Cost of Living in Inwood, IA

With a cost of living index of 83, Inwood, IA is a very affordable place to live. Living here is 17% cheaper than the national average and 12% above the Iowa state average of 71. Inwood is a small community of 841 residents.

Housing costs are the biggest factor in Inwood's cost of living. The median monthly rent is $1,222 (7% below the US median of $1,319), and the median home value sits at $171,600 (44% below the national median of $304,900). At current prices, the median home costs roughly 2.8x the median household income — well within traditional affordability guidelines.

The median household income in Inwood is $61,711, which is 18% lower than the national median of $75,149. Residents spend roughly 24% 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.

Climate is another factor for anyone considering a move to Inwood. The area sees an average annual temperature of 47.4°F, with summers averaging 72°F and winters around 21°F. Annual rainfall totals 27.8 inches spread over roughly 104 days. Cold winters mean higher heating bills, an important cost-of-living consideration.

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.