A-
3%
Overall NAT. AVG.
5%
Goods & Services NAT. AVG.
26%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Ankeny Iowa National
Cost of living10390100
Goods & Services9596100
Groceries9997100
Health care9499100
Housing12673100
Transportation9198100
Utilities8796100

An Overview of Cost of Living in Ankeny, IA

Knowing the cost of living in Ankeny allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Ankeny stands at 103, marking it 3% higher than the national average.

The cost of living in Ankeny closely mirrors the national average in comparison to other cities nationwide. Essential items such as groceries, goods and services, health care and utilities are priced at a level consistent with similar urban areas. This means that residents of Ankeny can anticipate that their daily expenses will remain reasonably in line with those of an average city, contributing to a manageable cost of living.

When it comes to the cost of living in Ankeny, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 25.7% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.

What Do Locals Say About the Cost of Living in Ankeny?

Locals have the inside scoop on their city. So, we polled 23 residents in Ankeny to learn how they view the cost of living. We asked how they felt about the cost of living in their area, and if they thought that prices were increasing, decreasing or staying the same. The verdict? 61% find it reasonable with decreasing prices, but 39% think it's quite pricey, with prices that continue to rise.

Is Ankeny Affordable?

Is Ankeny affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Ankeny, for instance, where the median home price falls 29.6% higher than the national average, and monthly rent rates are 16.8% higher than usual. Additionally, median income levels contribute to the equation, with Ankeny flaunting a median household income of $89,484, 61.8% higher than the national norm.

What Factors can Influence the Cost of Living in Ankeny?

Taxes: Areas with higher taxes, including sales taxes and income taxes, can contribute to a higher cost of living. Paying more tax for everyday goods and services like clothing and food will result in higher costs, as will paying a higher rate of income tax. The general sales tax rate in Ankeny starts at 6% and the income tax rates start at 0.33%.

Subsidies: Some cities and states may extend government subsidies or aid programs aimed at reducing the cost of living for their residents. These initiatives encompass diverse forms of support, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farm subsidies. Regions with limited subsidy provisions may witness an increase in their overall cost of living.

Urbanization: Larger, urban hubs brimming with ample amenities and robust employment opportunities often showcase a heightened cost of living. This surge is primarily attributed to the amplified demand for services and increased residential migration, culminating in elevated home prices and elevated rental rates. Conversely, less densely populated rural locales or regions characterized by reduced demand tend to offer a more limited array of amenities and undergo slower job market growth, ultimately yielding a more affordable cost of living.

Where is the Data From?

The cost of living in Ankeny, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Ankeny is 16% higher than the Iowa average
  • The cost of living in Ankeny is 3% higher than the national average
  • Ankeny housing is 26% higher than the national average
  • Iowa general sales tax is 18% higher than the national average
  • Iowa state income tax is 69% higher than the national average

Most Affordable Places to Live in and Around Ankeny

See all the best places to live around Ankeny

Compare Ankeny, IA Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$101,659$8,472$2,372$3,050
      Renters$54,261$4,522$1,266$1,628
      The percentage of monthly income spent on housing related expenses can help predict the affordability of housing in Ankeny, IA, as well as what the overall cost of living might be. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payments and not more than 36 percent of income on all expenses and debts. In Ankeny, homeowners have a median income of $101,659. Using that number, a maximum of $2,372 per month should be allocated to housing expenses. For those who are renting instead of owning, the median income is $54,261, which means there is a maximum of $1,266 to be spent on the costs of renting a home or apartment.

      Iowa Sales Tax

      State General Sales Tax With Max Surtax
      Iowa 6% 7%

      Iowa Income Tax

      State Income Tax (Low) Income Tax (High)
      Iowa 4.4% 6%

      Goods & Services

      Item Ankeny National avg. Difference
      Haircut $20.63$24.2615.0%
      Beauty Salon $41.00$45.5610.0%
      Toothpaste $3.69$3.700.3%
      Shampoo $1.35$1.285.6%
      Movie $11.17$12.137.9%
      Bowling $20.87$18.0015.9%

      Groceries

      Item Ankeny National avg. Difference
      Ground Beef $6.36$5.848.9%
      Fried Chicken $1.38$1.5712.6%
      Milk $4.82$4.673.2%
      Potatoes $4.81$4.932.6%
      Pizza $11.84$12.092.0%
      Beer $9.82$10.415.7%

      Health Care

      Item Ankeny National avg. Difference
      Optometrist $125.17$125.680.4%
      Doctor $129.05$135.785.0%
      Dentist $96.60$113.2914.7%
      Ibuprofen $10.88$10.652.1%
      Lipitor $495.45$468.605.7%

      Housing

      Item Ankeny National avg. Difference
      Home Price $239,300.00$184,700.0029.6%
      Avg. Mortgage Payment $1,877.36$2,346.6920.0%
      Apartment Rent $1,108.00$949.0016.8%

      Transportation

      Item Ankeny National avg. Difference
      Gasoline $3.19$3.467.8%
      Tire Balancing $52.49$59.9212.4%

      Utilities

      Item Ankeny National avg. Difference
      All Electricity $154.71$193.9920.3%
      Phone $186.87$192.252.8%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Valeria, IA407822.1%
      Maxwell, IA7398811.8%
      Mitchellville, IA2,3828811.7%
      Runnells, IA4858910.6%
      Madrid, IA2,570936.7%
      Ankeny, IA64,7441033.4%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Florence-Graham, CA64,78713736.5%
      East Orange, NJ64,65011111.1%
      San Clemente, CA64,929201101.5%
      Tulare, CA64,54611716.7%
      Wellington, FL64,99013737.5%
      Ankeny, IA64,7441033.4%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.