"Why pay your landlord's mortgage?" is a great bumper sticker and a bad way to make a big financial decision. Sometimes renting really is the smarter move for a while. Here's how I walk clients through the comparison.

What renting costs in Des Moines

Rent trackers measure things differently, but they tell a similar story. In mid-2026, Apartment List put the city's median rent around $1,060, up about 3% from a year earlier. RentCafe's average was about $1,110. Zumper's was just under $1,000. Call it roughly $1,000 to $1,100 for a typical apartment, with houses and larger units costing more.

Compare the full cost, not just the payment

To be fair to both sides, line up everything:

Owning

  • Principal and interest
  • Property taxes (lowered by Iowa's homestead exemption)
  • Homeowners insurance
  • Mortgage insurance, if you put less than 20% down on a conventional loan, or with FHA
  • HOA dues, if any
  • Maintenance and repairs (many people budget 1% to 2% of the home's value per year)

Renting

  • Rent
  • Renters insurance
  • Expected rent increases each year

What the monthly comparison misses

Equity. Part of every mortgage payment pays down your loan. That's money you keep. Add any appreciation, and owning often builds real wealth over time.

Payment stability. With a fixed-rate mortgage, your principal and interest never change. Taxes and insurance can rise, but rent typically rises too, and you don't control it.

Flexibility. Renters can move with a few weeks' notice. Owners face buying and selling costs. If you might move for work in two years, renting may be the better call.

Cash. Buying ties up money in a down payment and closing costs. Renters can keep that money invested or in savings. Iowa's down payment assistance programs can shrink that gap.

A simple way to decide

  1. Use the mortgage calculator to estimate the full monthly cost of the home you'd buy.
  2. Compare it to your current rent plus a realistic yearly increase.
  3. Think honestly about how long you'll stay. Three to five years or more usually tips things toward buying.
  4. Make sure you'd still have an emergency fund after closing.

Sometimes my advice is "rent another year and here's the plan to get ready." I'd rather tell you that than put you in a home that stretches you too thin. Let's look at your numbers together.