Storm Lake cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
IndexStorm LakeIowaNational
Cost of living index8188100
IndexStorm LakeIowaNational
Goods & Services index8693100
Groceries index9195100
Health care index9796100
Housing index6273100
Transportation index9797100
Utilities index8599100
A general overview of the cost of living index for Storm Lake, IA is displayed above. In Storm Lake, IA, the overall cost of living index is 81, which is 8% lower than the Iowa average and 19% lower than the U.S. average. The following categories are used to calculate the overall cost of living index: goods/services (33%), housing (30%), groceries (13%), utilities (10%), transportation (9%) and health care (5%). From the list, it is clear that the categories of goods/services and housing are responsible for the largest portions of the overall cost of living index. As a general rule, everyday goods and services provide an accurate measure of the general cost of goods in any given city. In the case of Storm Lake, IA, the city's goods and services are 7% lower than the Iowa average and 14% lower than the U.S. average.

Did you know?

  • The cost of living in Storm Lake is 8% lower than the Iowa average.
  • The cost of living in Storm Lake is 19% lower than the national average.
  • The cost of housing in Storm Lake is 38% lower than the national average.
  • Iowa general sales tax is 18% higher than the national average.
  • Iowa state income tax is 84% lower than the national average.

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Compare Storm Lake, IA Cost of living To Other Cities

Salary Calculator

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Groceries index
Health care index
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Using the salary calculator lets you compare the salary you earn in Storm Lake, IA to what it is in other cities. It will let you know what your earnings would have to be in another city to have the same standard of living, as determined by the cost of living in each city. For example, if the cost of living in the area you want to move to is higher than the cost of living in Storm Lake, IA, you have to earn a higher income in order to still have the same standard of living. To operate the Storm Lake, IA salary calculator, put in the name of the other city, then move the slider to the point that represents the current income. The salary calculator will take care of the rest and tell you how much more or less you must earn in the new city. A Total breakdown of the cost of living is also provided.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$55,587$4,632$1,297$1,668
Renters$28,333$2,361$661$850
A good way to judge both the affordability of the housing and the cost of living is by simply calculating the maximum that a person should spend on housing in Storm Lake, IA, otherwise known as the debt-to-income ratio (DTI). The safest way to live in the city is to avoid spending more than 28 percent of the gross income that one earns on costs that pertain to housing and no more than 36 percent on all expenses and debts. Storm Lake, IA has a median income of about $55,587 for people who own homes. Based on that number, a person should spend a maximum of $1,297 on expenses related to housing. Renters have a slightly different median income, which is $28,333. Based on this average, renters should spend no more than $661 on all of their rental costs if they want to maintain a non-impoverished standard of living.

Iowa Sales Tax

StateGeneral Sales TaxWith Max Surtax
Iowa6%7%

Iowa Income Tax

StateIncome Tax (Low)Income Tax (High)
Iowa0.36%8.98%
When assessing the complete cost of living in Storm Lake, IA, the Iowa income tax and the Iowa sales tax percentages should unquestionably be taken into consideration. Sales taxes aren't just levies imposed onto sold goods, but they also include taxes that are charged when services are provided for a fee. The rates are different from state to state and can run has high as 7 percent. Some states have no sales tax at all. The Iowa maximum surtax is 7%, and the Iowa sales tax is 6%. By contrast, income tax is an unfortunate obligation that is charged by the government against earnings. Just like sales taxes, the rates for income taxes differ from state to state. They also decrease or increase according to the individual's tax bracket. Tax rates can run as high as 9 percent, with a minimum of zero. Income tax rates range from 0.36% to 8.98% in Iowa.

Goods & Services

ItemStorm LakeNational avg.Difference
Haircut $17.00$14.5916.5%
Beauty Salon $32.00$34.687.7%
Toothpaste $1.98$2.4719.9%
Shampoo $0.88$1.0213.9%
Movie $8.75$9.8711.3%
Bowling $4.99$4.3913.6%

Groceries

ItemStorm LakeNational avg.Difference
Ground Beef $4.11$4.488.2%
Fried Chicken $1.61$1.4610.0%
Milk $2.21$2.366.2%
Potatoes $2.61$3.0614.7%
Pizza $7.99$9.2413.6%
Beer $8.09$8.636.3%

Health Care

ItemStorm LakeNational avg.Difference
Optometrist $85.00$99.7814.8%
Doctor $110.00$105.034.7%
Dentist $79.00$88.7010.9%
Ibuprofen $9.32$9.411.0%
Lipitor $300.03$298.500.5%

Housing

ItemStorm LakeNational avg.Difference
Home Price $108,100.00$175,700.0038.5%
Avg. Mortgage Payment $1,077.99$1,081.030.3%
Apartment Rent $575.00$920.0037.5%

Transportation

ItemStorm LakeNational avg.Difference
Gasoline $1.93$2.097.7%
Tire Balancing $50.00$45.2910.4%

Utilities

ItemStorm LakeNational avg.Difference
All Electricity$152.96$170.8010.4%
Phone $22.40$28.2620.7%
Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City, StatePopulationCost of Living IndexNational Avg.
Nemaha, IA8569-31%
Marathon, IA28671-29%
Truesdale, IA14873-27%
Rembrandt, IA16373-27%
Albert City, IA67274-26%
Storm Lake, IA10,74381-19%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Kings Mountain, NC10,74389-11%
Keokuk, IA10,74278-22%
Azle, TX10,74496-4%
Miami Shores, FL10,73613333%
Show Low, AZ10,75488-12%
Storm Lake, IA10,74381-19%
Source: The Storm Lake, IA cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.