Cost of Living in Granville, IA

With a cost of living index of 78, Granville, IA is a very affordable place to live. Living here is 22% cheaper than the national average and 7% above the Iowa state average of 71. Granville is a small community of 255 residents.

Housing costs are the biggest factor in Granville's cost of living. The median monthly rent is $1,089 (17% below the US median of $1,319), and the median home value sits at $156,300 (49% below the national median of $304,900). At current prices, the median home costs roughly 2.3x the median household income — well within traditional affordability guidelines.

The median household income in Granville is $68,958, which is 8% 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. 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.