Cost of Living in Iola, TX

With a cost of living index of 70, Iola, TX is one of the most affordable cities in the country. Living here is 30% cheaper than the national average and 18% below the Texas state average of 88. Iola is a small community of 286 residents.

Housing costs are the biggest factor in Iola's cost of living. The median monthly rent is $743 (44% below the US median of $1,319), and the median home value sits at $170,300 (44% below the national median of $304,900). At current prices, the median home costs roughly 3.2x the median household income — a moderately affordable ratio by today's standards.

The median household income in Iola is $52,917, which is 30% lower than the national median of $75,149. Residents spend roughly 17% 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 Iola. The area sees an average annual temperature of 69.4°F, with summers averaging 84°F and winters around 53°F. Annual rainfall totals 41.8 inches spread over roughly 92 days. The mild climate is a draw for many residents and keeps utility costs moderate year-round.

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.