Iowa Falls, Iowa Cost Of Living

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Overall 15%

Goods & Services 1%

Housing 48%

Date & Last Updated: This data reflects 2019 and was released from C2ER in January, 2020; this is the most current data available.

The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index	Iowa Falls	Iowa	National
Cost of living	85	90	100
Goods & Services	101	96	100
Groceries	99	98	100
Health care	101	100	100
Housing	52	73	100
Transportation	103	101	100
Utilities	90	98	100

Key findings

The cost of living in Iowa Falls is 6% lower than the Iowa average
The cost of living in Iowa Falls is 15% lower than the national average
Iowa Falls housing is 48% lower than the national average
Iowa general sales tax is 18% higher than the national average
Iowa state income tax is 87% lower than the national average

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Price difference in compared to

Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$55,194	$4,600	$1,288	$1,656
Renters	$37,500	$3,125	$875	$1,125

To approximate the cost of living and the housing affordability in Iowa Falls, IA, we can look at the percentage of income that is available to be spent on monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side, a consumer should not spend more than 28% of his or her gross income on housing-related expenses and costs and not more than 36% of income on all expenses and debts. Homeowners in Iowa Falls have a median income of $55,194. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,288 per month to avoid calamity and poverty. The renters in the city have an income of about $37,500, which would make their monthly maximum allowable rental costs $875.

Iowa Sales Tax

State	General Sales Tax	With Max Surtax
Iowa	6%	7%

Iowa Income Tax

State	Income Tax (Low)	Income Tax (High)
Iowa	0.33%	8.53%

Goods & Services

Item	Iowa Falls	National avg.	Difference
Haircut	$21.60	$17.49	23.5%
Beauty Salon	$30.25	$38.17	20.8%
Toothpaste	$2.52	$2.32	8.6%
Shampoo	$1.19	$1.01	17.6%
Movie	$8.63	$10.72	19.5%
Bowling	$17.50	$13.86	26.3%

Groceries

Item	Iowa Falls	National avg.	Difference
Ground Beef	$3.78	$3.90	3.1%
Fried Chicken	$1.62	$1.40	16.1%
Milk	$2.04	$1.96	4.0%
Potatoes	$2.70	$3.18	15.2%
Pizza	$9.76	$10.39	6.1%
Beer	$8.56	$9.23	7.3%

Health Care

Item	Iowa Falls	National avg.	Difference
Optometrist	$109.50	$106.34	3.0%
Doctor	$122.00	$115.25	5.9%
Dentist	$92.75	$98.38	5.7%
Ibuprofen	$9.41	$9.26	1.6%
Lipitor	$517.06	$466.47	10.8%

Housing

Item	Iowa Falls	National avg.	Difference
Home Price	$90,000.00	$184,700.00	51.3%
Avg. Mortgage Payment	$1,350.51	$1,273.32	6.1%
Apartment Rent	$559.00	$949.00	41.1%

Transportation

Item	Iowa Falls	National avg.	Difference
Gasoline	$2.59	$2.59	0.1%
Tire Balancing	$53.96	$48.90	10.4%

Utilities

Item	Iowa Falls	National avg.	Difference
All Electricity	$139.59	$167.60	16.7%
Phone	$177.99	$163.42	8.9%

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, State	Population	Cost of Living Index	National Avg.
Owasa, IA	54	99	-1%
Buckeye, IA	98	74	-26%
Popejoy, IA	48	74	-26%
Bradford, IA	62	79	-21%
Coulter, IA	214	79	-21%
Iowa Falls, IA	5,176	85	-15%

Cities with similar population

City, State	Population	Cost of Living Index	National Avg.
Sunset, UT	5,176	90	-10%
Offutt AFB, NE	5,176	102	2%
Turpin Hills, OH	5,176	112	12%
Evansville, WI	5,176	100	0%
Pine Manor, FL	5,175	86	-14%
Iowa Falls, IA	5,176	85	-15%

Source: The Iowa Falls, IA cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2019.

Iowa Falls, IA Cost of Living

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