Cost of Living in Merrill, IA

With a cost of living index of 62, Merrill, IA is one of the most affordable cities in the country. Living here is 38% cheaper than the national average and 9% below the Iowa state average of 71. Merrill is a small community of 885 residents.

Housing costs are the biggest factor in Merrill's cost of living. The median monthly rent is $581 (56% below the US median of $1,319), and the median home value sits at $157,200 (48% below the national median of $304,900). At current prices, the median home costs roughly 2x the median household income — well within traditional affordability guidelines.

The median household income in Merrill is $79,250, which is 5% higher than the national median of $75,149. Residents spend roughly 9% 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 Merrill. The area sees an average annual temperature of 48.4°F, with summers averaging 72°F and winters around 23°F. Annual rainfall totals 29.3 inches spread over roughly 102 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.