Cost of Living in Carpenter, IA

With a cost of living index of 60, Carpenter, IA is one of the most affordable cities in the country. Living here is 40% cheaper than the national average and 11% below the Iowa state average of 71. Carpenter is a small community of 70 residents.

Housing costs are the biggest factor in Carpenter's cost of living. The median monthly rent is $775 (41% below the US median of $1,319), and the median home value sits at $62,500 (80% below the national median of $304,900). At current prices, the median home costs roughly 0.9x the median household income — well within traditional affordability guidelines.

The median household income in Carpenter is $72,344, which is 4% lower than the national median of $75,149. Residents spend roughly 13% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

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.