Cost of Living in Bennett, IA

With a cost of living index of 73, Bennett, IA is one of the most affordable cities in the country. Living here is 27% cheaper than the national average and in line with the Iowa state average. Bennett is a small community of 418 residents.

Housing costs are the biggest factor in Bennett's cost of living. The median monthly rent is $1,000 (24% below the US median of $1,319), and the median home value sits at $135,800 (55% below the national median of $304,900). At current prices, the median home costs roughly 2.1x the median household income — well within traditional affordability guidelines.

The median household income in Bennett is $65,714, which is 13% lower than the national median of $75,149. Residents spend roughly 18% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.