with a mortgage
57%
Story County: 58%
The typical cost for an owner with a mortgage in Ames is $1,747 a month, near the figure in Story County ($1,710).
How it changed
U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024
Change since 2015–2019
Typical home value
Ames+35%
Story County+39%
Iowa+41%
United States+53%
Typical rent
Ames+10%
Story County+13%
Iowa+23%
United States+33%
Typical household income
Ames+27%
Story County+23%
Iowa+24%
United States+29%
Change since 2015–2019: Ames and its comparisons
Measure
Ames
Story County
Iowa
United States
Typical home value
+35%
+39%
+41%
+53%
Typical rent
+10%
+13%
+23%
+33%
Typical household income
+27%
+23%
+24%
+29%
Homes in Ames gained value more slowly than in Story County: 35% since 2015–2019, against 39%.
Much as in Story County, the typical rent in Ames rose 10% since 2015–2019.
To compare: typical income in Ames rose 27%; the home, +35%; the rent, +10%.
How people live
U.S. Census Bureau, ACS 5-year, 2020–2024
How people live: Ames and its comparisons
Measure
Ames
Story County
Iowa
United States
Rental vacancy
6.7%
6.6%
5.7%
5.5%
Homeowner vacancy
Unreliable estimate
Unreliable estimate
0.8%
0.9%
More than one person per room
0.8%
0.7%
1.6%
3.4%
People per household
2.14
2.26
2.36
2.53
Drive alone
63%
68%
76%
69%
Carpool
7%
7%
8%
9%
Public transit
6%
4%
1%
3%
Walk or bike
12%
9%
3%
3%
Work from home
12%
12%
11%
15%
Other means
1%
1%
1%
2%
Typical commute
10 to 19 minutes
10 to 19 minutes
10 to 19 minutes
20 to 29 minutes
Open rentals in Ames look like those in Story County: the rental vacancy rate is 6.7%.
More than one person per room: that is how 0.8% of households in Ames live, near the figure in Story County (0.7%).
Households in Ames are smaller: 2.14 people on average; in Story County, 2.26.
More people walk or bike to work in Ames: 12%, against 9% in Story County.
Do the math
What would you pay each month for a home in Ames?
A typical home costs more than the typical income allows
We start with a typical home in Ames, worth $277,400, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 47% of the typical household income in Ames, which is $60,991 a year. For that payment to be 28% of income, a household would need to earn about $103,061 a year.
The calculator's FHA and conventional loan limits are those of all of Story County.
Change the price, the down payment or the loan: the payment updates right away.
Your numbers
Local data
$
Starts at the typical home value in Ames. Change it to the price you have in mind.
Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.
Down payment
%
That is $9,709 (3.5% of the price). The usual minimum for this loan is 3.5%.
This week's average ± a quarter or half point.
National average as of November 5, 2026 (Freddie Mac); your rate may be different.
Adjust advanced details⌄
Estimated monthly payment
Local data
$2,405
at 7.18% · 30 years
Loan amount
$272,376
Total interest
$391,885
Paid off in
November 2056
Includes $4,685 FHA upfront mortgage insurance premium.
Does it fit the income?
Comfortable
up to $1,423 a month
Tight
$1,423 to $1,830 a month
Hard
more than $1,830 a month
Your payment · 47%
Compared with the typical household income in Ames ($60,991 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.
Monthly payment breakdown
Principal & interest
$1,845
Property tax
$321
Home insurance
$116
FHA mortgage insurance (MIP)
$123
You need at least $9,709 for the down payment, plus closing costs.
This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.
Total monthly payment $2,405; principal and interest $1,845.
The city and its county
Ames and Story County
Ames is in Story County, Iowa. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).
Ames
Map of Story County, Iowa, with Ames marked. Around it, the neighboring counties.
Ames
Story County
Other cities with a page
Ames's own numbers
Typical home value
$277,400
Typical monthly rent
$1,023
Typical yearly household income
$60,991
Households that own their home
42%
Effective property tax rate
1.39%
U.S. Census Bureau, American Community Survey (average 2020–2024).
