Cost of Living in Iron Mountain Lake, MO

With a cost of living index of 57, Iron Mountain Lake, MO is one of the most affordable cities in the country. Living here is 43% cheaper than the national average and 18% below the Missouri state average of 75. Iron Mountain Lake is a small community of 789 residents.

Housing costs are the biggest factor in Iron Mountain Lake's cost of living. The median monthly rent is $715 (46% below the US median of $1,319), and the median home value sits at $38,600 (87% below the national median of $304,900). At current prices, the median home costs roughly 1.3x the median household income — well within traditional affordability guidelines.

The median household income in Iron Mountain Lake is $30,395, which is 60% lower than the national median of $75,149. Residents spend roughly 28% of household income on rent. This is near the 30% threshold that financial experts generally consider the upper limit of affordability. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

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.