Cost of Living in Murray, IA

With a cost of living index of 62, Murray, 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. Murray is a small community of 648 residents.

Housing costs are the biggest factor in Murray's cost of living. The median monthly rent is $782 (41% below the US median of $1,319), and the median home value sits at $76,300 (75% below the national median of $304,900). At current prices, the median home costs roughly 1.3x the median household income — well within traditional affordability guidelines.

The median household income in Murray is $60,313, which is 20% 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. 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 Murray. The area sees an average annual temperature of 51.6°F, with summers averaging 74°F and winters around 27°F. Annual rainfall totals 37.4 inches spread over roughly 109 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.