A-
0%
Overall NAT. AVG.
5%
Goods & Services NAT. AVG.
13%
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 Grimes Iowa National
Cost of living10090100
Goods & Services9596100
Groceries9997100
Health care9499100
Housing11373100
Transportation9198100
Utilities8796100

An Overview of Cost of Living in Grimes, IA

Knowing the cost of living in Grimes 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 Grimes stands at 100, marking it 0% equal to the national average.

The cost of living in Grimes aligns closely with the national average when compared to other cities across the nation. Everyday essentials such as groceries, goods and services, health care and utility bills are priced at a level consistent with the average in similar urban areas. Grimes residents can anticipate that their daily expenses won't be significantly higher than those in an average city, ensuring that the cost of living remains manageable.

Is Grimes Affordable?

Is Grimes an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Grimes is 18.9% higher than the national average, while the average monthly rent prices are 0.7% lower than average. The affordability of any location can also be influenced by median income levels. Grimes has a median household income of $89,113, which is 61.1% higher than the national average.

What Factors can Influence the Cost of Living in Grimes?

Subsidies: Certain cities or states may implement government subsidies or assistance programs with the goal of alleviating the cost of living pressures on their residents. These programs encompass a broad spectrum of support mechanisms, 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 farming subsidies. Areas offering fewer subsidies may experience a rise in their cost of living.

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 Grimes, the transportation index is 9.1% lower than the national average.

Housing: Elevated demand for housing within coveted locales has the propensity to escalate both property values and rental rates, thereby serving as a primary catalyst for an augmented cost of living. Conversely, areas witnessing diminished housing demand, particularly within less desirable environs, often experience an inversely proportional effect, leading to price reductions and subsequently contributing to a more modest cost of living. In Grimes, the housing index is 13% higher than the national average.

Where is the Data From?

The Grimes 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. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.

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Cost Of Living Quick Facts

  • The cost of living in Grimes is 11% higher than the Iowa average
  • The cost of living in Grimes is equal to the national average
  • Grimes housing is 13% 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 Grimes

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Compare Grimes, 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$94,077$7,840$2,195$2,823
      Renters$83,093$6,924$1,939$2,493
      The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Grimes, 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 Grimes homeowners, is $94,077. This would allow for a maximum of $2,195 per month to be spent on housing costs. For renters, the median monthly income is $83,093 which would result in a maximum of $1,939 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 Grimes 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 Grimes 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 Grimes 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 Grimes National avg. Difference
      Home Price $219,700.00$184,700.0018.9%
      Avg. Mortgage Payment $1,877.36$2,346.6920.0%
      Apartment Rent $942.00$949.000.7%

      Transportation

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

      Utilities

      Item Grimes 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.
      Bouton, IA1658019.6%
      Minburn, IA4018514.5%
      Madrid, IA2,570936.7%
      Elkhart, IA6959010.4%
      De Soto, IA9879010.0%
      Grimes, IA13,7461000.4%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Chaparral, NM13,7448217.5%
      Lincoln, IL13,7428316.8%
      Maumee, OH13,742954.6%
      Brookside, DE13,7411088.2%
      Fergus Falls, MN13,754954.9%
      Grimes, IA13,7461000.4%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.