Cost of Living in Garwin, IA

With a cost of living index of 58, Garwin, IA is one of the most affordable cities in the country. Living here is 42% cheaper than the national average and 13% below the Iowa state average of 71. Garwin is a small community of 554 residents.

Housing costs are the biggest factor in Garwin's cost of living. The median monthly rent is $645 (51% below the US median of $1,319), and the median home value sits at $85,100 (72% below the national median of $304,900). At current prices, the median home costs roughly 1.5x the median household income — well within traditional affordability guidelines.

The median household income in Garwin is $56,563, which is 25% lower than the national median of $75,149. Residents spend roughly 14% 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.