| Index | Storm Lake | Iowa | National |
| Cost of living | 91 | 89 | 100 |
| Groceries | 96 | 97 | 100 |
| Health care | 98 | 96 | 100 |
| Housing | 78 | 74 | 100 |
| Transportation | 98 | 97 | 100 |
| Utilities | 91 | 95 | 100 |
| Lifestyle & Entertainment | 92 | 95 | 100 |
| Household Items | 96 | 97 | 100 |
| Education & Childcare | 96 | 94 | 100 |
The cost of living in Storm Lake affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Storm Lake is 91, which is 9% lower than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.
Everyday expenditures like food, housing, lifestyle expenses, transportation and health care in Storm Lake are priced in a manner consistent with other areas. This means that residents of Storm Lake can anticipate their daily expenses remaining reasonably similar to those in an average city, thereby supporting a manageable cost of living.
Is Storm Lake affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Storm Lake, the median home price is 19.8% lower than the national average and monthly rent prices are 26.1% lower than the typical rates. Additionally, the median income levels play a role in affordability, with Storm Lake boasting a median household income of $70,839, 12.9% lower than the national average.
Groceries: Grocery costs have continued to increase significantly over the last 2-3 years. In some markets the cost of food has gone up by more than 20% in that period. While other markets have managed to see only a moderate uptick. These food costs can have a major impact on the cost of living in any area. In Storm Lake, the groceries index is 3.7% lower than the national average.
Taxes: Cities that impose higher taxes, including sales and income taxes, can contribute to an escalated cost of living. The added expense of taxes on everyday goods like clothing and food naturally results in higher overall costs. Similarly, a higher income tax rate can further elevate the cost of living. In Storm Lake, the general sales tax rate starts at 6%, and income tax rates begin at 4.4%.
Urbanization: Urban areas with extensive amenities and job opportunities tend to have a higher cost of living due to increased demand for services and relocation, resulting in higher home prices and higher rents. Less densely populated rural areas, or areas with less demand tend to have fewer amenities and slower job growth, which results in a lower cost of living.
The cost of living estimates displayed for Storm Lake are modeled using a U.S. average baseline of 100, helping provide a useful comparison of local living expenses. Housing calculations include U.S. Census home price and rental data, while all other values are AI-assisted estimates based on regional cost patterns, climate, transportation, and everyday spending expectations. These values are intended for directional comparisons across cities.
| Cost of living index | |
| Groceries index | |
| Health care index | |
| Housing index | |
| Transportation index | |
| Utilities index | |
| Lifestyle index | |
| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $103,247 | $8,604 | $2,409 | $3,098 |
| Renters | $55,046 | $4,587 | $1,284 | $1,652 |
| State | General Sales Tax | With Max Surtax |
| Iowa | 6% | 7% |
| State | Income Tax (Low) | Income Tax (High) |
| Iowa | 4.4% | 6% |
| City | Population | Cost of Living Index | National Avg. |
| Truesdale, IA | 116 | 78 | 22.4% |
| Rembrandt, IA | 180 | 78 | 22.2% |
| Nemaha, IA | 135 | 78 | 21.6% |
| Galva, IA | 436 | 79 | 21.4% |
| Marathon, IA | 187 | 79 | 21.0% |
| Storm Lake, IA | 10,898 | 91 | 9.5% |
| City | Population | Cost of Living Index | National Avg. |
| Corning, NY | 10,900 | 98 | 2.2% |
| Lake Barcroft, VA | 10,891 | 169 | 68.6% |
| Blackhawk, CA | 10,905 | 273 | 173.2% |
| Alpine, UT | 10,905 | 170 | 70.3% |
| Gunbarrel, CO | 10,888 | 156 | 56.5% |
| Storm Lake, IA | 10,898 | 91 | 9.5% |
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