A+
2%
Overall NAT. AVG.
5%
Goods & Services NAT. AVG.
9%
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 Norwalk Iowa National
Cost of living9890100
Goods & Services9596100
Groceries9997100
Health care9499100
Housing10973100
Transportation9198100
Utilities8796100

An Overview of Cost of Living in Norwalk, IA

Are you thinking about relocating, but curious about the potential cost of living in Norwalk? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Norwalk stands at 98, making it 2% lower than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

The cost of living in Norwalk 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. Norwalk 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 Norwalk Affordable?

Is Norwalk 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 Norwalk is 11% higher than the national average, while the average monthly rent prices are 4.4% higher than average. The affordability of any location can also be influenced by median income levels. Norwalk has a median household income of $83,241, which is 50.5% higher than the national average.

What Factors can Influence the Cost of Living in Norwalk?

Groceries: Grocery expenditures have undergone notable escalation over the last 2-3 years. In some markets, the cost of food products has surged by more than 20%, while others have experienced only modest increments. These fluctuations in food costs can have a significant impact on the overall cost of living in any region. In Norwalk, the groceries index registers 0.7% lower than the national average.

Urbanization: Larger, urban centers, known for their wealth of amenities and strong employment prospects, often exhibit an elevated cost of living, primarily attributable to the heightened demand for services and residential relocation. Consequently, this scenario leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural areas or regions characterized by diminished demand typically provide a more limited array of amenities and experience slower job market growth, resulting in a more affordable cost of living.

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 Norwalk starts at 6% and the income tax rates start at 0.33%.

Where is the Data From?

The Norwalk 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 Norwalk is 10% higher than the Iowa average
  • The cost of living in Norwalk is 2% lower than the national average
  • Norwalk housing is 9% 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 Norwalk

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Compare Norwalk, IA Cost of Living

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      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$93,275$7,773$2,176$2,799
      Renters$40,804$3,400$952$1,224
      The percentage of monthly income spent on housing related expenses can help predict the affordability of housing in Norwalk, 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 Norwalk, homeowners have a median income of $93,275. Using that number, a maximum of $2,176 per month should be allocated to housing expenses. For those who are renting instead of owning, the median income is $40,804, which means there is a maximum of $952 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 Norwalk 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 Norwalk 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 Norwalk 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 Norwalk National avg. Difference
      Home Price $205,000.00$184,700.0011.0%
      Avg. Mortgage Payment $1,877.36$2,346.6920.0%
      Apartment Rent $991.00$949.004.4%

      Transportation

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

      Utilities

      Item Norwalk 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.
      Bevington, IA27946.1%
      Patterson, IA2428317.3%
      Spring Hill, IA488416.2%
      Milo, IA7818514.9%
      Martensdale, IA5048812.4%
      Norwalk, IA11,467981.6%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Georgian Bluffs, ON11,464n/a 
      Milford, DE11,4631043.6%
      Piedmont, CA11,454341241.1%
      Lyndon, KY11,4511043.5%
      Madison Heights, VA11,447919.2%
      Norwalk, IA11,467981.6%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.