Cost of Living in Russell, IA

With a cost of living index of 60, Russell, IA is one of the most affordable cities in the country. Living here is 40% cheaper than the national average and 11% below the Iowa state average of 71. Russell is a small community of 551 residents.

Housing costs are the biggest factor in Russell's cost of living. The median monthly rent is $775 (41% below the US median of $1,319), and the median home value sits at $60,400 (80% below the national median of $304,900). At current prices, the median home costs roughly 1.2x the median household income — well within traditional affordability guidelines.

The median household income in Russell is $50,750, which is 32% lower than the national median of $75,149. Residents spend roughly 18% 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 Russell. The area sees an average annual temperature of 49.5°F, with summers averaging 72°F and winters around 25°F. Annual rainfall totals 36.6 inches spread over roughly 115 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.