Numbers for all of Story County
FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$1,061
Price change over 5 years (FHFA)
+41%
Homes in a high flood-risk zone
1.7%
HUD, FHFA and FEMA don't publish these numbers by city.
Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Story County.
A typical home in Ames is worth $277,400: 7% above the county and 33% above Iowa. With the typical household income in Ames ($60,991 a year), a typical home costs 4.5 times what the household earns in a year.
Years of income to pay for a typical home
The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.
Ames4.5 years
Story3.7 years
Iowa2.8 years
United States4.1 years
Source: U.S. Census Bureau, Average 2020–2024
How prices have changed in Story County
According to FHFA’s house price index, home prices in Story County rose 64% in the 10 years through 2025.
FHFA does not publish this index by city: these are the numbers for all of Story County.
Yearly change in FHFA’s price index in Story County, 2016 to 2025
2016: +3.9% +3.9% 2016
2017: +4.2% +4.2% 2017
2018: +3.3% +3.3% 2018
2019: +3.3% +3.3% 2019
2020: +0.6% +0.6% 2020
2021: +7.6% +7.6% 2021
2022: +10.4% +10.4% 2022
2023: +10.1% +10.1% 2023
2024: +4.6% +4.6% 2024
2025: +2.9% +2.9% 2025
Change in FHFA’s price index in Story County, Iowa and the United States
Period
County
Iowa
U.S.
Last year (2025)
+2.9%
+3.2%
+2.9%
5 years (2020–2025)
+41%
+41%
+47%
10 years (2015–2025)
+64%
+65%
+85%
The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data
Ames next to Story County, Iowa and the U.S.
Three numbers side by side. “Typical” means the median: half are above it and half below.
Typical home value
Ames$277,400
Story$258,700
Iowa$208,000
United States$332,700
Typical monthly rent
Ames$1,023
Story$1,018
Iowa$972
United States$1,413
Typical yearly household income
Ames$60,991
Story$69,685
Iowa$75,059
United States$80,734
See the full table
Ames next to Story County and Iowa
Measure
Ames
Story County
Iowa
U.S.
Typical home value
$277,400 ▲7% above the county
$258,700
$208,000
$332,700
Typical monthly rent
$1,023
$1,018
$972
$1,413
Typical yearly household income
$60,991 ▼12% below the county
$69,685
$75,059
$80,734
Households that own their home
42% ▼13 points below the county
56%
72%
65%
Typical yearly property tax
$3,850 ▲6% above the county
$3,632
$2,897
$3,119
Effective property tax rate
1.39% ▼0.01 points below the county
1.4%
1.39%
0.94%
Renters with high rent for their income
50% ▲2 points above the county
49%
44%
51%
“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Story County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.
Four ways to pay for a typical home in Ames
For a typical $277,400 home in Ames, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Ames's typical property tax, an example home insurance and mortgage insurance when it applies.
FHA, 3.5% down$2,405a month
Least cash to close
Down payment
$9,709
Cash to close
$18,031
Rate
7.18%
Mortgage insurance
FHA MIP · $123
Conventional, 5% down$2,354a month
Down payment
$13,870
Cash to close
$22,192
Rate
7.18%
Mortgage insurance
PMI · $132
Conventional, 20% down, no PMI$1,940a month
Down payment
$55,480
Cash to close
$63,802
Rate
7.18%
Mortgage insurance
None
ITIN, 15% down (example)$2,197a month
Down payment
$41,610
Cash to close
$49,932
Rate
8.18%
Mortgage insurance
None
Four ways to pay for a typical home in Ames
Loan
Monthly payment
Down payment
Loan amount
Rate
Mortgage insurance
Cash to close
Minimum score
FHA, 3.5% down Least cash to close
$2,405
$9,709
$272,376
7.18%
FHA MIP · $123
$18,031
580
Conventional, 5% down
$2,354
$13,870
$263,530
7.18%
PMI · $132
$22,192
620*
Conventional, 20% down, no PMI
$1,940
$55,480
$221,920
7.18%
None
$63,802
620*
ITIN, 15% down (example)
$2,197
$41,610
$235,790
8.18%
None
$49,932
Set by the lender
The option that asks for the least cash to close is FHA, 3.5% down.
