Cost of Living in Wapello, IA

With a cost of living index of 64, Wapello, IA is one of the most affordable cities in the country. Living here is 36% cheaper than the national average and 7% below the Iowa state average of 71. Wapello is a small community of 1,935 residents.

Housing costs are the biggest factor in Wapello's cost of living. The median monthly rent is $707 (46% below the US median of $1,319), and the median home value sits at $128,800 (58% 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 Wapello is $71,131, which is 5% lower than the national median of $75,149. Residents spend roughly 12% 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 Wapello. The area sees an average annual temperature of 51.9°F, with summers averaging 74°F and winters around 28°F. Annual rainfall totals 37.9 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.