Cost of Living in Parma, MO

With a cost of living index of 55, Parma, MO is one of the most affordable cities in the country. Living here is 45% cheaper than the national average and 19% below the Missouri state average of 75. Parma is a small community of 552 residents.

Housing costs are the biggest factor in Parma's cost of living. The median monthly rent is $670 (49% below the US median of $1,319), and the median home value sits at $35,800 (88% below the national median of $304,900). At current prices, the median home costs roughly 0.6x the median household income — well within traditional affordability guidelines.

The median household income in Parma is $63,500, which is 16% lower than the national median of $75,149. Residents spend roughly 13% 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.

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.