Cost of Living in Iowa Park, TX

With a cost of living index of 70, Iowa Park, 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. Iowa Park is a smaller community of 6,574 residents, where everyday costs can differ substantially from nearby larger cities.

Housing costs are the biggest factor in Iowa Park's cost of living. The median monthly rent is $945 (28% below the US median of $1,319), and the median home value sits at $121,800 (60% below the national median of $304,900). At current prices, the median home costs roughly 1.9x the median household income — well within traditional affordability guidelines.

The median household income in Iowa Park is $64,340, which is 14% lower than the national median of $75,149. Residents spend roughly 18% 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 Iowa Park. The area sees an average annual temperature of 63.7°F, with summers averaging 83°F and winters around 44°F. Annual rainfall totals 27.9 inches spread over roughly 73 days. The mild climate is a draw for many residents and keeps utility costs moderate year-round.

Everyday prices in the Wichita Falls, TX (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 6 are priced lower than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

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.