Cost of Living in Malcom, IA

With a cost of living index of 61, Malcom, IA is one of the most affordable cities in the country. Living here is 39% cheaper than the national average and 10% below the Iowa state average of 71. Malcom is a small community of 268 residents.

Housing costs are the biggest factor in Malcom's cost of living. The median monthly rent is $675 (49% below the US median of $1,319), and the median home value sits at $110,100 (64% 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 Malcom is $73,056, which is 3% lower than the national median of $75,149. Residents spend roughly 11% 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 Malcom. The area sees an average annual temperature of 47.7°F, with summers averaging 71°F and winters around 22°F. Annual rainfall totals 32.8 inches spread over roughly 110 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.