Side-by-side comparison of home prices, mortgage payments, and housing costs between Ankeny and Iowa City, Iowa. Using Iowa's 1.52% property tax rate and $1,800/year insurance. Updated for 2026.
Iowa City edges out Ankeny in affordability, saving you roughly $293/month on total housing costs. Both cities are in Iowa, so property tax rates and insurance costs are the same — the difference comes down to home prices and what you get for your money in each market.
Estimated PITI payments assuming 10% down, 6.5% rate, 30-year fixed mortgage with PMI. Uses Iowa's 1.52% property tax rate.
Buying in Iowa City saves you approximately $293/month ($3,516/year) compared to Ankeny, based on median home prices with identical loan terms.
Iowa City is the better choice for first-time buyers, with a median price of $275K versus $315K in Ankeny. That's $40K less to save for a down payment. You'd need roughly $10K for an FHA 3.5% down payment in Iowa City, compared to $11K in Ankeny. Iowa offers the IFA FirstHome program ($2,500 grant) which applies in both cities.
Iowa City has the better price-to-rent ratio at 19.4x versus 21.0x in Ankeny. A lower ratio generally signals better rental income relative to purchase price. Average rent in Iowa City is $1,180/month on a $275K median home, making it a stronger candidate for buy-and-rent investors.
Iowa City (pop. 74,828) offers more amenities, schools, and services typical of a larger city, while Ankeny (pop. 71,687) may offer a quieter, more community-oriented lifestyle. Iowa City offers both more options and lower housing costs, making it attractive for families who want urban amenities without a premium price.