Cost of Living in Tipton, IA

With a cost of living index of 69, Tipton, IA is one of the most affordable cities in the country. Living here is 31% cheaper than the national average and in line with the Iowa state average. Tipton is a small community of 3,111 residents.

Housing costs are the biggest factor in Tipton's cost of living. The median monthly rent is $823 (38% below the US median of $1,319), and the median home value sits at $146,000 (52% below the national median of $304,900). At current prices, the median home costs roughly 2.2x the median household income — well within traditional affordability guidelines.

The median household income in Tipton is $67,625, which is 10% lower than the national median of $75,149. Residents spend roughly 15% 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 Tipton. The area sees an average annual temperature of 51°F, with summers averaging 74°F and winters around 26°F. Annual rainfall totals 35.7 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.