Cost of Living in St. Olaf, IA

With a cost of living index of 62, St. Olaf, IA is one of the most affordable cities in the country. Living here is 38% cheaper than the national average and 9% below the Iowa state average of 71. St. Olaf is a small community of 75 residents.

Housing costs are the biggest factor in St. Olaf'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 $76,700 (75% below the national median of $304,900). At current prices, the median home costs roughly 0.9x the median household income — well within traditional affordability guidelines.

The median household income in St. Olaf is $88,750, which is 18% higher than the national median of $75,149. Residents spend roughly 10% 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 St. Olaf. The area sees an average annual temperature of 48.1°F, with summers averaging 71°F and winters around 23°F. Annual rainfall totals 33.9 inches spread over roughly 133 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.