Cost of Living in Cedar Rapids, IA

With a cost of living index of 74, Cedar Rapids, IA is one of the most affordable cities in the country. Living here is 26% cheaper than the national average and 3% above the Iowa state average of 71. As a major city with a population of 136,859, Cedar Rapids offers a wide range of housing options, employment opportunities, and urban amenities.

Housing costs are the biggest factor in Cedar Rapids's cost of living. The median monthly rent is $925 (30% below the US median of $1,319), and the median home value sits at $177,100 (42% below the national median of $304,900). At current prices, the median home costs roughly 2.6x the median household income — well within traditional affordability guidelines.

The median household income in Cedar Rapids is $67,859, which is 10% lower than the national median of $75,149. Residents spend roughly 16% 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.

Everyday prices in the Cedar Rapids, 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.