Cost of Living in Okoboji, IA

With a cost of living index of 86, Okoboji, IA is a very affordable place to live. Living here is 14% cheaper than the national average and 15% above the Iowa state average of 71. Okoboji is a small community of 806 residents.

Housing costs are the biggest factor in Okoboji's cost of living. The median monthly rent is $935 (29% below the US median of $1,319), and the median home value sits at $320,000 (5% above the national median of $304,900). At current prices, the median home costs roughly 5.4x the median household income — a stretch for many buyers, though not uncommon in today's market.

The median household income in Okoboji is $59,167, which is 21% lower than the national median of $75,149. Residents spend roughly 19% 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 Okoboji. The area sees an average annual temperature of 46.8°F, with summers averaging 71°F and winters around 20°F. Annual rainfall totals 26.8 inches spread over roughly 97 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.