Elgin, IA vs New London, IA

Elgin is moderately more affordable than New London, with a 10.4% lower cost of living index. Elgin scores 58 compared to 65 for New London, where the US average is 100. This difference means residents of New London can expect to pay noticeably more for everyday expenses, housing, and services.

On the housing front, median rent in Elgin is $634/month compared to $772/month in New London — a 18% difference. Home values follow the same pattern: Elgin is more affordable at $87,300 median vs $118,900.

Median household income in Elgin is $60,114 compared to $65,815 in New London (-8.7%). The higher salaries in New London partially offset the cost difference, but don't fully close the gap. Looking at affordability, residents of Elgin spend roughly 12.7% of their income on rent, less than the 14.1% in New London.