Cost of Living in Cedar Falls, IA

With a cost of living index of 87, Cedar Falls, IA is a very affordable place to live. Living here is 13% cheaper than the national average and 16% above the Iowa state average of 71. With a population of 40,662, Cedar Falls is a mid-sized community that balances access to services with a more manageable cost of living compared to larger metros.

Housing costs are the biggest factor in Cedar Falls's cost of living. The median monthly rent is $1,177 (11% below the US median of $1,319), and the median home value sits at $252,500 (17% below the national median of $304,900). At current prices, the median home costs roughly 3.4x the median household income — a moderately affordable ratio by today's standards.

The median household income in Cedar Falls is $74,165, which is 1% lower than the national median of $75,149. Residents spend roughly 19% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

Everyday prices in the Waterloo-Cedar Falls, IA (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 6 are priced lower than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

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.