Cost of Living in Lake Park, IA

With a cost of living index of 75, Lake Park, IA is a very affordable place to live. Living here is 25% cheaper than the national average and 4% above the Iowa state average of 71. Lake Park is a small community of 1,191 residents.

Housing costs are the biggest factor in Lake Park's cost of living. The median monthly rent is $1,013 (23% below the US median of $1,319), and the median home value sits at $153,500 (50% below the national median of $304,900). At current prices, the median home costs roughly 2.1x the median household income — well within traditional affordability guidelines.

The median household income in Lake Park is $73,977, which is 2% 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.

Climate is another factor for anyone considering a move to Lake Park. The area sees an average annual temperature of 46.8°F, with summers averaging 71°F and winters around 20°F. Annual rainfall totals 26.8 inches spread over roughly 97 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.