Cost of Living in Nevada, IA

With a cost of living index of 73, Nevada, IA is one of the most affordable cities in the country. Living here is 27% cheaper than the national average and in line with the Iowa state average. Nevada is a smaller community of 6,952 residents, where everyday costs can differ substantially from nearby larger cities.

Housing costs are the biggest factor in Nevada's cost of living. The median monthly rent is $884 (33% below the US median of $1,319), and the median home value sits at $177,800 (42% below the national median of $304,900). At current prices, the median home costs roughly 2.4x the median household income — well within traditional affordability guidelines.

The median household income in Nevada is $75,221, which is 0% higher than the national median of $75,149. Residents spend roughly 14% 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 Nevada. The area sees an average annual temperature of 48.6°F, with summers averaging 72°F and winters around 23°F. Annual rainfall totals 35.9 inches spread over roughly 112 days. Cold winters mean higher heating bills, an important cost-of-living consideration.

Everyday prices in the Ames, IA (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 6 are priced lower than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

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.