A+
14%
Overall NAT. AVG.
4%
Goods & Services NAT. AVG.
46%
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 Fort Madison Iowa National
Cost of living8690100
Goods & Services9696100
Groceries9597100
Health care10499100
Housing5473100
Transportation10098100
Utilities11396100

An Overview of Cost of Living in Fort Madison, IA

Knowing the cost of living in Fort Madison 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 Fort Madison stands at 86, marking it 14% lower than the national average.

It's not uncommon for housing expenses to eat up a substantial portion of your income, oten exceeding 30%. The good news is that Fort Madison stands out by reporting housing costs that are 45.7% lower than the national average. This signifies that both homeownership and rental expenses in this region are considerably more affordable compared to the rest of the country. This favorable housing situation allows residents to allocate a more manageable portion of their income to housing, resulting in greater financial flexibility.

Is Fort Madison Affordable?

Wondering if Fort Madison is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Fort Madison, for example, the median home price is 56% lower than what folks pay nationally, and monthly rent is 21.5% lower than the usual rates. Plus, income levels matter too, with Fort Madison boasting a median household income of $44,334, which is 19.9% lower than the national average.

What Factors can Influence the Cost of Living in Fort Madison?

Utilities: Much like any other costs, utility expenses can exhibit considerable variations, influenced by factors such as climate, available energy sources, geographic location and state regulations. The costs associated with electricity, water, heating, and waste disposal can vary significantly depending on the city or state in question. In Fort Madison, the utilities index stands at 13.1% higher than the national average.

Transportation: If public transportation is limited or not available, residents may need to own and maintain vehicles, which can add to the cost of living. Gas, insurance, regular maintenance and potentially lease or finance payments will all need to be paid on a monthly basis. In Fort Madison, the transportation index is 0.4% lower than the national average.

Housing: When everyone's vying for homes in popular areas, it drives up property prices and rents, making the overall cost of living surge. On the flip side, in less sought-after locales, where housing demand is low, prices tend to dip, resulting in a more economical cost of living. In Fort Madison, the housing index comes in at 45.7% lower than the national average.

Where is the Data From?

The Fort Madison cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Fort Madison is 4% lower than the Iowa average
  • The cost of living in Fort Madison is 14% lower than the national average
  • Fort Madison housing is 46% lower 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 Fort Madison

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Compare Fort Madison, 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$52,875$4,406$1,234$1,586
      Renters$31,548$2,629$736$947
      The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Fort Madison, IA, as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Fort Madison homeowners, is $52,875. This would allow for a maximum of $1,234 per month to be spent on housing costs. For renters, the median monthly income is $31,548 which would result in a maximum of $736 to be spent on rental costs.

      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 Fort Madison National avg. Difference
      Haircut $18.13$24.2625.3%
      Beauty Salon $28.00$45.5638.5%
      Toothpaste $3.84$3.703.8%
      Shampoo $1.30$1.281.3%
      Movie $9.83$12.1319.0%
      Bowling $11.95$18.0033.6%

      Groceries

      Item Fort Madison National avg. Difference
      Ground Beef $5.55$5.845.0%
      Fried Chicken $1.41$1.5710.6%
      Milk $4.72$4.671.0%
      Potatoes $4.74$4.934.0%
      Pizza $12.79$12.095.8%
      Beer $9.83$10.415.6%

      Health Care

      Item Fort Madison National avg. Difference
      Optometrist $120.50$125.684.1%
      Doctor $171.88$135.7826.6%
      Dentist $97.53$113.2913.9%
      Ibuprofen $10.43$10.652.1%
      Lipitor $506.88$468.608.2%

      Housing

      Item Fort Madison National avg. Difference
      Home Price $81,200.00$184,700.0056.0%
      Avg. Mortgage Payment $1,420.60$2,346.6939.5%
      Apartment Rent $745.00$949.0021.5%

      Transportation

      Item Fort Madison National avg. Difference
      Gasoline $3.37$3.462.5%
      Tire Balancing $62.78$59.924.8%

      Utilities

      Item Fort Madison National avg. Difference
      All Electricity $229.59$193.9918.3%
      Phone $200.45$192.254.3%
      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.
      Ferris, IL1648019.7%
      Pontoosuc, IL1098119.1%
      St. Francisville, MO2608119.0%
      Lomax, IL3758218.0%
      Montrose, IA8448415.6%
      Fort Madison, IA10,4078614.4%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Cavan Monaghan, ON10,407n/a 
      Quartz Hill, CA10,40513030.5%
      Cape Canaveral, FL10,4111076.6%
      Monmouth, OR10,41111211.9%
      Portage, WI10,412981.9%
      Fort Madison, IA10,4078614.4%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.