Market Overview
Home Prices in Elgin, IA
The median home value in Elgin, IA is $283,062 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 16.1% compared to a year ago and up 6.2% from two years prior.
Compared to the U.S. national median of $410,000, homes in Elgin are priced31% below average.
Over the past five years, Elgin home values have risen by approximately57.5%, reflecting strong long-term appreciation in this market.
Price History
Elgin Home Price Trend
2020
$160,820
$161K
—
2021
$179,770
$180K
+11.8%
2022
$209,297
$209K
+16.4%
2023
$219,432
$219K
+4.8%
2024
$229,688
$230K
+4.7%
2025
$243,865
$244K
+6.2%
2026
$283,062
$283K
+16.1%
City Comparison
Elgin vs. National Median
🏠 Elgin
$283,062
National Median
$410,000
At $283,062, homes in Elgin cost 31% below the national median of $410,000. This makes Elgin a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Elgin?
20% Down Payment
$56,612
on $283,062
Monthly P&I
$1,476/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,875/mo
incl. taxes & insurance
Income Needed
$75,000
gross annual (30% rule)
10% Down Option
$28,306
+ PMI applies
Loan Amount (20% dn)
$226,450
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Elgin, IA?
The median home value in Elgin is $283,062 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 16.1% year-over-year.
How much have home prices changed in Elgin?
Over the past year, home values in Elgin have increased by 16.1%. Over five years, prices have risen approximately 57.5%.
How much do I need to earn to buy a home in Elgin?
To comfortably afford the median home price of $283,062 with a 20% down payment ($56,612) at today's rates (6.8%), you'd need a gross annual income of approximately $75,000. This assumes keeping total housing costs at or below 30% of gross income.
How does Elgin compare to the national average home price?
The national median home value is approximately $410,000. At $283,062, homes in Elgin are 31% below the national average.