Cost of Living in Wadena, IA

With a cost of living index of 57, Wadena, IA is one of the most affordable cities in the country. Living here is 43% cheaper than the national average and 14% below the Iowa state average of 71. Wadena is a small community of 206 residents.

Housing costs are the biggest factor in Wadena's cost of living. The median monthly rent is $594 (55% below the US median of $1,319), and the median home value sits at $89,300 (71% 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 Wadena is $48,438, which is 36% 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 Wadena. The area sees an average annual temperature of 49°F, with summers averaging 73°F and winters around 23°F. Annual rainfall totals 36.3 inches spread over roughly 114 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.