Cost of Living in New Hampton, IA

With a cost of living index of 70, New Hampton, IA is one of the most affordable cities in the country. Living here is 30% cheaper than the national average and in line with the Iowa state average. New Hampton is a small community of 3,462 residents.

Housing costs are the biggest factor in New Hampton's cost of living. The median monthly rent is $838 (36% below the US median of $1,319), and the median home value sits at $159,200 (48% below the national median of $304,900). At current prices, the median home costs roughly 2.6x the median household income — well within traditional affordability guidelines.

The median household income in New Hampton is $61,491, which is 18% 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 New Hampton. The area sees an average annual temperature of 49°F, with summers averaging 73°F and winters around 23°F. Annual rainfall totals 36.3 inches spread over roughly 114 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.