Cost of Living in Nora Springs, IA

With a cost of living index of 65, Nora Springs, IA is one of the most affordable cities in the country. Living here is 35% cheaper than the national average and 6% below the Iowa state average of 71. Nora Springs is a small community of 1,394 residents.

Housing costs are the biggest factor in Nora Springs's cost of living. The median monthly rent is $757 (43% below the US median of $1,319), and the median home value sits at $126,300 (59% below the national median of $304,900). At current prices, the median home costs roughly 1.8x the median household income — well within traditional affordability guidelines.

The median household income in Nora Springs is $72,083, which is 4% lower than the national median of $75,149. Residents spend roughly 13% 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 Nora Springs. The area sees an average annual temperature of 45.6°F, with summers averaging 70°F and winters around 19°F. Annual rainfall totals 36.3 inches spread over roughly 116 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.