Cash to close = down payment plus 3% of the price in closing costs (example).
Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.
Typical rent in Ames is $1,023 a month: about the same as the county. In Ames, 50% of renter households pay 30% or more of their income in rent.
HUD publishes a fair market rent for all of Story County, by unit size. To pay the 2-bedroom one ($1,061 a month) without spending more than 30% of your income, you would need to earn $20.40 an hour working full time.
What you need to earn to pay it without spending more than 30% of income, working full time.
HUD fair market rent in Story County (Fiscal year 2027)
Size
Fair rent a month
Hourly wage
Yearly income
Studio
$891
$17.13
$35,640
1 bedroom
$944
$18.15
$37,760
2 bedrooms
$1,061
$20.40
$42,440
3 bedrooms
$1,469
$28.25
$58,760
4 bedrooms
$1,768
$34.00
$70,720
Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027
By ZIP code
Fair market rent by ZIP code in Ames
HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Ames has 4 ZIP codes with their own.
For 2 bedrooms it runs from $1,080 in 50010 to $1,210 in 50014.
4 of the 4 are above the fair market rent for Story County ($1,061).
2-bedroom fair market rent in each of the 4 ZIP codes of Ames, beside the one for Story County. For 2 bedrooms it runs from $1,080 in 50010 to $1,210 in 50014. 4 of the 4 are above the fair market rent for Story County ($1,061).
2-bedroom fair market rent in each ZIP code
Each line is one ZIP code: in color, those above the county's fair market rent; in gray, the rest.
County: $1,061
Lowest: $1,080 (50010)Highest: $1,210 (50014)
Fair market rent by ZIP code and size in Ames, fiscal year 2027.
50010
$910
$960
$1,080
$1,500
$1,800
50012
$990
$1,040
$1,180
$1,640
$1,960
50013
$1,000
$1,060
$1,200
$1,670
$1,990
50014
$1,010
$1,070
$1,210
$1,680
$2,010
ZIP code2 bd3 bd
50010 $1,080$1,500
50012 $1,180$1,640
50013 $1,200$1,670
50014 $1,210$1,680
2 of these ZIP codes cross the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Ames when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD)Fiscal year 2027Small Area Fair Market Rents (HUD) (external site)Source: Census Bureau ZCTA-to-place relationship fileData from 2020 dataCensus Bureau ZCTA-to-place relationship file (external site)
You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.
We found no HUD-approved agencies with an office in Story County. The nearest ones are below; many serve by phone or online.
No down payment, repair or rent-help program on our list is for Ames or Story County. The ones below are statewide in Iowa: they work in Ames the same as in the rest of the state.
With the Iowa state authority's FirstHome mortgage, a first-time buyer can get a second loan of up to 3% of the price (maximum $10,000) or up to 5% (maximum $15,000), with no monthly payments, repaid when you sell, refinance or pay off the mortgage.Offered by Iowa Finance Authority (IFA).
Iowa state authority second loan, with the Homes for Iowans mortgage, of up to 3% of the price (maximum $10,000) or 5% (maximum $15,000) for the down payment and closing costs; no monthly payments, and for any buyer.Offered by Iowa Finance Authority (IFA).
No legal help resource on our list is for Ames or Story County in particular.
If you have a problem with your landlord, an eviction notice or a scam, the Legal Services Corporation (LSC) search shows the free legal aid offices that serve your area.
Short answers with the numbers for Ames and all of Story County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.
How much does a typical home cost in Ames?
The typical home value in Ames is $277,400, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Story County it is $258,700.
How much does it cost to rent in Ames?
Typical rent in Ames is $1,023 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Story County is $1,061.
What is the FHA loan limit in Ames?
Ames uses the FHA limit for all of Story County (2026): $541,287 for a one-unit home and $1,041,125 for a four-unit home.
How much property tax do owners pay in Ames?
The typical homeowner in Ames pays $3,850 a year, according to the U.S. Census Bureau. That is 1.39% of the home’s value; in Story County, the rate is 1.4%.
Where can I find free help to buy or rent in Ames?
We found no HUD-approved counseling agencies with an office in Story County; the nearest ones are on this page. They can help you get ready to buy, with your credit, or with rent.
