Cost of Living in Ely, IA

With a cost of living index of 85, Ely, IA is a very affordable place to live. Living here is 15% cheaper than the national average and 14% above the Iowa state average of 71. Ely is a small community of 2,033 residents.

Housing costs are the biggest factor in Ely's cost of living. The median monthly rent is $1,014 (23% below the US median of $1,319), and the median home value sits at $275,800 (10% below the national median of $304,900). At current prices, the median home costs roughly 2.7x the median household income — well within traditional affordability guidelines.

The median household income in Ely is $102,262, which is 36% higher than the national median of $75,149. Residents spend roughly 12% 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 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.