Cost of Living in New Sharon, IA

With a cost of living index of 59, New Sharon, IA is one of the most affordable cities in the country. Living here is 41% cheaper than the national average and 12% below the Iowa state average of 71. New Sharon is a small community of 1,147 residents.

Housing costs are the biggest factor in New Sharon's cost of living. The median monthly rent is $564 (57% below the US median of $1,319), and the median home value sits at $125,000 (59% below the national median of $304,900). At current prices, the median home costs roughly 2.1x the median household income — well within traditional affordability guidelines.

The median household income in New Sharon is $60,000, which is 20% 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. 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 Sharon. The area sees an average annual temperature of 50.7°F, with summers averaging 73°F and winters around 26°F. Annual rainfall totals 37 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.